quiz-fa6-4

Fundamental Accounting, Chapter 6, Set 4

10 multiple-choice questions. Recommended time: 10-20 minutes.

The following data for items 1-10

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January 1	inventory balance	500 units @ $1,210
April 12	purchased	1,000 units @ $1,230
August 3	purchased	1,200 units @ $1,250
December 9	purchased	800 units @ $1,230

On December 31, 900 units were on hand.

1. The cost of ending inventory calculated under the periodic First-in, First-out (FIFO) method would be:

$1,097,000 $1,109,000 $1,110,600 $1,139,000 None of the above responses is correct

2. The cost of cost of goods sold calculated under the periodic First-in, First-out (FIFO) method would be:

$3,180,000 $3,208,400 $3,210,000 $3,222,000 None of the above responses is correct

3. The cost of ending inventory calculated under the periodic Last-in, First-out (LIFO) method would be:

$1,097,000 $1,109,000 $1,110,600 $1,139,000 None of the above responses is correct

4. The cost of cost of goods sold calculated under the periodic Last-in, First-out (LIFO) method would be:

$3,180,000 $3,208,400 $3,210,000 $3,222,000 None of the above responses is correct

5. The cost of ending inventory calculated under the periodic Weighted Average method would be:

$1,097,000 $1,109,000 $1,110,600 $1,139,000 None of the above responses is correct

6. The cost of cost of goods sold calculated under the periodic Weighted Average method would be:

$3,180,000 $3,208,400 $3,210,000 $3,222,000 None of the above responses is correct

The following data for items 7-12

A company had the following data for one of its products:

Aug.  1	Beginning inventory	100 units@$5,600
11	Purchased	200 units@$5,495
19	Sold	110 units@$7,500

7. At August 19, the cost of goods sold calculated under the perpetual First-in, First-out (FIFO) method would be:

$603,250 $604,450 $608,300 $614,950 None of the above responses is correct

8. At August 19, the cost of inventory calculated under the perpetual First-in, First-out (FIFO) method would be:

$1,044,050 $1,050,700 $1,054,550 $1,055,750 None of the above responses is correct

9. At August 19, the cost of goods sold calculated under the perpetual Last-in, First-out (LIFO) method would be:

$603,250 $604,450 $608,300 $614,950 None of the above responses is correct

10. At August 19, the cost of inventory calculated under the perpetual Last-in, First-out (LIFO) method would be:

$1,044,050 $1,050,700 $1,054,550 $1,055,750 None of the above responses is correct

11. At August 19, the cost of goods sold calculated under the perpetual Moving Average method would be:

$603,250 $604,450 $608,300 $614,950 None of the above responses is correct

12. At August 19, the cost of inventory calculated under the perpetual Moving Average method would be:

$1,044,050 $1,050,700 $1,054,550 $1,055,750 None of the above responses is correct