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FA chapter6 quiz

meli ssa 17 questions 3.0 (1 rating)

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Questions in this quiz (17)

  1. 1The next two questions use the following facts. Oceanview Software began January with $3,500
    of merchandise inventory. During January, Oceanview made the following entries for its inventory transactions:


    How much was Oceanview’s inventory at the end of January?    Image for question 1
    1. A$5,400
    2. BZero
    3. C$4,400
    4. D$2,200
  2. 2What was Oceanview’s gross profit for January?
    1. AZero
    2. B$7,600
    3. C$5,400
    4. D$2,200
  3. 3When does the cost of inventory become an expense?
    1. AWhen inventory is delivered to a customer
    2. BWhen inventory is purchased from the supplier.
    3. CWhen cash is collected from the customer.
    4. DWhen payment is made to the supplier.
  4. 4If Marble Frame uses the FIFO method, the cost of the ending inventory will beImage for question 4
    1. A$39,000.
    2. B$36,160.
    3. C$36,260.
    4. D$36,000.
  5. 5If Marble Frame uses the LIFO method, cost of goods sold will be
    Image for question 5
    1. A$22,600.
    2. B$22,760.
    3. C$22,500.
    4. D$19,760.
  6. 6. In a period of rising prices
    1. AGross profit under FIFO will be higher than under LIFO.
    2. B.
      b. LIFO inventory will be greater than FIFO inventory.
    3. CNet income under LIFO will be higher than under FIFO.
    4. DCost of goods sold under LIFO will be less than under FIFO.
  7. 7The Income Statement for Feel Good Health Foods shows gross profit of $154,000,
    operating expenses of $128,000, and cost of goods sold of $213,000. What is the amount of
    net sales revenue?
    1. A$367,000
    2. B341,000
    3. C$495,000
    4. D$341,000
  8. 8When the inventory cost is lower than NRV, the inventory should be reported at
    1. A. market price of inventory
    2. Breplacement of inventory
    3. Cselling price of inventory less cost to sell
    4. Dacquisition cost of inventory.
  9. 9The sum of (a) ending inventory and (b) cost of goods sold is
    1. Agoods available.
    2. Bbeginning inventory
    3. Cgross profit.
    4. Dnet purchases.
  10. 10The following data come from the inventory records of Draper Company:
    Based on these facts, the gross profit for Dapper Company is    Image for question 10
    1. A. $152,000.
    2. B$175,000.
    3. C$129,000
    4. D. Some other amount

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Description
Quiz on FA chapter6 quiz, created by meli ssa on 18/02/2019.
Author
meli ssa
Language
English
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457
Rating
3.0 out of 5 · 1 rating
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