70.Refer to the information above. Assuming that Beech Soda uses the LIFO cost flow assumption, the 28 units of this product in inventory at January 31 have a total cost of:
A. $400.
B. $395.
C. $405.
D. $410.
71.Refer to the information above. Assuming that Anderson uses the LIFO cost flow assumption, it should record this inventory shrinkage by:
A. Debiting Cost of Goods Sold $7,000.
B. Crediting Cost of Goods Sold $7,500.
C. Debiting Cost of Goods Sold $7,500.
D. Crediting Cost of Goods Sold $7,000.
72.Refer to the information above. Assuming that Anderson uses the FIFO cost flow assumption, it should record this inventory shrinkage by:
A. Crediting Cost of Goods Sold $7,500.
B. Debiting Cost of Goods Sold $7,000.
C. Crediting Cost of Goods Sold $7,000.
D. Debiting Cost of Goods Sold $7,500.
73.Refer to the information above. Under the FIFO cost flow assumption, the cost of these items to be included in inventory in the company's year-end balance sheet is:
A. $36,000.
B. $36,500.
C. $42,000.
D. $37,500.
74.Refer to the information above. Under the LIFO cost flow assumption, the cost of this item to be included as inventory in the company's year-end balance sheet is:
A. $36,000.
B. $42,000.
C. $36,500.
D. $37,500.
At the end of last year, Games-2-Use had merchandise costing $140,000 in inventory. During January of the current year, the company purchased merchandise costing $102,000, and sold merchandise that it had purchased at a total cost of $84,000. Games-2-Use uses a perpetual inventory system.
75.Refer to the information above. The total amount debited to the Inventory account during January was:
A. $0.
B. $84,000.
C. $102,000.
D. $140,000.
76.Refer to the information above. The balance in the Inventory account at January 31 was:
A. $84,000.
B. $140,000.
C. $158,000.
D. $242,000.
77.Refer to the information above. The amount of goods transferred from the Inventory account to the Cost of Goods Sold account during January was:
A. $0.
B. $84,000.
C. $102,000.
D. $56,000.
78.Refer to the information above. Assume that Castle TV, Inc. uses the FIFO flow assumption. The cost of the 200 units in inventory at year-end is:
A. $41,500.
B. $46,000.
C. $37,000.
D. $83,000.
79.Refer to the information above. Assume that Castle TV, Inc. uses the LIFO flow assumption. The cost of the 200 units in the year-end inventory is:
A. $37,000.
B. $46,000.
C. $41,500.
D. $83,000.