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Homework answers / question archive / Unit 5 Chapter 5 Assignment Please mark the correct answer by deleting the wrong answers
Unit 5 Chapter 5 Assignment Please mark the correct answer by deleting the wrong answers. One answer is correct for each problem. 1. In the month of January a car dealership bought its vehicles for $100,000 and sold them for $145,000. It pays its employees $20,000 for the month. What is the gross profit for January? a. $45,000 b. $25,000 c. $100,000 d. $145,000 2. An investment company purchased land June 1, 2019 for $100,000. At the end 2020, the land is sold for $220,000. It incurred operating expenses of $80,000. What is the net income recorded for the year ended December 31, 2020? a. $220,000 b. $100,000 c. $120,000 d. $40,000 3. Bella Inc. purchased $12,500 worth of merchandise on June 1, 2019 on credit. After inspecting the inventory it determined that 20% of the items were defective. It returned these goods to the supplier. Assume a perpetual inventory system is used, a physical count verifies the amount of goods, and no other transactions take place, what is balance reported as inventory on the balance sheet? a. $12,500 b. $10,000 c. $2,500 d. $15,000 4. Beanie Inc. purchases on credit and receives $8,500 worth of merchandise on June 1, 2019. After inspecting the inventory, management determines that 10% of the items are defective. These are returned to the supplier. The terms with the supplier are 2/10, n30. If Beanie pays the invoice on June 15, what is the amount paid? a. b. c. d. $7,497 $7,650 $8,330 $6,885 Unit 5 Chapter 6 Assignment Please mark the correct answer by deleting the wrong answers. One answer is correct for each problem, be sure to complete all 4 questions. 1. Assume a company sold the following items in January for $10 each: 3 items on January 3 with a unit cost of $5 5 items on January 15 with a unit cost of $5.50 8 items on January 22 with a unit cost of $6.50 What is the cost of goods sold expense for January assuming the specific identification method is used? a. b. c. d. $94.50 $90.67 $104 $65.50 2. Assume a company sold the following items in January for $10 each: 1 item on January 3 with a unit cost of $5 1 item on January 15 with a unit cost of $5.50 1 item on January 22 with a unit cost of $6.50 What is the cost per unit for January assuming the weighted average method? a. b. c. d. $5.67 $5.50 $5 $6.50 3. Ellie Inc. sold 6 similar items in February for $15 each. The company started with 3 items in inventory that cost $5. The following purchases were made during February: 2 items were purchased on February 3 with a unit cost of $8 1 item on February 15 with a unit cost of $8.50 4 items on February 22 with a unit cost of $7.50 What is the cost of goods sold using the FIFO method? a. b. c. d. $90 $47 $43.50 $39.50 4. Linden started the month with 10 items in inventory with a total cost of $3,000. On February 21 it purchased 10 items with a total cost of $4,000. If the company uses LIFO, what is the cost of goods sold if 11 items were sold in February? a. b. c. d. $4,000 $3,850 $3,500 $4,300
Please mark the correct answer by deleting the wrong answers.
One answer is correct for each problem.
1. In the month of January a car dealership bought its vehicles for $100,000 and sold them for $145,000. It pays its employees $20,000 for the month. What is the gross profit for January?
2020, the land is sold for $220,000. It incurred operating expenses of $80,000. What is the net income recorded for the year ended December 31, 2020?
Please mark the correct answer by deleting the wrong answers.
One answer is correct for each problem, be sure to complete all 4 questions.
3 items on January 3 with a unit cost of $5
5 items on January 15 with a unit cost of $5.50
8 items on January 22 with a unit cost of $6.50
What is the cost of goods sold expense for January assuming the specific identification method is used?
1 item on January 3 with a unit cost of $5
1 item on January 15 with a unit cost of $5.50
1 item on January 22 with a unit cost of $6.50
What is the cost per unit for January assuming the weighted average method?
3 items in inventory that cost $5. The following purchases were made during
February:
2 items were purchased on February 3 with a unit cost of $8
1 item on February 15 with a unit cost of $8.50
4 items on February 22 with a unit cost of $7.50
What is the cost of goods sold using the FIFO method?
