milestone 3 test questions solved solution 2020 docs

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milestone 3 test questions solved solution 2020 docs 1 Elijah currently has six strollers that he purchased for $235 each and four cribs that he purchased for $450 each on the floor of his baby su... pply store. He also has three strollers and two cribs in his storeroom. Using the weighted average cost method, what is the cost of each item being sold at Elijah's baby supply store? • $301.15 • $364.00 • $342.50 • $321.00 2 This month, Julia paid $2.50 each for 125 dog collars. She sold 72 dog collars for $5.95 each. What is Julia's cost of goods sold for this month? • $312.50 • $428.40 • $215.00 • $180.00 3 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? • $1,550 • $1,519 • $1,804 • $1,835 4 Using the FIFO method and the information in this image, what is the Cost of Goods Sold during December? • $65,000 • $80,000 • $95,000 • $60,000 5 To determine goods available for sale, what is added to the total of the beginning inventory? • Net purchases • Sales returns and allowances • Cost of goods purchased • Purchase discounts 6 Which of the businesses below uses a periodic inventory method? • A grocery store • An art gallery • A bookstore • An auto parts store 7 Based on the information in this portion of an expanded income statement, what is the total of the Goods Available for Sale? • $92,000 • $138,000 • $167,000 • $104,000 8 Which one of the businesses below would most likely use the FIFO method of inventory valuation? • Produce stand • Petroleum company • Stone and brick company • Luxury car dealership 9 Which inventory method was used to calculate cost of goods sold, based on the information above? • Weighted average • FIFO • LIFO • Specific ID 10 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? • Charlie • The shipping company • The supplier • Charlie’s customer 11 Given the information below, which of the following is the Total Cost of Goods Sold? • $81,100 • $81,300 • $78,900 • $80,600 12 Based on the information above, calculate the Cost of Goods Purchased. • $13,375 • $13,450 • $9,475 • $9,550 13 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? • 30% • 25% • 15% • 20% 14 Which of the following is a benefit of Robert having a subsidiary purchases ledger for his food and beverage supply company? • Calculating whether a client should be issued credit • Determining which vendors Robert supplies most frequently • Determining how often customers make cash payments • Calculating the total amount spent paying monthly payroll 15 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? • Purchase returns • Net sales • Owner’s equity • Cost of goods sold 16 Given the information above, what is the Gross Profit? • $445,500 • $486,300 • $419,200 • $578,200 1 7 Using the LIFO method and the information in this image, what is the Cost of Goods Sold during December? • $105,000 • $95,000 • $60,000 • $80,000 Which of the following is Matt’s hunting store inventory turnover ratio in 2011? • 3.75 • 1.71 • 6.42 • 1.98 [Show More]

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