Question

1- )How should a consignee record goods held on consignment? Multiple Choice A The goods should...

1- )How should a consignee record goods held on consignment?

Multiple Choice

A The goods should be included in ending inventory of the consignee as soon as they are transferred from the consignor to the consignee.

B The goods should be included in cost of goods sold of the consignee only once sold.

C- The goods should not be recorded as inventory or cost of goods sold by the consignee at any point during the consignment arrangement.

D- The goods should be included in cost of goods sold of the consignee as soon as they are transferred from consignor to consignee.

2-

Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 375 qts. @ $3.90 per quart on April 1.

Purchases: Sales:
Apr. 10 575 qts @ $ 4.00 Apr. 3 350 qts
Apr. 14 475 qts @ $ 4.10 Apr. 12 575 qts
Apr. 20 475 qts @ $ 4.15 Apr. 26 375 qts


The ending inventory assuming LIFO and a periodic inventory system is: (Round your final answer to two decimal places.)

Multiple Choice

A $2,362.50.

B $2,467.50.

C- $2,402.50.

D- $2,472.50.

Business   Accounting   
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Homework Answers

Answer #1

1) How should a consignee record goods held on consignment?

C- The goods should not be recorded as inventory or cost of goods sold by the consignee at any point during the consignment arrangement.

2)

Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 375 qts. @ $3.90 per quart on April 1.

Purchases: Sales:
Apr. 10 575 qts @ $ 4.00 Apr. 3 350 qts
Apr. 14 475 qts @ $ 4.10 Apr. 12 575 qts
Apr. 20 475 qts @ $ 4.15 Apr. 26 375 qts


The ending inventory assuming LIFO and a periodic inventory system is: (Round your final answer to two decimal places.)

Ending inventory in units = (375+575+475+475-350-575-375) = 600
Ending inventory = 375*3.90+225*4.00 = $        2,362.50
Answer: [A] $2,362.50
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