Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Atom company just began business

06/01/2021 Client: saad24vbs Deadline: 2 Day


At May 1, 2012, Heineken Company had beginning inventory consisting of 100 units with a unit cost of $7. During May, the company purchased inventory as follows: 200 units at $7 300 units at $8 The company sold 500 units during the month for $12 per unit. Heineken uses the average cost method. Heineken's gross profit for the month of May is (Points : 1)


       $2,250 $3,750 $4,500 $6,000


1 of 10


Quark Inc. just began business and made the following four inventory purchases in June:




June


1




150 units


$ 825




June


10




200 units


1,120




June


15




200 units


1,140




June


28




150 units


     885












$3,970


  A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is (Points : 1)


       $1,385. $1,425. $1,455. $1,475.


2 of 10


Which of the following is not considered in computing net cost of purchases? (Points : 1)


       Purchases returns and allowances Purchases Freight paid on purchased goods Freight paid on goods shipped to customers


3 of 10


Atom Company just began business and made the following four inventory purchases in June:




June


1




150 units


$ 825




June


10




200 units


1,120




June


15




200 units


1,140




June


28




150 units


     885












$3,970


  A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is (Points : 1)


       $1,385. $1,425. $1,455. $1,475.


4 of 10


In a period of increasing prices, which inventory flow assumption will result in the lowest amount of income tax expense? (Points : 1)


       FIFO LIFO Average Cost Method Income tax expense for the period will be the same under all assumptions.


5 of 10


Adams Company is a retailer and uses a perpetual inventory system. Which statement is correct? (Points : 1)


       Returns of merchandise inventory by Adams Company to a manufacturer are credited to Inventory. Freight paid to get merchandise inventory to Adams Company's store is debited to Freight Expense. A return of merchandise inventory by one of Adams Company's customers is credited to Inventory. Discounts taken by Adams Company's customers are credited to Inventory.


6 of 10


Two companies report the same cost of goods available for sale but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using (Points : 1)


       LIFO will have the highest ending inventory. FIFO will have the highest cost of goods sold. FIFO will have the highest ending inventory. LIFO will have the lowest cost of goods sold.


7 of 10


Which of the following statements is true regarding the profit margin ratio? (Points : 1)


       The profit margin ratio can be improved by decreasing the gross profit rate and/or controlling operating expenses and other costs The profit margin ratio does not vary across industries. Discount stores with high merchandise turnover generally have higher profit margins. If the profit margin ratio has a higher value, this suggests favorable return on each dollar of sales.


8 of 10


In periods of rising prices, which is an advantage of using the LIFO inventory costing method? (Points : 1)


       Ending inventory will include latest (most recent) costs and thus be more realistic. Cost of goods sold will include latest (most recent) costs and thus will be more realistic. Net income will be the highest and thus reflect the prosperity of the company. Phantom profits are reported.


9 of 10


Gross profit equals the difference between (Points : 1)


       net income and operating expenses. net sales revenues and cost of goods sold. net sales revenues and operating expenses. net sales revenues and cost of goods sold plus operating expenses.


10 of 10

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Top Essay Tutor
Helping Hand
University Coursework Help
Writer Writer Name Offer Chat
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$105 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$100 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$102 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Revays auto service harrisburg pa - Pre lab activity worksheet cells - Oxidation reduction reactions lab answers - Jdpi - Ferngully the last rainforest worksheet answers - Castleisland parish church live - Assignment - Leadership theory application & skill development ebook - Reponse nope quiz question 93 - Panasonic kx-t7633 programming extensions - Class in america 2012 gregory mantsios - They say i say pdf - Swot analysis of plastic recycling company - Homebase pet insurance reviews - Explain balanced and unbalanced force - Career counseling case examples - Psy1001 General Psychology - Emperor science award college confidential - Salesforce data architecture and management designer - Scilab pid controller example - Old school publishing inc began printing - Annual performance development plan for teachers qld - Fin 571 financial ratio analysis - Disability parking permit ballarat - The brand called you peter montoya pdf - CC Week15 DB - American airlines value pricing case analysis - Java - What does uncle jack learn from scout - Database design proposal template - I need 200 words on affects the performance of the adaptive filter. - Brushy creek water treatment plant - Mdpd public service aide test - Samra travel agent walsall - Anz kiwisaver pir change - Https docs python org 3 library random html - Half bridge isolated dc dc converter - 177a raleigh st thornbury - Ted talk color blind or color brave - Computer networking - Capella iguide home - Ellie harrison outrageous acts of science - Hoshizaki ice machine beeping - Data structure and Algorithm Analysis - Tonight i can write the saddest lines analysis - Responses - What is the mass of a bird - Https tmidm uspto gov id master list public html - Pooled development fund act - Ato postal address albury nsw - Maple solve system of equations - Social history questions shadow health - Southernization by lynda shaffer - Colgate palmolive managing international careers case analysis - Reading summary and respond - Clinical centre of interventions - Dummy variable approach forecast sales - Alex and Paulo Scenarios - Empire abrasive equipment manuals - Series parallel circuit lab - When did the freedom riders start in australia - Sketch the titration curve for 50.0 ml - Essay needed - Timemapper entry 1 on Battle of Boyne (1690) williamites v Jacobites in Dublin - Omnibus mexicanos dallas tx jefferson - Concept synthesis paper on personal nursing philosophy - Century old style std regular - Putt putt boat plans - Letter to a young refugee from another by andrew lam - On History & Identity (250 Words) - Gravimetric determination of chloride in a soluble sample lab report - Richard scrushy net worth 2018 - Mysql connector java 8.0 12 jar - Alice j and bruce m byrd - Target from expect more to pay less case study answers - Risk management in Healthcare Setting Week 4 Project - Bi2 - Small business accountants melbourne - Order # 9358 - How many newtons is 100 grams - Apple computer 2002 harvard business case - Dr arun shanker penrith - Legal definition of intoxication in nsw - Windows Operating System Vulnerabilities Outline - Stan cherelstein - Soap making lab report - Zero crossing detector using 741 - A boy's best friend isaac asimov questions and answers pdf - Formal observation lesson plan example - Red hill medical center - Servant leadership ethics and entrepreneurism - Yaesu cross band repeat - Hilux wheel bearing replacement - Gen 499 week 3 assignment - Www ihhp com free eq quiz - Paper - Billy casper kes football - Hierarchy structure of tata steel - Marketing management - Selling the farm by barry estabrook