Acc305 Intermediate Accounting Chapter 8 Inventories - Measurement (17 MCQs)

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Acc305 Intermediate Accounting

Chapter 8 Inventories - Measurement

17 MCQs

1.  On exercise 8-1, #1, what account do we debit for both the purchase of inventory and payment of freight? (Points: 3)
       Purchases 
       Inventory 
       Cost of Goods Sold 
       Shipping Expense 

2. On exercise 8-1, #2, what account do we credit for the purchase return? (Points: 3)
       Inventory 
       Accounts Payable 
       Purchases 
       Purchase Returns 

3. On exercise 8-1, #3, what 4 accounts are involved in the 2 journal entries? (Points: 3)
       Cash, Sales revenue, Cost of goods sold, Inventory 
       Accounts receivable, Sales revenue, Cost of goods sold, Inventory 
       Cash, Sales revenue, Inventory, Purchases 
       Accounts Receivable, Inventory, Purchases, Sales revenue 

4. On exercise 8-5, what is the amount of ending inventory for 2009? (Points: 3)
       275 
       250 
       249  
       627 

5. On exercise 8-5, what is the amount of beginning inventory for 2010? (Points: 3)
       249 

       275 
       225 
       627 

6. On exercise 8-5, what is the amount of cost of goods available for sale for 2010? (Points: 3)
       225 
       621 
       610 
       846 

7. On exercise 8-5, what is the amount of purchases (gross) for 2010? (Points: 4)
       846 
       225 
       621 
       610 

8. On exercise 8-5, what is the amount of cost of goods sold for 2011? (Points: 1)
       225 
       584 
       800 
       216 

9. On exercise 8-6, requirement 1, what is the amount of the credit to cash in the July 23, 2009 entry? (Points: 3)
       $50,000 
       $49,000 
       $51,000 
       $0 

10. On exercise 8-6, requirement 1, what is the amount of the debit to purchases in the July 15, 2009 entry? (Points: 3)
       $50,000 
       $45,000 
       $49,000 
       $51,000 

11. On exercise 8-6, requirement 2, what is the account that we debit for $50,000 on August 15, 2009? (Points: 3)
       Cash 
       Purchases 
       Accounts Payable 
       Purchase discounts 

12. On exercise 8-12, what is the cost of goods sold under the FIFO method? (Points: 3)
       $79,500 
       $15,000 
       $17,700 
       $82,200 

13. On exercise 8-12, what is the cost of ending inventory under the FIFO method? (Points: 3)
       $14,000 
       $15,000  

       $17,700 
       $16,200 

14. On exercise 8-12, what is the cost of goods sold under the LIFO method? (Points: 3)
       $79,500 
       $17,700 
       $82,200 
       $15,000 

15. On exercise 8-12, what is the cost of ending inventory under the LIFO method? (Points: 3)
       $15,000 
       $16,200 
       $17,700  

       $19,000 

16. On exercise 8-12, what is the cost of goods sold under the average method? (Points: 3)
       $82,200 
       $79,500 
       $81,000  

       $18,000 

17. On exercise 8-12, what is the ending inventory under the average method? (Points: 3)
       $81,000 
       $16,200 
       $18,000 
       $82,200

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