1- Given the following items and costs as of the balance sheet date, determine the value of Faltron Company's merchandise inventory.
- $2,000 goods sold by Faltron to another company. The goods are in transit and shipping terms are FOB destination.
- $4,000 goods sold by another company to Faltron. The goods are in transit and shipping terms are FOB destination.
- $6,000 owned by Faltron but in the possession of another company, the consignee.
- Damaged goods owned by Faltron that originally cost $8,000 but now have a $1,000 net realizable value.
A- $20,000
B- $13,000
C- $11,000
D- $10,000
E- $9,000
2- Toys "R" Us had cost of goods sold of $14,311 million, ending inventory of $3,919 million, and average inventory of $2,595 million. Its days' sales in inventory equals:
A- 0.181
B- 3.65
C- 5.51
D- 66.20 days
E- 100.0 days
3-A company had the following purchases during the current year:
January: 32 units at $130
February: 42 units at $140
May: 37 units at $150
September: 34 units at $160
November: 32 units at $170
On December 31, there were 81 units remaining in ending inventory. These 81 units consisted of 13 from January, 15 from February, 17 from May, 15 from September and 21 from November. Using the specific identification method, what is the cost of the ending inventory?
A- $12,010
B- $12,310
C- $11,340
D- $12,150
E- $12,960
4- A company had inventory on November 1 of 17 units at a cost of $21 each. On November 2, they purchased 22 units at $22 each. On November 6, they purchased 18 units at $24 each. On November 8, 20 units were sold for $33 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
A- $841
B- $814
C- $816
D- $777
E- $797
5- A company had inventory on November 1 of 20 units at a cost of $24 each. On November 2, they purchased 25 units at $25 each. On November 6, they purchased 21 units at $27 each. On November 8, 23 units were sold for $36 each. Using the FIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
A- $1,117
B- $1,075
C- $1,077
D- $1,032
E- $1,055
6- Acme-Jones Corporation uses a weighted-average perpetual inventory system.
August 2, 14 units were purchased at $14 per unit.
August 18, 14 units were purchased at $15 per unit.
August 29, 16 units were sold.
What was the amount of the cost of goods sold for this sale?
rev: 10_23_2013_QC_37882, 10_30_2013_QC_37882, 11_01_2013_QC_37882
A- $226.00
B- $224.00
C- $232.00
D- $210.00
E- $406.00
7- A company has inventory of 16 units at a cost of $11.5 each on June 1. On June 3, they purchased 26 units at $13.5 each. 18 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 18 units that were sold?
A- $288.00
B- $211.00
C- $296.00
D- $298.00
E- $243.00