Question

Hello, Please answer these 4 questions as I am reviewing for an Exam and would like...

Hello, Please answer these 4 questions as I am reviewing for an Exam and would like to learn thoroughly!

1)

Many companies choose to report inventory using the LIFO method because it results in:

a.

Lower cost of implementing.

b.

Matches the actual inventory sold.

c.

Higher assets reported.

d.

Higher revenues reported.

e.

Fewer taxes paid.

2) On December 31, 2018, a company had balances in Accounts Receivable of $53,600 (debit) and in Allowance for Uncollectible Accounts of $1,325 (credit). During 2019, the company wrote off $1,465 in accounts receivable and determined that there should be an allowance for uncollectible accounts of $1,280 at December 31, 2019. Bad debt expense for 2019 would be:

a.

$1,280.

b.

$1,140.

c.

$1,420.

d.

$1,465.

e.

$1,365.

3)

Given the information below, what is the amount of gross profit?

Sales revenue $320,000

Accounts receivable  $50,000

Ending inventory $100,000

Cost of goods sold $250,000

Salaries expense  $20,000

a.

$220,000.

b.

$50,000.

c.

$70,000.

d.

$250,000.

4)

Consider the following inventory data:

Beginning inventory $150,000

Ending inventory $100,000

Purchases $310,000

Purchase Returns  $20,000

What is the amount of cost of goods sold?

a.

$360,000.

b.

$310,000.

c.

$460,000.

d.

$340,000

e.

$260,000.
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