The following information was available for Boyer Company on December 31, 2014:
Beg. Inventory $90,000
Ending Inventory $70,000
Cost of Goods Sold $880,000
Sale $1 Mil 200 K
Boyer's inventory turnover in 2014 was?
a.) 15.0 times
b.) 11.0 times
c.) 12.6 times
d.) 9.8 times
Olympus Climbers Company have the following inventory data:
July 1 beg. inventory 20 units at $19 per unit total cost $380
July 7 purchase 70 units at $20 per unit total cost $1400
July 22 purchase 10 units at $22 per unit total cost $220
Overall total cost $2,000
Physical count of merchandise inventory on July 30 reveal that there are 32 units on hand. Using FIFO inventory method, the amount allocated to cost of goods sold for July is?
a.) $620
b.) $660
c.) $1,340
d.) $1,380
Trumpeting Trumpets has the following inventory data:
July 1 beg inventory 30 units at $120 per unit
July 5 purchases 180 units at $112 per unit
July 14 sales 120 units
July 21 purchases 90 units at $115 per unit
July 30 sales 84 units
Assuming a periodic inventory system is used which is the cost of goods sold on FIFO basis?
a.) $10,992
b.) $11,022
c.) $23,088
d.) $23,118
Which of the following is a true statement about the inventory system?
a.) Periodic inventory system requires more detail inventory records
b.) Perpetual inventory system requires more detail inventory records
c.) A periodic system require cost of goods sold to be determine after each sale
d.) A perpetual systems determine cost of goods sold only at the end of the accounting period
Which of the following expression is incorrect?
a.) Gross profit - Operating Expense = Net Income
b.) Sale Revenue - COGS - Operating Exp. = Net Income
c.) Net income + Operating Expense = Gross Profit
d.) Operating Exp. - COGS = Gross Profit