2ac-d-blank-green-sheet

School: University of Illinois, Chicago - Course: ACCY 202 - Subject: Accounting

Module 2A(c) & 2A(d) Module 2A(c): 1.A company had the following purchases during the current year: On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? A.$3,500. B.$3,800. C.$3,960. D.$3,280. E.$3,640. 2.Regardless of the inventory costing system used, cost of goods available for sale must be allocated at the end of the period between: A.beginning inventory and net purchases during the period. B.ending inventory and beginning inventory. C.net purchases during the period and ending inventory. D.ending inventory and cost of goods sold. E.beginning inventory and cost of goods sold. 3.Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the followingexcept: A.LIFO method. B.FIFO method. C.Specific identification method. D.Weighted average method. E.Retail method. 4.Skip Page 247 Downloaded by Burbank England ([email protected])lOMoARcPSD|20851058

5.A company sells a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows: If the ending inventory is reported at $276, what inventory method was used? A.LIFO method. B.FIFO method. C.Weighted average method. D.Specific identification method. E.Retail inventory method. 6. 7.Perch Company reported the following purchases and sales for its only product. Perch uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. A.$2,260 B.$3,180 C.$1,860 D.$3,580 E.$2,100 Page 248 Downloaded by Burbank England ([email protected])lOMoARcPSD|20851058

8.Continue with the Perch Company facts but determine the cost assigned to cost of goods sold using FIFO.A. $2,260B. $3,180C. $1,860D. $3,580E. $2,100 9.Continue with the Perch Company facts but determine the cost assigned to cost of goods sold using LIFO.A. $2,260B. $3,180C. $1,860D. $3,580E. $2,100 10.Continue with the Perch Company facts but determine the cost assigned to ending inventory using LIFO.A. $2,260B. $3,180C. $1,860D. $3,580E. $2,100 11. Module 2A(d): 12. Ending inventory is equal to the cost of items physically on hand plus: A.Items sold, still in transit (f.o.b. shipping point). B.Items purchased, still in transit (f.o.b. shipping point). C.Items purchased, still in transit (f.o.b. destination). D.None of the above.