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?
参考答案(由小熊题库网聘请的专业题库老师提供的解答)
请点击↑↑↑ 查看官方参考答案 按钮
习题解析
请点击 查看官方参考答案 按钮
您可能感兴趣的题目
1 .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
2 .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?
A USD527,000 B USD512,000 C USD507,000 D USD547,000
3 .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.
4 .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
5 .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
7 .Assuming constant inventory quantities, which of the following inventory-costing methods will produce a lower inventory turnover ratio in an inflationary economy?
A LIFO (last in, first out). B Moving average. C FIFO (first in, first out). D Weighted average.
8 .Merry Co. purchased a machine costing USD125,000 for its manufacturing operations and paid shipping costs of USD20,000. Merry spent an additional USD10,000 testing and preparing the machine for use. What amount should Merry record as the cost of the machine?
A USD145,000 B USD125,000 C USD155,000 D USD135,000
9 .Which of the following statements regarding the accounting for investment property under IFRS is correct?
A The best evidence of the fair value of investment property is the present value of expected future cash flows. B Investment property may be reported at cost less accumulated depreciation or fair value less accumulated depreciation. C Gains arising from changes in the fair value of investment prope...
10 .Quick Co. acquired the following assets from a liquidating competitor for a USD200,000 lump-sum purchase price:Competitor'sCarrying AmountFair ValueInventoryUSD 70,000USD 50,000Land40,00050,000Building110,000150,000USD220,000USD250,000What amount should Quick report as the cost of the building?
A USD120,000 B USD100,000 C USD200,000 D USD150,000
