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(Solution Download) 33.)Which of the following is correct when, in the same year, beginning inventory is understated by


 

 

 

 

 

 

 

33.)Which of the following is correct when, in the same year,

 

beginning inventory is understated by $1,560 and ending inventory

 

is understated by $830?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income is

 

understated by $2,390.

Net income is

 

overstated by $2,390.

Net income is

 

understated by $730.

 

Net income is overstated by $730

 

 

 

 

 

 

 

 

33.)Which of the following is correct when, in the same year,

 

beginning inventory is understated by $1,560 and ending inventory

 

is understated by $830?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income is

 

understated by $2,390.

Net income is

 

overstated by $2,390.

Net income is

 

understated by $730.

 

Net income is overstated by $730.

 

34.)

 

 

 

 

 

 

 

RJ Corporation

 

has provided the following information about one of its inventory

 

items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Date

 

Transaction

Number of

 

Units

Cost per

 

Unit

 

  1/1

 

  Beginning Inventory

430

 

        

$1,950

 

       

 

  6/6

 

  Purchase

900

 

        

$4,200

 

       

 

  9/10

 

  Purchase

1,320

 

        

$5,800

 

       

 

  11/15

 

  Purchase

990

 

        

$5,250

 

       

 

 

 

 

 

 

 

 

 

 

During the year,

 

RJ sold 3,420 units.

What was ending

 

inventory using the LIFO cost flow assumption under a periodic

 

inventory system?

 


 

rev: 03_21_2014_QC_47180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$719,400.
$1,056,000.
$1,155,000.

 

$429,000.

 

35.)

 

 

 

 

 

 

 

 

Carr Corporation has provided the following information for its

 

most recent month of operation: sales $9,300; beginning inventory

 

$1,650; ending inventory $2,650 and gross profit $4,950. How much

 

were CarrAc??cs inventory purchases during the period?

 

 

rev: 10_24_2014_QC_57423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$8,650.
$4,950.
$5,350.

 

$10,950.

 

36.)

 

 

 

 

 

 

 

 

On March 1, Wright Company purchased new equipment for $59,000

 

by paying cash. Other costs associated with the equipment were:

 

transportation costs, $2,800; sales tax paid $4,800; and

 

installation cost, $4,300. At what amount will the equipment be

 

recorded on a balance sheet?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$66,600.
$70,900.
$59,000.
$61,800.

 

 

 

 

 


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