Marvin sold 2,300 units of inventory during the month. Ending inventory assuming weighted-average cost would be:

Marvin sold 2,300 units of inventory during the month. Ending inventory assuming weighted-average cost would be: (Round weighted-average unit cost to 4 decimals)

A) $5,087.

B) $5,107.

C) $5,077.

D) $5,005.

Answer: $5,087.

Marvin sold 2,300 units of inventory during the month. Ending inventory assuming FIFO would be:

A) $5,140.

B) $5,080.

C) $5,060.

D) $5,050.

Answer: $5,140.

Marvin sold 2,300 units of inventory during the month. Cost of goods sold assuming FIFO would be:

A) $16,800.

B) $16,760.

C) $16,540.

D) $16,660.

Answer: $16,660.

The inventory cost flow assumption that is least likely to match the physical flow of inventory for most companies is:

A) FIFO.

B) LIFO.

C) Weighted-average.

D) Specific identification.

Answer: LIFO.

Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO would be:

A) $1,730.

B) $1,700.

C) $1,720.

D) $1,710.

Answer: $1,700.

Dunbar sold 700 units of inventory during the month. Ending inventory assuming LIFO would be:

A) $500.

B) $490.

C) $470.

D) $480.

Answer: $480.

Tyler Toys has beginning inventory for the year of $18,000. During the year, Tyler purchases inventory for $230,000

Tyler Toys has beginning inventory for the year of $18,000. During the year, Tyler purchases inventory for $230,000 and has cost of goods sold equal to $233,000. Tyler's ending inventory equals:

A) $15,000.

B) $18,000.

C) $21,000.

D) $19,000.

Answer: $15,000.

The primary distinction between operating activities and nonoperating activities in a multiple-step income statement is whether the activity is:

A) A large or small dollar amount.

B) Part of primary business operations.

C) Related to current versus long-term assets.

D) Reported as a revenue or an expense.

Answer: Part of primary business operations.

The distinction between operating and nonoperating income relates to:

A) Current versus noncurrent.

B) Primary versus peripheral activities of the reporting entity.

C) Revenues versus expenses.

D) Reliability of measurements.

Answer: Primary versus peripheral activities of the reporting entity.

A company has beginning inventory for the year of $12,000. During the year, the company purchases inventory for $150,000

A company has beginning inventory for the year of $12,000. During the year, the company purchases inventory for $150,000 and ends the year with $20,000 of inventory. The company will report cost of goods sold equal to:

A) $150,000.

B) $158,000.

C) $142,000.

D) $170,000.

Answer: $142,000.

Beginning inventory is $30,000. Purchases of inventory during the year are $50,000. Cost of goods sold is $60,000. What is ending inventory?

A) $20,000.

B) $30,000.

C) $10,000.

D) $50,000.

Answer: $20,000.

The type of income statement that classifies items as operating and nonoperating is the ________ income statement.

A) Consolidated.

B) Multiple-step.

C) Classified.

D) Single-step.

Answer: Multiple-step.