## (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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