Accounting - Unit 3 Milestone 2021/2022

Charlie's order of shoes is the freight at the manufacturer's warehouse in Hong Kong, and he has agreed to the FOB shipping point method. Who owns the freight when the shoes are at the Hong Kong loading docks, ready to be shipped to New York? correct answer- Charlie Units Available for Sale: 600 Total Cost: $240,000 Ending Inventory - Units sold in December: 200 - Units on Hand: 400 Cost of Goods Sold: _________ Using the FIFO method and the information in this image, what is the Cost of Goods Sold during December? correct answer- $65,000 Which of the following is the additional percentage that a shoe store discounted the price of a pair of boots that were originally priced at $175, marked down to $125, and finally sold for $100? correct answer- 20% Beginning Inventory: $164,000 Add: Purchases: $79,000 Less: Purchase Discounts: $6,500 - Purchase Returns and Allowances: $4,500 Net Purchases: $68,000 Freight-in: $13,500 Cost of Goods Purchased: $81,500 Goods Available For Sale: $245,500 Less: Ending Inventory: $83,000 Total Cost of Goods Sold: ______ What is the Total Cost of Goods Sold, according to the information in this image? correct answer- $162,500 Vern uses a perpetual inventory method at his store. This means that purchases are debited to his merchandise inventory. Which of the following is credited to his merchandise inventory? correct answer- Cost of Goods Sold Units Available for Sale: 800 / $1,700 Ending Inventory - Units Sold in July: 700 - Units on Hand: 100 Cost of Goods Sold: __________ Using the LIFO method and the inventory list, which of the following is the Cost of Goods Sold during July? correct answer- $1,450 Which one of the businesses below would best served by the periodic inventory method? correct answer- Construction equipment dealer If Tonya purchased 200 decorative pillows at $12 each and sold 75 of the pillows for $20 each, which is the cost of goods sold? correct answer- $900 Which one of the businesses below would most likely use the FIFo method of inventory valuation? correct answer- A grocery Store Troy has 75 fuses that he purchased for $4 each and 17 air filters that he purchased for $12 each on the floor of his auto repair shop. He has 80 of the same fuses and 9 of the same air filters in his storeroom. Which of the following is the weighted average cost of the fuses and air filters being sold if Troy implements the weighted average method to inventory these supplies? correct answer- $5.15 Roberta sold goods costing $35,500, her expenses totaled $2,500 and her freight in totaled $750. Her company's average stock of goods during the same period was $9,500. The inventory turnover rate for Roberta's company is __________. correct answer- 3.74 Revenue: $103,600 - Sales Returns: $13,900 - Sales Discounts: $2,700 - Net Sales: $87,000 Cost of Goods Sold: $23,600 Gross Profit Margin % _________. Given the information provided above, what is the gross margin percentage? correct answer- 73% Cost of Goods Sold Beginning Inventory: $63,000 Add: Purchases: $25,000 Less: Purchase Discounts $2,500 -Purchase Discounts and Allowances: $1,500 Net Purchases: $21,000 Freight-In: $8,000 Cost of Goods Purchased: _____. Based on the information below, calculate the Cost of Goods Purchased. correct answer- $29,000??? Beginning Inventory: $22,500 Add: Purchases: $67,500 Less: Purchase Discounts: $5,200 - Purchase Returns and Allowances: $4,800 Net Purchases: $60,500 Freight-In: $4,800 Cost of Goods Purchased: $65,300 Goods Available for Sale: _______ Based on this information in this partial income statement, what is the total of the Goods Available for Sale? correct answer- $87,800 Anne Marie went to a merchandisers' market on January 6th and purchased 25 coffee tables at $62 each. The terms of payment of the invoice were 2% 10, Net 30. When she returned to her office on January 10th, she wrote out and mailed a check to pay the invoice. What amount will Anne Marie record in her purchases account? correct answer- $1,550 To determine goods available for sale, what is added to the total of the beginning inventory? correct answer- Cost of Goods Purchased Available units for Sale: 295 / $39,875 Ending Inventory - Units Sold in April: 250 - Units on Hand: 45 Cost of Goods Sold: $35,600 Which inventory method was used to calculate costs of goods sold, based on the information above? correct answer- FIFO Nora wants to reward customers who spent a minimum of $500 at her store each month over the last six months with a bottle of wine. Where would she find this information she needs to identify these customers? correct answer- Sales Subsidiary Ledger