89.
Direct Sales, Inc. had cost of goods sold of $420,000, beginning inventory of $67,000, and
ending inventory of $81,000. The inventory turnover equals:
90.
Direct Sales, Inc. had cost of goods sold of $420,000, beginning inventory of $67,000, and
ending inventory of $81,000. The days’ sales in inventory equals:
91.
A company had gross profit of $134,200 on net sales of $205,000. If ending inventory was
$8,000 and average inventory was $7,080, what is the company’s inventory turnover?
92.
Toys “R” Us had cost of goods sold of $9,421 million, ending inventory of $2,089 million,
and average inventory of $1,965 million. Its days’ sales in inventory equals:
93.
The inventory valuation method that identifies the invoice cost of each item in ending
inventory to determine the cost assigned to that inventory is the:
94.
A company had the following purchases during the current year:
January:
10 units at $120
February:
20 units at $130
May:
15 units at $140
September:
12 units at $150
November:
10 units at $160
On December 31, there were 26 units remaining in ending inventory. These 26 units
consisted of 2 from January, 4 from February, 6 from May, 4 from September and 10 from
November. Using the specific identification method, what is the cost of the ending
inventory?
95.
A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2,
they purchased 10 units at $22 each. On November 6, they purchased 6 units at $25 each.
On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory
method, what was the value of the inventory on November 8 after the sale?
5-46
96.
A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2,
they purchased 10 units at $22 each. On November 6, they purchased 6 units at $25 each.
On November 8, 8 units were sold for $55 each. Using the FIFO perpetual inventory
method, what was the value of the inventory on November 8 after the sale?
97.
A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2,
they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each.
On November 5, 8 units were sold for $55 each. Using the weighted average perpetual
inventory method, what was the value of the inventory on November 30?
98.
Acme-Jones Corporation uses a weighted average perpetual inventory system.
August 2, 10 units were purchased at $12 per unit.
August 18, 15 units were purchased at $14 per unit.
August 29, 12 units were sold.
What was the amount of the cost of goods sold for this sale?
5-49
99.
A corporation uses a FIFO perpetual inventory system.
August 2, 25 units were purchased at $12 per unit.
August 5, 10 units were purchased at $13 per unit.
August 15, 12 units were sold at $25 per unit.
August 18, 15 units were purchased at $14 per unit.
What was the amount of the ending inventory for the month of August?
100.
A corporation uses a LIFO perpetual inventory system.
August 2, 25 units were purchased at $12 per unit.
August 5, 10 units were purchased at $13 per unit.
August 15, 12 units were sold at $25 per unit.
August 18, 15 units were purchased at $14 per unit.
What was the amount of the ending inventory for the month of August?
Topic: Inventory Costing under a Perpetual System
101.
Acme-Jones Corporation uses a LIFO perpetual inventory system.
August 2, 25 units were purchased at $12 per unit.
August 5, 10 units were purchased at $13 per unit.
August 15, 12 units were sold at $25 per unit.
August 18, 15 units were purchased at $14 per unit.
What was the amount of the cost of goods sold?
102.
A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, they
purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual
inventory method, what is the cost of the 12 units that were sold?
103.
A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, they
purchased 10 units at $13 per unit. On August 12, they purchased 20 units at $14 per unit.
On August 15, they sold 30 units. Using the FIFO perpetual inventory method, what is the
value of the inventory on August 15 after the sale?
104.
A company had inventory of 5 units at a cost of $20 each on November 1. On November 2,
they purchased 10 units at $22 each. On November 6, they purchased 6 units at $25 each.
On November 8, they sold 18 units for $54 each. Using the LIFO perpetual inventory
method, what was the cost of the 18 units sold?
105.
A company markets a climbing kit and uses the perpetual inventory system to account for
its merchandise. The beginning balance of the inventory and its transactions during
January were as follows:
January 1:
Beginning balance of 18 units at $13
each.
January
12:
Purchased 30 units at $14 each.
January
19:
Sold 24 units at $30 selling price
each.
January
20:
Purchased 24 units at $17 each.
January
27:
Sold 27 units at $30 selling price
each.
If the ending inventory is reported at $276, which inventory method was used?
Jan
Jan
12
106.
A company uses a weighted average perpetual inventory system.
August 2: 10 units were purchased at $12 per unit.
August 18: 15 units were purchased at $15 per unit.
August 29: 20 units were sold.
August 31: 14 units were purchased at $16 per unit.
What is the per-unit value of ending inventory on August 31?
Topic: Inventory Costing under a Perpetual System
107.
Given the following events, what is the per-unit value of ending inventory on November 30
if this company uses a weighted average perpetual inventory system?
November 1: 5 units were purchased at $6 per unit.
November 12: 10 units were purchased at $7.50 per unit.
November 14: 7 units were sold for $14 per unit.
November 24: 12 units were purchased at $10 per unit.
108.
Given the following information, determine the cost of ending inventory at June 30 using
the LIFO perpetual inventory method. Assume this is the first month of the company’s
operations.
June 1: 15 units were purchased at $20 per unit.
June 15: 12 units were sold.
June 29: 8 units were purchased for $25 per unit.
5-60
109.
Given the following information, determine the cost of ending inventory at December 31
using the weighted average perpetual inventory method. Assume this is the first month of
the company’s operations.
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 12: 2 units were sold.