Beginninginventoryis$60,000,purchasesare$180,000andsalestotal$300,000.The normalgrossprofitis30%.Usingthegrossprofitmethod,howmuchisendinginventory?
A. $120,000
B. $106,400
C. $244,000
D. $30,000
查看答案
An overstatementofendinginventoryinoneperiodresultsin:
A. noeffectonnetincomeofthenextperiod
B. anunderstatementofnetincomeofthenextperiod
C. anoverstatementofnetincomeofthenextperiod
D. anunderstatementofthebeginninginventoryofthenextperiod
WhichstatementisTRUE?
A. Mostcompaniesusetheperpetualinventorysystem.
B. Mostcompaniesusetheperiodicinventorysystem.
C. Mostcompaniesusethespecificidentificationmethod.
D. MostcompaniesintheUnitedStatesfollowInternationalFinancialReportingStandards.
Acompanypurchasedinventoryfor$800perunit.Thecompanylatersoldoneunitoftheinventoryforcashof$1,500.Undertheperpetualinventorysystem,whichaccountswillbedebitedtorecordthesale?
A. Cash,$1,500;Inventory,$800
B. Cash,$1,500;CostofGoodsSold,$800
Cash,$1,500;CostofGoodsSold,$700
D. Cash,$1,500;Inventory,$700
The financial statements of a merchandising company will show:
A. the same accounts as the financial statements of a service company.
B. gross profit after operating income on the income statement.
C. inventory as a current asset on the balance sheet.
D. cost of goods sold as an operating expense on the income statement.
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