Question 1Consider the following facts for Company A:- Beginning inventory = $71,000- Cost of goods purchased = $292,000...

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Consider the following facts for Company A

April 14, 2018

Question 1

Consider the following facts for Company A:
- Beginning inventory = $71,000
- Cost of goods purchased = $292,000
- Ending inventory = $69,000

Based on these facts, Company A's Days in Inventory ratio is ______ days.

Question 2

Consider the following facts:
- Company A had inventory of $300,000 at the beginning of the period.
- It wants inventory on hand to be $350,000 at the end of the period.
- Net sales for the period are expected to be $1,500,000.
- The gross profit rate is expected to be 30%.

How much merchandise should Company A expect to purchase during the year?

Question 3

Consider the following facts:
- Company A begin business operations in the month of April.
- On April 1, it purchased 150 units of goods for $390.
- On April 10, it purchased 200 units of goods for $585.
- On April 15, it purchased 200 units of goods for $630.
- On April 28, it purchased 150 units of goods for $510.
- At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count.
- Company A uses the FIFO inventory accounting method.

Company A's cost of goods sold for April is:


Question 4


Consider the following facts:
- Company A has the following inventory information:
- Inventory at the beginning of January was 15 units purchased at $8.00 each.
- On January 8, purchased 60 units @ $8.30 each
- On January 17, purchased 30 units @ $8.40 each
- On January 25, purchased 45 units @ $8.80 each
- On January 31, a physical count showed 45 units on hand
- Company A uses the periodic inventory system

Company A's cost of goods sold under the average-cost method is:

Question 5

Consider the following facts:
- Company A had product sales revenues of $30,000 for the month.
- Its cost of goods sold was $18,000 for the month.
- Its other operating expenses were $2,000 for the month.
- Company A also had rent revenue of $500 for the month.
- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.

For the month, Company A's gross profit was:

Question 6

Consider the following facts:
- Company A begin business operations in the month of April.
- On April 1, it purchased 150 units of goods for $390.
- On April 10, it purchased 200 units of goods for $585.
- On April 15, it purchased 200 units of goods for $630.
- On April 28, it purchased 150 units of goods for $510.
- At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count.
- Company A uses the average-cost inventory accounting method.

Company A's cost of goods sold for April is:


Question 7


Consider the following facts:
- Company A has the following inventory information:
- Inventory at the beginning of January was 15 units purchased at $8.00 each.
- On January 8, purchased 60 units @ $8.30 each
- On January 17, purchased 30 units @ $8.40 each
- On January 25, purchased 45 units @ $8.80 each
- On January 31, a physical count showed 45 units on hand
- Company A uses the periodic inventory system
- Company A uses the specific identification method.
- The ending inventory includes 10 units from each of the purchases and 15 units from the beginning balance.

Company A's cost of goods sold is:

1Question 8

Consider the following facts for Company A:
- Beginning inventory = $45,000
- Cost of goods purchased = $190,000
- Ending inventory = $55,000

Based on these facts, Company A's Days in Inventory ratio is ______ days.

1Question 9

Consider the following facts:
- Company A had product sales revenues of $30,000 for the month.
- Its cost of goods sold was $18,000 for the month.
- Its other operating expenses were $2,000 for the month.
- Company A also had rent revenue of $500 for the month.
- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.

For the month, Company A's operating income (loss) was

1Question 10

Consider the following facts:
- Company A purchased goods for $50,000
- The purchase terms were 2/10,n/30
- Company A returned $1,000 of the goods
- Company A paid freight of $250 on the shipment of the goods
- Company A paid the invoice within the discount period

As a result of this purchase, Company A's inventory increased by:

1Question 11

Consider the following facts:
- Company V uses a periodic inventory system
- Purchases were $600,000 during the period
- Purchase Returns and Allowances were $25,000 during the period
- Purchase Discounts were $11,000 during the period
- Freight-In was $19,000 during the period
- Beginning Inventory was $45,000
- Ending Inventory was $55,000
- Net Sales were $750,000 during the period

Cost of Goods Sold for the period was:

1Question 12

Consider the following facts:
- Company A sold products for $40,000 cash during the month.
- Customers returned $1,000 of the products.
- Company A's gross profit rate is 40%.

Company A's net sales revenue and cost of goods sold will be which of the following for the month?

1Question 13

Consider the following facts:
- Company A purchased goods for $20,000.
- Its credit terms were 2/10, n/30.
- Company A returned $400 of the goods to the seller and received credit on its account.
- Company A paid the freight on the shipment of the goods originally. The freight cost was $100.
- Company A made final payment for the goods within the discount period.

Based on this scenario, Company A's inventory:

1Question 14

Consider the following facts:
- Company A had product sales revenues of $30,000 for the month.
- Its cost of goods sold was $18,000 for the month.
- Its other operating expenses were $2,000 for the month.
- Company A also had rent revenue of $500 for the month.
- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.

For the month, Company A's non-operating income (loss) was:

1Question 15

Consider the following facts:
- Company A's accounting records at the end of the year shows the following:
Purchase Discounts $5,600
Freight In $7,800
Purchases $201,000
Beginning Inventory $23,500
Ending Inventory $28,800
Purchase Returns $6,400
- Company A uses the periodic inventory system.

Company A's cost of goods purchased is:

2Question16

Consider the following facts:
- Company A begin business operations in the month of April.
- On April 1, it purchased 150 units of goods for $390.
- On April 10, it purchased 200 units of goods for $585.
- On April 15, it purchased 200 units of goods for $630.
- On April 28, it purchased 150 units of goods for $510.
- At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count.
- Company A uses the average-cost inventory accounting method.

Company A's ending inventory for April is

3Question 17

Company A had the following account balances at the end of its fiscal year:

Cost of goods sold = $212,400
Freight-out = $7,000
Insurance expense = $6,000
Salaries and wages expense = $58,000
Rent expense = $32,000
Sales discounts = $7,000
Sales returns and allowances = $13,000
Sales revenue = $380,000

Company A's net income for the period is $ ___________.

3Question 18

Consider the following facts:
- Company A has the following inventory information:
- Inventory at the beginning of January was 15 units purchased at $8.00 each.
- On January 8, purchased 60 units @ $8.30 each
- On January 17, purchased 30 units @ $8.40 each
- On January 25, purchased 45 units @ $8.80 each
- On January 31, a physical count showed 45 units on hand
- Company A uses the periodic inventory system

Company A's ending inventory under FIFO is:

3Question19

Consider the following facts:
- Company A had product sales revenues of $30,000 for the month.
- Its cost of goods sold was $18,000 for the month.
- Its other operating expenses were $2,000 for the month.
- Company A also had rent revenue of $500 for the month.
- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.

For the month, Company A's net income (loss) was:











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