Quiz 6

1  A company has beginning inventory for the year of $10,500. During the year, the company purchases inventory for $150,000 and ends the year with $27,000 of inventory. The company will report cost of goods sold equal to:

$166,500.
$177,000.
$133,500.
$150,000.

2.  Tyler Toys has beginning inventory for the year of $19,700. During the year, Tyler purchases inventory for $234,000 and has cost of goods sold equal to $238,000. Tyler’s ending inventory equals:

Multiple Choice
$23,700.
$20,000.
$19,700.
$15,700.

3.  Given the information below, what is the gross profit?

Multiple Choice
$66,000.
$185,000.
$90,000.
$63,000.

4.  Inventory records for Dunbar Incorporated revealed the following:

Dunbar sold 570 units of inventory during the month. Ending inventory assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

Multiple Choice
$963.
$1,320.
$1,138.
$829.

5. Inventory records for Dunbar Incorporated revealed the following:

Dunbar sold 600 units of inventory during the month. Ending inventory assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

Multiple Choice
$992.
$612
$766.
$1,109.

6.  Inventory records for Dunbar Incorporated revealed the following:

Dunbar sold 670 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

Multiple Choice
$1,574.
$1,084.
$1,624.

$1595

7.   Inventory records for Dunbar Incorporated revealed the following:

Dunbar sold 590 units of inventory during the month. Ending inventory assuming weighted-average cost would be: (Round weighted-average unit cost to 4 decimal places and final answer to the nearest dollar amount.)

Multiple Choice
$993.
$956.
$1,067.
$977.

8.    Inventory records for Marvin Incorporated revealed the following:

Marvin sold 1,860 units of inventory during the month. Ending inventory assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

Multiple Choice
$1,282.
$5,671
$2,402.
$7,036.

9. Inventory records for Marvin Company revealed the following:

Marvin sold 1,980 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

Multiple Choice
$16,722.
$16,850.
$15,931.
$14,872.

10. Inventory records for Marvin Company revealed the following:

Marvin sold 2,200 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be: (Do not round your intermediate calculations and round your final answer to nearest dollar amount. Round weighted-average unit cost to 4 decimals if necessary.)

Multiple Choice
$16,082.
$15,642.
$16,161.
$16,252.

Quiz 6 Answers

1  A company has beginning inventory for the year of $10,500. During the year, the company purchases inventory for $150,000 and ends the year with $27,000 of inventory. The company will report cost of goods sold equal to:

$166,500.
$177,000.
$133,500.
$150,000.

Answer:  $133,500.