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Module 4 Graded Quiz

Module 4 Graded Quiz >> Financial Accounting: Foundations

Module 4 Graded Quiz

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.

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  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.

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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 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)

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  2018 2017
Raw materials $39 $35
Work-in-process 13 12
Finished good 72 63
Total inventories under FIFO 124 110
LIFO adjustment (23) (17)
Total inventories under LIFO $101 $93

Suppose during fiscal year 2018, Not So Strong’s reported COGS LIFO of $214 million. If Not So Strong had instead used FIFO to value all inventories, what would be the value of COGS FIFO in 2018?

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