1. FIFO tends to increase cost of goods sold when: A. costs are constant B. costs...
1. FIFO tends to increase cost of goods sold when:
A. costs are constant
B. costs are declining
C. costs are increasing
D. FIFO will always yield the lowest possible cost of goods sold
2. Which of the following would be included in the Inventory account on a merchandising company's balance sheet?
A. shipping costs from the manufacturer to the merchandising company
B. sales commissions
C. delivery costs
D. advertising costs
3. If ending inventory on December 31, 2016, is overstated, then:
A. gross margin for the year ended December 31, 2016, will be understated
B. gross margin for the year ended December 31, 2017, will be understated
C. cost of goods sold for the year ended December 31, 2017, will be understated
D. cost of goods sold for the year ended December 31, 2016, will be overstated
Homework Answers
1.
FIFO tends to increase cost of goods sold when costs are declining.
Correct option is (B)
2.
Shipping costs from the manufacturer to the merchandising company would be included in the Inventory account on a merchandising company's balance sheet.
Correct option is (A)
3.
If ending inventory on December 31, 2016, is overstated, then cost of goods sold for the year ended December 31, 2017, will be understated
Correct option is (C)
kindly give a positive rating if you are satisfied with the solution. Please ask if you have any query related to the question, Thanks.
Add Answer to:
1. FIFO tends to increase cost of goods sold when:
A. costs are constant
B. costs...
FIFO tends to increase cost of goods sold when: O A. costs are declining O B....
FIFO tends to increase cost of goods sold when: O A. costs are declining O B. costs are constant O C. costs are increasing OD. FIFO will always yield the lowest possible cost of goods sold If ending inventory on December 31, 2016, is overstated, then O A. gross margin for the year ended December 31, 2016, will be understated OB. cost of goods sold for the year ended December 31, 2016, will be overstated O c. gross margin for...
If the beginning inventory is overstated: 1.the current ratio is overstated. 2.cost of goods sold is...
If the beginning inventory is overstated: 1.the current ratio is overstated. 2.cost of goods sold is understated 3.retained earnings is understated. 4.working capital is understated. Wavy Inc. is a calendar-year corporation. Its financial statements for the years 2017 and 2016 contained errors as follows: 2017 2016 Ending Inventory $9,000 overstated $18,000 overstated Depreciation Expense $6,000 understated $13,500 overstated Assume that the proper correcting entries were made at December 31, 2016. By how much will 2017 income before taxes be overstated...
Question 2 Determine the effect on cost of goods sold, total assets, and gross margin for...
Question 2 Determine the effect on cost of goods sold, total assets, and gross margin for 2015 and 2016 if the following inventory errors are not corrected. Indicate your answer with (+) for overstated, (-) for understated, and (0) for no effect. Beginning inventory for 2015 is understated. Ending inventory for 2015 is understated. Cost of Goods Sold Effect in 2015 on Total Assets Gross Margin Cost of Goods Sold Gross Margin Effect in 2016 on Total Assets
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost of Goods Sold account is used. c. two entries are required to record a sale. d) All of these answer choices are correct sold for 2017, net income for 2017, and assets at December 31, 2018, respectively, are a. overstatement, understatement, overstatement. 32. If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods overstatement, understatement, no effect....
When overhead is underapplied Work in process inventory is overstated Cost of goods sold is understated...
When overhead is underapplied Work in process inventory is overstated Cost of goods sold is understated Finished goods inventory is overstated Gross profit is understated
66 pints Compute cost of goods sold for each of these two companies for the year...
66 pints Compute cost of goods sold for each of these two companies for the year ended December 31, 2017 Complete this question by entering your answers in the tabs below. eBook Hint Merch Business Mfg Business Print References Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold Goods available for sale Cost of goods sold Precision Manufacturing Unimart...
Unimart Precision Manufacturing $ 292,000 $584.000 points 520,000 Beginning inventory Merchandise Finished goods Cost of purchases...
Unimart Precision Manufacturing $ 292,000 $584.000 points 520,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 810,000 192,000 186,000 eBook Compute cost of goods sold for each of these two companies for the year ended December 31, 2017. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business References Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART...
Precision Manufacturing Unimart $253,000 $506,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods...
Precision Manufacturing Unimart $253,000 $506,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 470,000 760,000 153,000 147,000 Merch Business Mfg Business Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold: Goods available for sale Cost of goods sold Merch Business Mfg Business Mfg Business Compute cost of goods sold for...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary under the perpetual system. R. Are meressary to adjust the loventory account to the actual inventory Must be taken at least once a month. D. Requires the use of hand-held portable computers. Are a necessary under the cost to benefit constraint. 22. During a period of steadily rising costs, the inventory valuation method that yields lowest reported net income is: A. Specific identification method....
