ACCOUNTING- Consider the following facts for Company A

QUESTION

Question 1Consider the following facts for Company A:- Beginning inventory = $71,000- Cost of goods purchased = $292,000- Ending inventory = $69,000Based on these facts, Company A’s Days in Inventory ratio is ______ days.Question 2Consider the following facts:- Company A had inventory of $300,000 at the beginning of the period.- It wants inventory on hand to be $350,000 at the end of the period.- Net sales for the period are expected to be $1,500,000.- The gross profit rate is expected to be 30%.How much merchandise should Company A expect to purchase during the year?Question 3Consider the following facts:- Company A begin business operations in the month of April.- On April 1, it purchased 150 units of goods for $390.- On April 10, it purchased 200 units of goods for $585.- On April 15, it purchased 200 units of goods for $630.- On April 28, it purchased 150 units of goods for $510.- At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count.- Company A uses the FIFO inventory accounting method.Company A’s cost of goods sold for April is:Question 4Consider the following facts:- Company A has the following inventory information:- Inventory at the beginning of January was 15 units purchased at $8.00 each.- On January 8, purchased 60 units @ $8.30 each- On January 17, purchased 30 units @ $8.40 each- On January 25, purchased 45 units @ $8.80 each- On January 31, a physical count showed 45 units on hand- Company A uses the periodic inventory systemCompany A’s cost of goods sold under the average-cost method is:Question 5Consider the following facts:- Company A had product sales revenues of $30,000 for the month.- Its cost of goods sold was $18,000 for the month.- Its other operating expenses were $2,000 for the month.- Company A also had rent revenue of $500 for the month.- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.For the month, Company A’s gross profit was:Question 6Consider the following facts:- Company A begin business operations in the month of April.- On April 1, it purchased 150 units of goods for $390.- On April 10, it purchased 200 units of goods for $585.- On April 15, it purchased 200 units of goods for $630.- On April 28, it purchased 150 units of goods for $510.- At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count.- Company A uses the average-cost inventory accounting method.Company A’s cost of goods sold for April is:Question 7Consider the following facts:- Company A has the following inventory information:- Inventory at the beginning of January was 15 units purchased at $8.00 each.- On January 8, purchased 60 units @ $8.30 each- On January 17, purchased 30 units @ $8.40 each- On January 25, purchased 45 units @ $8.80 each- On January 31, a physical count showed 45 units on hand- Company A uses the periodic inventory system- Company A uses the specific identification method.- The ending inventory includes 10 units from each of the purchases and 15 units from the beginning balance.Company A’s cost of goods sold is:1Question 8Consider the following facts for Company A:- Beginning inventory = $45,000- Cost of goods purchased = $190,000- Ending inventory = $55,000Based on these facts, Company A’s Days in Inventory ratio is ______ days.1Question 9Consider the following facts:- Company A had product sales revenues of $30,000 for the month.- Its cost of goods sold was $18,000 for the month.- Its other operating expenses were $2,000 for the month.- Company A also had rent revenue of $500 for the month.- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.For the month, Company A’s operating income (loss) was1Question 10Consider the following facts:- Company A purchased goods for $50,000- The purchase terms were 2/10,n/30- Company A returned $1,000 of the goods- Company A paid freight of $250 on the shipment of the goods- Company A paid the invoice within the discount periodAs a result of this purchase, Company A’s inventory increased by:1Question 11Consider the following facts:- Company V uses a periodic inventory system- Purchases were $600,000 during the period- Purchase Returns and Allowances were $25,000 during the period- Purchase Discounts were $11,000 during the period- Freight-In was $19,000 during the period- Beginning Inventory was $45,000- Ending Inventory was $55,000- Net Sales were $750,000 during the periodCost of Goods Sold for the period was:1Question 12Consider the following facts:- Company A sold products for $40,000 cash during the month.- Customers returned $1,000 of the products.- Company A’s gross profit rate is 40%.Company A’s net sales revenue and cost of goods sold will be which of the following for the month?1Question 13Consider the following facts:- Company A purchased goods for $20,000.- Its credit terms were 2/10, n/30.- Company A returned $400 of the goods to the seller and received credit on its account.- Company A paid the freight on the shipment of the goods originally. The freight cost was $100.- Company A made final payment for the goods within the discount period.Based on this scenario, Company A’s inventory:1Question 14Consider the following facts:- Company A had product sales revenues of $30,000 for the month.- Its cost of goods sold was $18,000 for the month.- Its other operating expenses were $2,000 for the month.- Company A also had rent revenue of $500 for the month.- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.For the month, Company A’s non-operating income (loss) was:1Question 15Consider the following facts:- Company A’s accounting records at the end of the year shows the following:Purchase Discounts $5,600Freight In $7,800Purchases $201,000Beginning Inventory $23,500Ending Inventory $28,800Purchase Returns $6,400- Company A uses the periodic inventory system.Company A’s cost of goods purchased is:2Question16Consider the following facts:- Company A begin business operations in the month of April.- On April 1, it purchased 150 units of goods for $390.- On April 10, it purchased 200 units of goods for $585.- On April 15, it purchased 200 units of goods for $630.- On April 28, it purchased 150 units of goods for $510.- At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count.- Company A uses the average-cost inventory accounting method.Company A’s ending inventory for April is3Question 17Company A had the following account balances at the end of its fiscal year:Cost of goods sold = $212,400Freight-out = $7,000Insurance expense = $6,000Salaries and wages expense = $58,000Rent expense = $32,000Sales discounts = $7,000Sales returns and allowances = $13,000Sales revenue = $380,000Company A’s net income for the period is $ ___________.3Question 18Consider the following facts:- Company A has the following inventory information:- Inventory at the beginning of January was 15 units purchased at $8.00 each.- On January 8, purchased 60 units @ $8.30 each- On January 17, purchased 30 units @ $8.40 each- On January 25, purchased 45 units @ $8.80 each- On January 31, a physical count showed 45 units on hand- Company A uses the periodic inventory systemCompany A’s ending inventory under FIFO is:3Question19Consider the following facts:- Company A had product sales revenues of $30,000 for the month.- Its cost of goods sold was $18,000 for the month.- Its other operating expenses were $2,000 for the month.- Company A also had rent revenue of $500 for the month.- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.For the month, Company A’s net income (loss) was:

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