ACCTG 211 Inventory Valuation

ACCTG 211 Inventory Valuation

Assessment

Assessment

Created by

Dr. Paz

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University

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Hard

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7 questions

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1.

Multiple Choice

30 sec

1 pt

Which of the following assets must be reported at the  lower-of-cost-or-market value?

AR

Merchandise Inventory

Prepaid Insurance

Notes Receivable

2.

Multiple Choice

30 sec

1 pt

Misty, Inc. had  24,000 units of ending inventory that were recorded at the cost of  $8.00 per unit using the FIFO method. The current replacement cost is  $4.50 per unit. Which of the following amounts would be reported as Ending Merchandise Inventory on the balance sheet using the  lower-of-cost-or-market rule?

$192,000


$216,000


$108,000


$300,000

3.

Multiple Choice

30 sec

1 pt

When a company uses the perpetual inventory​ method, which of the following would be the entry to adjust inventory to​ lower-of-cost-or-market?

debit Merchandise Inventory and credit Cost of Goods Sold

debit Loss on Inventory and credit Merchandise Inventory

debit Merchandise Inventory and credit Inventory Adjustment

debit Cost of Goods Sold and credit Merchandise Inventory

4.

Multiple Choice

30 sec

1 pt

Which of the following is affected as a result of an error in performing the physical count of inventory at the end of the accounting​ period?

sales revenue

operating expenses

net income

net cost of purchases

5.

Multiple Choice

30 sec

1 pt

Under the periodic inventory​ system, which of the following amounts will always stay the same regardless of the inventory valuation method​ used?

purchases

gross profit

COGS

ending merchandise inventory

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