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GroganCompanypurchasesinventoryonaccountwithacostof$1,000andaretailpriceof$2,000.GroganCompanyusestheperpetualinventorymethod.Whatjournalentryisrequiredonthedateofpurchase?

A. debitPurchasesfor$1,000andcreditAccountsPayablefor$1,000
B. debitPurchasesfor$2,000andcreditCashfor$2,000
C. debitInventoryfor$1,000andcreditAccountsPayablefor$1,000
D. debitAccountsReceivablefor$2,000andcreditPurchasesfor$2,000

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OnJuly1,theCorraoCompanypurchased$1,000ofinventoryonaccountwithcredittermsof2/10,net30.CorraoCompanyusestheperpetualinventorysystem.OnJuly5,theCorraoCompanypaidtheamountdue.WhatjournalentrydidtheyprepareonJuly5?

A. debitAccountsReceivablefor$1,000andcreditCashfor$1,000
B. debitAccountsPayablefor$1,000,creditInventoryfor$20andcreditCashfor$980
C. debitPurchaseDiscountfor$20,debitAccountsPayablefor$960andcreditCashfor$980
D. debitAccountsPayablefor$980andcreditCashfor$980

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Wheninventorycostsarefalling,theLIFOcostingmethodwillgenerallyresultin:

A. ahighergrossprofitthanunderFIFO.
B. alowergrossprofitthanunderFIFO.
C. alowerinventoryvaluethanunderFIFO.
D. thesameinventoryvalueasFIFO.

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IfinventorycostsarerisingandacompanyisusingLIFO,largepurchasesofinventoryneartheendoftheyearwill:

A. increaseincometaxespaid.
B. decreaseincometaxespaid.
C. notchangetheamountofincometaxespaid.
D. cannotbedetermined.

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Acompanyhasabeginninginventoryof$40,000andpurchasesduringtheyearof$110,000.Thebeginninginventoryconsistedof3,000unitsand7,000unitswerepurchasedduringtheyear.Thecompanyhas4,000unitsleftatyear-end.Underaverage-cost,whatisCostofGoodsSold?

A. $60,000
B. $90,000
C. $110,000
D. $150,000

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GroganCompanypurchasesinventoryonaccountwithacostof$1,000andaretailpriceof$2,000.GroganCompanyusestheperpetualinventorymethod.Whatjournalentryisrequiredonthedateofpurchase?

A. debitPurchasesfor$1,000andcreditAccountsPayablefor$1,000 B. debitPurchasesfor$2,000andcreditCashfor$2,000 C. debitInventoryfor$1,000andcreditAccountsPayablefor$1,000 D. debitAccountsReceivablefor$2,000andcreditPurchasesfor$2,000

OnJuly1,theCorraoCompanypurchased$1,000ofinventoryonaccountwithcredittermsof2/10,net30.CorraoCompanyusestheperpetualinventorysystem.OnJuly5,theCorraoCompanypaidtheamountdue.WhatjournalentrydidtheyprepareonJuly5?

Wheninventorycostsarefalling,theLIFOcostingmethodwillgenerallyresultin:

IfinventorycostsarerisingandacompanyisusingLIFO,largepurchasesofinventoryneartheendoftheyearwill:

Acompanyhasabeginninginventoryof$40,000andpurchasesduringtheyearof$110,000.Thebeginninginventoryconsistedof3,000unitsand7,000unitswerepurchasedduringtheyear.Thecompanyhas4,000unitsleftatyear-end.Underaverage-cost,whatisCostofGoodsSold?

A. debitPurchasesfor$1,000andcreditAccountsPayablefor$1,000
B. debitPurchasesfor$2,000andcreditCashfor$2,000
C. debitInventoryfor$1,000andcreditAccountsPayablefor$1,000
D. debitAccountsReceivablefor$2,000andcreditPurchasesfor$2,000