During the current year, Kam Co. began offering its goods to selected retailers on a consignment basis. The following information was derived from Kam's current year accounting records:Beginning inventoryUSD122,000Purchases540,000Freight in10,000Transportation to consignees5,000Freight out35,000Ending inventory (held by Kam )145,000Ending inventory (held by consignees)20,000In year-end income statement, what amount should Kam report as cost of goods sold?

1 .As of December 1, Year 2 a company obtained a USD1,000,000 line of credit maturing in one year on which it has drawn USD250,000, a USD750,000 secured note due in five annual installments, and a USD300,000 three-year balloon note. The company has no other liabilities. How should the company's debt be presented in its classified balance sheet on December 31, Year 2 if no debt repayments were made in December?

A Current liabilities of USD1,000,000; long-term liabilities of USD1,050,000. B Current liabilities of USD500,000; long-term liabilities of USD1,550,000. C Current liabilities of USD500,000; long-term liabilities of USD800,000. D Current liabilities of USD400,000; long-term liabilities of USD900,000...

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2 .Imperial Food's checkbook balance on December 31, Year 1, was USD122,400. In addition, Imperial held the following items in its safe on December 31:A check for USD600 from Brewster, Inc., received December 30, Year 1, which was not included in the checkbook balance.A non-sufficient funds check from Star Company in the amount of USD800 that had been deposited at the bank, but was returned for lack of sufficient funds on December 29. The check was to be redeposited on January 3, Year 2. The original deposit has been included in the December 31 checkbook balance.Coin and currency on hand amounted to USD1,500.The proper amount to be reported on Imperial Foods' balance sheet for cash at December 31, Year 1 is:

A USD122,800 B USD123,700 C USD123,000 D USD122,400

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3 .In its December 31, Year 1, balance sheet, Fleet Co. reported accounts receivable of USD100,000 before allowance for uncollectible accounts of USD10,000. Credit sales during Year 2 were USD611,000, and collections from customers, excluding recoveries, totaled USD591,000. During Year 2, accounts receivable of USD45,000 were written off and USD17,000 were recovered. Fleet estimated that USD15,000 of the accounts receivable at December 31, Year 2, were uncollectible. In its December 31, Year 2, balance sheet, what amount should Fleet report as accounts receivable before allowance for uncollectible accounts?

A USD75,000 B USD67,000 C USD82,000 D USD58,000

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4 .Kauf Co. had the following amounts related to the sale of consignment inventory:Cost of merchandise shipped to consigneeUSD72,000Sales value for two-thirds of inventory sold by consignee80,000Freight cost for merchandise shipped7,500Advertising paid for by consignee, to be reimbursed4,50010% commission due the consignee for the sale8,000What amount should Kauf report as net profit(loss) from this transaction for the year?

A USD14,500 B USD8,000 C USD32,000 D USD(12,000)

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5 .Mare Co.'s December 31 balance sheet reported the following current assets:CashUSD70,000Accounts receivable120,000Inventories60,000TotalUSD250,000An analysis of the accounts disclosed that accounts receivable consisted of the following:Trade accountsUSD96,000Allowance for uncollectible accounts(2,000)Selling price of Mare's unsold goods out on consignment, at 130%of cost,notincluded in Mare's ending inventory26,000TotalUSD120,000Selling price of Mare's unsold goods out on consignment, at 130%At December 31, the total of Mare's current assets is:

A USD224,000 B USD270,000 C USD230,000 D USD244,000

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7 .A firm’s ending inventory balance was overstated by USD1,000. Which of the following statements is correct according to a periodic inventory system?

A The cost of goods sold was overstated by USD1,000. B The gross margin was understated by USD1,000. C The cost of goods available for sale was overstated by USD1,000. D The retained earnings were overstated by USD1,000.

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8 .A company's inventory has the following associated values:CostUSD5,700Market CeilingUSD5,820Replacement CostUSD5,480Market FloorUSD5,515The inventory will be valued at:

A GAAP 5,700； IFRS 5,515 B GAAP 5,480； IFRS 5,480 C GAAP 5,515； IFRS 5,700 D GAAP 5,515； IFRS 5,480

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9 .Based on a physical inventory taken on December 31, an entity determined its inventory on a FIFO basis to be USD70,000, with a replacement cost of USD65,000. The entity estimated that after further processing costs of USD8,000, the completed inventory could be sold for USD75,000. The entity's normal profit margin is 30%. What amount should the entity report as inventory in its December 31 balance sheet under IFRS?

A USD67,000 B USD83,000 C USD75,000 D USD70,000

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10 .During January, Metro Co., which maintains a perpetual inventory system, recorded the following information pertaining to its inventory:UnitsUnitCostTotalcostUnitson handBalance on 1/11,000USD1USD1,0001,000Purchased on 1/760031,8001,600Sold on 1/20900700Purchased on 1/2540052,0001,100Under the moving-average method, what amount should Metro report as inventory at January 31?

A USD2,640 B USD3,225 C USD3,900 D USD3,300

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