Adv. Accounting - Ch. 6 Review Question Preview (ID: 11716)


INVENTORY! TEACHERS: click here for quick copy question ID numbers.

FOB destination means that the title to the goods passes to the buyer when the goods are received at the buyer's place of business.
a) True
b) False
c)
d)

One advantage of a computerized inventory system is that managers have more frequent inventory information available to them.
a) True
b) False
c)
d)

300 units are in ending inventory. There were 200 in beginning inventory purchased at $1 per unit. 400 were purchased at $1.20. Using LIFO, what's the total cost of end. inventory?
a) $360.00
b) $200.00
c) $320.00
d) $339.00

300 units are in ending inventory. There were 200 in beginning inventory purchased at $1 per unit. 400 were purchased at $1.20. Using FIFO, what's the total cost of end. inventory?
a) $360.00
b) $200.00
c) $320.00
d) $339.00

Beginning merchandise inventory is $75,000. Ending merchandise inventory is $56,000. What is the average merchandise inventory?
a) $62,500
b) $9,500
c) $60,000
d) $65,500

The cost of merchandise sold is $305,000. Average merchandise inventory is $53,000. What is the Merchandise Inventory Turnover Ratio?
a) 5.8 times
b) .2 times
c) 6.2 times
d) 7.9 times

A company's merchandise turnover ratio for the current fiscal period is 5.6. What is the average number of days' sales in merchandise inventory?
a) 53 days
b) 63 days
c) 65 days
d) 68 days

The costing method that uses the price of merchandise purchased last to calculate the cost of merchandise sold first is
a) LIFO
b) lower of cost or market
c) FIFO
d) weighted average

Beginning inventory = 1,300 units at $18 per unit. First purchase=1,500 units at $19. 2nd purchase=1,500 units at $20. End. inv.=1,900 units. Cost of end. inv. using weighted-avg?
a) $36,750
b) $38,912
c) $36,195
d) $33,800

A form used during a periodic inventory to record info about each item of merchandise on hand is a(n)
a) stock record
b) stock ledger
c) inventory record
d) merchandise-on-hand record

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