Solution Manual for Accounting Principles Volume 1 And Volume 2 9th Canadian Edition Jerry J. Weygandt

QN=1 Merchandiseginventorygincludes:

a. Allggoodsgownedgbygagcompanygandgheldgforgsale.

b. Allggoodsgingtransit.
c. Allggoodsgongconsignment.
d. Onlygdamagedggoods.
e. Allggoodsgingthegstoresgofgcompany.


Answer a
CHAPTER: 6


QN=2 CostsgincludedgingthegMerchandisegInventorygaccountgcanginclude:

a. Invoicegpricegminusganygdiscount.
b. Transportation-in.
c. Storage.
d. Insurance.
e. Allgofgthese.

ANS: E
PTS: 1
CHAPTER: 6
MIXgCHO No
ICES:

QN=3 Duringgagperiodgofgsteadilygrisinggcosts,gtheginventorygvaluationgmethodgthatgyieldsgthegl
owestgreportedgnetgincomegis:
a. Specificgidentificationgmethod.
b. Averagegcostgmethod.
c. Weighted-averagegmethod.
d. FIFOgmethod.
e. LIFOgmethod.
f.
ANS: E
PTS: 1
CHAPTER: 6
MIXgCHO no
ICES:

QN=4 Theginventorygvaluationgmethodgthatgresultsgingtheglowestgtaxablegincomegingagperiodgofgin
flationgis:
a. LIFOgmethod.
b. FIFOgmethod.
c. Weighted-averagegcostgmethod.
d. Specificgidentificationgmethod.
e. Grossgprofitgmethod.

,ANS: A
PTS: 1
CHAPTER: 6
MIXgCHO No
ICES:

QN=5 Whichgofgthegfollowingginventorygcostinggmethodsgwillgalwaysgresultgingthegsamegvalues
gforgendingginventorygandgcostgofggoodsgsoldgregardlessgofgwhethergagperpetualgorgperiodi
cginventorygsystemgisgused?
a. FIFOgandgLIFO
b. LIFOgandgweighted-averagegcost
c. SpecificgidentificationgandgFIFO
d. FIFOgandgweighted-averagegcost
e. LIFOgandgspecificgidentification
f.
ANS: C
PTS: 1
CHAPTER: 6
MIXgCHO No
ICES:

QN=6 Angoverstatementgofgendingginventorygwillgcause
a. Angoverstatementgofgassetsgandgequitygongthegbalancegsheet.
b. Angunderstatementgofgassetsgandgequitygongthegbalancegsheet.
c. Angoverstatementgofgassetsgandgangunderstatementgofgequitygongthegbalancegsheet.
d. Angunderstatementgofgassetsgandgangoverstatementgofgequitygongthegbalancegsheet.
e. Nogeffectgongthegbalancegsheet.
f.
ANS: A
PTS: 1
CHAPTER: 6
MIXgCHO No
ICES:

QN=g7 Acceptableginventorygmethodsginclude:
a. LIFOgmethod.
b. FIFOgmethod.
c. Specificgidentificationgmethod.
d. Weightedgaveragegmethod.
e. Allgofgthese.
ANS: E
PTS: 1
CHAPTER: 6
MIXgCHO No
ICES:

QN=8 Agcompanyghadgthegfollowinggpurchasesgduringgthegcurrentgyea
r:gJan:g10gunitsgatg$g120
Feb:g20gunitsgatg$130

, May:g15gunitsgatg$140gSe
p:g12gunitsgatg$150gNov:
g10gunitsgatg$160
OngDecemberg31,gtheregwereg26gunitsgremaininggingendingginventory.gTheseg26gunitsgc
onsistedgofg2gfromgJanuary,g4gfromgFebruary,g6gfromgMay,g4gfromgSeptember,gandg10g
fromgNovember.gUsinggthegspecificgidentificationgmethod,gwhatgisgthegcostgofgthegendin
gginventory?

a. $3,500.
b. $3,800.
c. $3,960.
d. $3,280.
e. $3,640.
f.
ANS: B
PTS: 1
CHAPTER: 6
MIXgCHO No
ICES:

QN=9 AgcompanyghadginventorygongNovemberg1gofg5gunitsgatgagcostgofg$20geach.gOngNovem
berg2,gtheygpurchasedg10gunitsgatg$22geach.gOngNovemberg6gtheygpurchasedg6gunitsgatg
$25geach.gOngNovemberg8,g8gunitsgweregsoldgforg$55geach.gUsinggthegLIFOgperpetualgi
nventorygmethod,gwhatgwasgthegvaluegofgtheginventorygongNovemberg8gaftergthegsale?

a. $304
b. $296
c. $288
d. $280
e. $276
ANS: E
PTS: 1
CHAPTER: 6
MIXgCHO no
ICES:

QN=10 Acme-JonesgCorporationgusesgagweighted-
averagegperpetualginventorygsystem.gAugustg2,g10gunitsgweregpurchasedgatg$12gp
ergunit.
Augustg18,g15gunitsgweregpurchasedgatg$14gpergunit.g
Augustg29,g12gunitsgweregsold.
Whatgwasgthegamountgofgthegcostgofggoodsgsoldgforgthisgsale?
a. $148.00.
b. $150.50.
c. $158.40.
d. $210.00.
e. $330.00.
f.

, ANS: C
PTS: 1
CHAPTER: 6
MIXgCHO no
ICES:

QN=11 Agcompanyghasginventorygofg10gunitsgatgagcostgofg$10geachgongJuneg1.gOngJuneg3,gitgpur
chasedg20gunitsgatg$12geach.g12gunitsgaregsoldgongJuneg5.gUsinggthegFIFOgperpetualginve
ntorygmethod,gwhatgisgthegcostgofgtheg12gunitsgthatgweregsold?
a. $120.
b. $124.
c. $128.
d. $130.
e. $140.
f.
ANS: B
PTS: 1
CHAPTER: 6
MIXgCHO no
ICES:

QN=12 Agcompanyghasginventorygofg15gunitsgatgagcostgofg$2geachgongAugustg1.gOngAugustg5,g
itgpurchasedg10gunitsgatg$3gpergunit.gOngAugustg12gitgpurchasedg20gunitsgatg$4gpergunit.
gOngAugustg15,gitgsoldg30gunits.gUsinggthegFIFOgperpetualginventorygmethod,gwhatgisgt
hegvaluegofgtheginventorygatgAugustg15gaftergthegsale?
a. $140.
b. $80.
c. $60.
d. $30.
e. $70.
f.
ANS: C
PTS: 1
CHAPTER: 6
MIXgCHO No
ICES:

QN=13 Agcompanyghadginventorygofg10gunitsgatgagcostgofg$20geachgongNovemberg1.gOngNove
mberg2,gitgpurchasedg10gunitsgatg$21geach.gOngNovemberg6gitgpurchasedg15gunitsgat
$25geach.gOngNovemberg8,gitgsoldg20gunitsgforg$54geach.gUsinggthegLIFOgperpetualginve
ntorygmethod,gwhatgwasgthegcostgofgtheg20gunitsgsold?
a. $395.
b. $480.
c. $375.
d. $510.
e. $520.
f.
ANS: B