14. Speers hardware store prepared the following analysis of cost of goods sold for the previous...
14. Speers hardware store prepared the following analysis of cost of goods sold for the previous Beginning inventory 1/1 2016 2017 2018 Cost of goods purchased €40,000 €18,000 €25,000 50,000 55,000 70,000 Cost of goods available for sale 90,000 73,000 95,000 Ending inventory 12/31 18,000 25,000 40,000 Cost of goods sold £72,000 £48,000 £55,000 Net income for the years 2016, 2017, and 2018 was €70,000 €60,000, and €65,000, respectively. Since net income was consistently declining, Mr. Speer hired a new...
FIFO tends to increase cost of goods sold when: O A. costs are declining O B. costs are constant O C. costs are increasing OD. FIFO will always yield the lowest possible cost of goods sold If ending inventory on December 31, 2016, is overstated, then O A. gross margin for the year ended December 31, 2016, will be understated OB. cost of goods sold for the year ended December 31, 2016, will be overstated O c. gross margin for...
Question 2 Determine the effect on cost of goods sold, total assets, and gross margin for 2015 and 2016 if the following inventory errors are not corrected. Indicate your answer with (+) for overstated, (-) for understated, and (0) for no effect. Beginning inventory for 2015 is understated. Ending inventory for 2015 is understated. Cost of Goods Sold Effect in 2015 on Total Assets Gross Margin Cost of Goods Sold Gross Margin Effect in 2016 on Total Assets
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost of Goods Sold account is used. c. two entries are required to record a sale. d) All of these answer choices are correct sold for 2017, net income for 2017, and assets at December 31, 2018, respectively, are a. overstatement, understatement, overstatement. 32. If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods overstatement, understatement, no effect....
When overhead is underapplied Work in process inventory is overstated Cost of goods sold is understated Finished goods inventory is overstated Gross profit is understated
66 pints Compute cost of goods sold for each of these two companies for the year ended December 31, 2017 Complete this question by entering your answers in the tabs below. eBook Hint Merch Business Mfg Business Print References Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold Goods available for sale Cost of goods sold Precision Manufacturing Unimart...
Unimart Precision Manufacturing $ 292,000 $584.000 points 520,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 810,000 192,000 186,000 eBook Compute cost of goods sold for each of these two companies for the year ended December 31, 2017. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business References Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART...
Precision Manufacturing Unimart $253,000 $506,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 470,000 760,000 153,000 147,000 Merch Business Mfg Business Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold: Goods available for sale Cost of goods sold Merch Business Mfg Business Mfg Business Compute cost of goods sold for...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary under the perpetual system. R. Are meressary to adjust the loventory account to the actual inventory Must be taken at least once a month. D. Requires the use of hand-held portable computers. Are a necessary under the cost to benefit constraint. 22. During a period of steadily rising costs, the inventory valuation method that yields lowest reported net income is: A. Specific identification method....
14. Speers hardware store prepared the following analysis of cost of goods sold for the previous Beginning inventory 1/1 2016 2017 2018 Cost of goods purchased €40,000 €18,000 €25,000 50,000 55,000 70,000 Cost of goods available for sale 90,000 73,000 95,000 Ending inventory 12/31 18,000 25,000 40,000 Cost of goods sold £72,000 £48,000 £55,000 Net income for the years 2016, 2017, and 2018 was €70,000 €60,000, and €65,000, respectively. Since net income was consistently declining, Mr. Speer hired a new...
Most questions answered within 3 hours.
-
Please answer the four questions below.
1. If you were going to test a method that...
asked 9 minutes ago -
Provide two or three examples of support he uses to reinforce
his arguments?
The Alienation of...
asked 16 minutes ago -
QUESTION 1
Why do we see terms with multiple names in the database
community?
Consistency is...
asked 12 minutes ago -
In a titration experiment, 11.5 mL of 0.400 M H2SO4 neutralized
48.0 mL of NaOH. What...
asked 16 minutes ago -
A shot-putter throws the shot with a horizontal velocity of 10
m/s and a
vertical velocity...
asked 32 minutes ago -
Mildred sells industrial-sized refrigeration units. Her
prospective buyer's face looks tense, and his forehead is wrinkled....
asked 33 minutes ago -
Clark Heter is an industrial engineer at Lyons Products. He
would like to determine whether there...
asked 1 hour ago -
3. Use a text editor to create a comma-delimited file of user
IDs and passwords. Revise...
asked 1 hour ago -
Jensen and Associates has a projected balance
sheet that includes the following accounts. What is the...
asked 48 minutes ago -
implement a doubly-linked list in C. Each node in the linked list should contain a string,...
asked 1 hour ago -
What are some best practices and things to avoid when developing
a PowerPoint presentation or file
asked 1 hour ago -
Consider the ways that the government can get involved in
economic issues. What role do you...
asked 49 minutes ago