Module 4 Graded Quiz >> Financial Accounting: Foundations

TOTAL POINTS 13
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 Total credit sales in year 2015 \$500,000 Bad debt estimate 2% of credit sales Allowance for uncollectible accounts, 1/1/2015 \$15,000 Allowance for uncollectible accounts, 12/31/2015 \$22,000

What is the amount of bad debts written off during year 2015?

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 Units Unit Cost a. Beginning inventory 10 \$100 b. Inventory purchases 7 \$130 c. Sales 9 \$300

Compute the ending inventory using FIFO inventory costing method.

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 Units Unit Cost a. Beginning inventory 10 \$100 b. Inventory purchases 7 \$130 c. Sales 9 \$300

Compute cost of goods sold using FIFO inventory costing method.

1 point

 Units Unit Cost a. Beginning inventory 10 \$100 b. Inventory purchases 7 \$130 c. Sales 9 \$300

Compute ending inventory using LIFO inventory costing method.

1 point

 Units Unit Cost a. Beginning inventory 10 \$100 b. Inventory purchases 7 \$130 c. Sales 9 \$300

Compute cost of goods sold using LIFO inventory costing method.

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Date   Quantity Price
March 1 Beginning Inventory 20 \$2
March 7 Purchase 15 \$3
March 11 Sale 30 \$7
March 12 Purchase 15 \$6

At what amount would Shoeless report cost of goods sold using the weighted-average cost flow assumption? (Round your answer to the nearest dollar)

1 point

2018 2017
Raw materials \$39 \$35
Work-in-process 13 12
Finished good 72 63
Total inventories under FIFO 124 110