Acc305 Intermediate Accounting Chapter 9 Inventory Additional Issues (10 MCQ)

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Acc305 Intermediate Accounting

Chapter 9 Inventory:  Additional Issues

10 MCQs

1. On exercise 9-1, what is the per unit inventory value for product #1? (Points: 5)
       $29 
       $34 
       $18 
       $20 

2. On exercise 9-1, what is the per unit inventory value for product #3? (Points: 5)
       $50 
       $48 
       $60 
       $12 

3. On exercise 9-5, what is the amount of cost of goods available for sale? (Points: 5)
       $370,000 
       $120,000 
       $510,000 

       $500,000 

4. On exercise 9-5, what is the amount of estimated cost of goods sold? (Points: 5)
       $500,000 
       $100,000 
       $412,500 

       $490,000 

5. On exercise 9-12, what is the cost-to-retail percentage? (Points: 5)
       60% 
       50% 
       71% 

       35% 

6. On exercise 9-12, what is the estimated cost of goods sold? (Points: 5)
       $568,000  

       $440,000 
       $316,000 
       $599,200 

7. On exercise 9-23, #1, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
       U, O, O 
       U, U, O 
       O, O, O 
       U, U, U 

8. On exercise 9-23, #4, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
       U, O, O 
       U, U, O 
       O, O, O 
       U, U, U 

9. On exercise 9-23, #6, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
       U, O, U 
       O, O, U 
       U, O, O 
       U, U, O 

10. On exercise 9-23, #7, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
       U, O, U 
       O, O, U 
       U, U, O 
       O, U, U

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