91. Refer to the above data. Assuming that Beech Soda uses the LIFO flow assumption, the cost of goods sold to be recorded at January 14 is:
A. $393.
B. $268.
C. $278.
D. Some other amount.
92. Refer to the above data. Assuming that Beech Soda uses the average cost flow assumption, the cost of goods sold to be recorded at January 14 is (round cost per unit to nearest cent):
A. $317.50.
B. $308.25.
C. $273.25
D. Some other amount.
93. Refer to the above data. Assuming that Beech Soda uses the FIFO 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. Some other amount.
94. Refer to the above data. Assuming that Beech Soda uses the LIFO 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. Some other amount.
At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs:
Purchased in August: 30 units at $750 per unit
Purchased in November: 30 units at $700 per unit
However, a complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand.
95. Refer to the above data. Assuming that Anderson uses the LIFO 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.
96. Refer to the above data. Assuming that Anderson uses the FIFO 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.
97. Refer to the above data. Under the FIFO 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. Some other amount.
98. Refer to the above data. Under the LIFO 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. Some other amount.
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.
99. Refer to the above data. The total amount debited to the Inventory account during January was:
A. $0.
B. $84,000.
C. $102,000.
D. $140,000.
100. Refer to the above data. The balance in the Inventory account at January 31 was:
A. $84,000.
B. $140,000.
C. $158,000.
D. $242,000.