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Exam 6: Reporting and Analyzing Long-Lived Assets

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Question 31

Multiple Choice

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Which of the following receivables would not be classified as an "other receivable"?

A) Advance to an employee
B) Refundable income tax
C) Notes receivable
D) Interest receivable

E) A) and B)
F) B) and C)

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verified

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Question 32

True/False

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Consigned goods are held for sale by one party although ownership of the goods is retained by another party.

A) True
B) False

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Question 33

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Of the following companies which one would • $168,000 in inventory purchases made by Howell shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2 • $111,000 in goods sold by Howell with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6. • $9,000 of goods received on consignment from Westwood Company likely employ the specific identification method for inventory costing?

Redeker Company had the following records: $\begin{array}{lll}&2022&2021\\\text { Ending inventory } & \$ 32,650 & \$ 30,490 \\\text { Cost of qoods sold } & 213,600 & 209,040\end{array}$ What is Redeker's inventory turnover for 2022? (rounded)

Baker Bakery Company just began business and made the following four inventory purchases in June: $\begin{array} { r r r r } \text { June } & 1 & 150 \text { units } & \$ 1,040 \\\text { June } & 10 & 200 \text { units } & 1,560 \\\text { June } & 15 & 200 \text { units } & 1,680 \\\text { June } & 28 & 150 \text { units } & 1,320 \\& & & \$ 5,600 \\\hline\end{array}$ A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand.Using the FIFO inventory method the amount allocated to ending inventory for June is

The direct write-off method of accounting for uncollectible accounts

Carryable CDs has the following inventory data: $\begin{array} { r l r } \text { Nov. } 1 & \text { Inventory } & 30 \text { units } @ \$ 6.00 \text { each } \\8 & \text { Purchase } & 120 \text { units } @ \$ 6.45 \text { each } \\17 & \text { Purchase } & 60 \text { units } @ \$ 6.30 \text { each } \\25 & \text { Purchase } & 90 \text { units } @ \$ 6.60 \text { each }\end{array}$ A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand.Cost of goods sold under LIFO is

Bad Debt Expense is reported on the income statement as

The balance of Allowance for Doubtful Accounts prior to making the adjustment to record Bad Debt Expense

A company purchased inventory as follows: 200 units at $6.00 300 units at $6.60 The average unit cost for inventory is

The allowance method of accounting for bad debts violates the expense recognization.

If goods in transit are shipped FOB destination

Which of the following companies would most likely have the highest inventory turnover?

The factor which determines whether or not goods should be included in a physical count of inventory is

Dole Industries had the following inventory transactions occur during 2022: $\begin{array} { r l c c } & & \text { Units } & \text { Cost'unit } \\\text { Feb. } 1,2022 & \text { Purchase } & 90 & \$ 90 \\\text { Mar. 14,2022 } & \text { Purchase } & 155 & \$ 94 \\\text { May 1, } 2022 & \text { Purchase } & 110 & \$ 98\end{array}$ The company sold 255 units at $126 each and has a tax rate of 30%.Assuming that a periodic inventory system is used and operating expenses of $2500 what is the company's after-tax income using LIFO? (rounded to whole dollars)

Inventory costing methods place primary reliance on assumptions about the flow of

The selection of an appropriate inventory cost flow assumption for an individual company is made by

If companies have identical inventoriable costs but use different inventory flow assumptions when the price of goods have not been constant then the

At December 31 2022 Howell Company's inventory records indicated a balance of $878000.Upon further investigation it was determined that this amount included the following: • $168,000 in inventory purchases made by Howell shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2 • $111,000 in goods sold by Howell with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6. • $9,000 of goods received on consignment from Westwood Company What is Howell's correct ending inventory balance at December 31 2022?

Which inventory method generally results in costs allocated to ending inventory that will approximate their current cost?