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Accounting 100 quiz – need help!! Only 1 hours to complete ( 5 multiple choice)

Question 5

In a period of rising prices, FIFO will have

 

 

 

 

lower net purchases than LIFO.

 

 

lower income tax expense than LIFO.

 

 

lower net income than LIFO.

 

 

lower cost of goods sold than LIFO.

 

 

 

 

 

 

 

 

 

 

Question 6

 

 

Nick’s Place recorded the following data:

 

 

Units

 

Unit

Date

 

Received

 

Sold

 

On hand

 

Cost

1/1 Inventory

 

 

 

 

 

600

 

$2.50

1/8 Purchased

 

1,000

 

 

 

1,600

 

300

1/12 Sold

 

 

 

1,200

 

300

 

 

 

The weighted average unit cost of the inventory at January 31 is:

 

 

 

 

$3.400.

 

$2.81.

 

$2.75.

 

$2.50.

 

 

Question 7

Romanoff Industries had the following inventory transactions occur during 2014:

 

 

 

 

Units

 

Cost/unit

2/1/14

 

Purchase

 

54

 

$45

3/14/14

 

Purchase

 

93

 

$47

5/1/14

 

Purchase

 

66

 

$49

 

The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s after-tax income using FIFO? (rounded to whole dollars)

 

 

 

 

 

$3,552

 

 

 

$2,322

 

 

 

$2,486

 

 

 

$3,318

 

 

 

 

 

 

 

 

 

Question 8

 

 

 

 

       

 

Moroni Industries has the following inventory information.

July 1

 

Beginning Inventory

 

40 units at $120

 

 

5

 

Purchases

 

240 units at $112

 

 

14

 

Sale

 

160 units

 

 

21

 

Purchases

 

120 units at $115

 

 

30

 

Sale

 

140 units

 

 

 

Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis?

 

 

 

 

$11,520

 

 

$11,500

 

 

$33,960

 

 

$33,980

 

 

 

 

Question 9

The following information was available for Pete Company at
December 31, 2014: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $
984,000; and sales $
1,350,000. Pete’s days in inventory in 2014 was

 

[removed]

25.9 days.

[removed]

29.7 days.

[removed]

33.5 days.

[removed]

21.6 days.

Question 10
The accountant at Almira Company is figuring out the difference in income taxes the company will pay depending on the choice of either FIFO or LIFO as an inventory costing method. The tax rate is 30% and the FIFO method will result in income before taxes of $
8,190. The LIFO method will result in income before taxes of $
7,290. What is the difference in tax that would be paid between the two methods?

 

[removed]

$270.

[removed]

$630.

[removed]

$900.

[removed]

Cannot be determined from the information provided.

 

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