Accounting 100 quiz – need help!! Only 1 hours to complete ( 5 multiple choice)

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Question 5

In a period of rising prices, FIFO will have

lower net purchases than LIFO.

lower income tax expense than LIFO.

lower net income than LIFO.

lower cost of goods sold than LIFO.


Question 6

Nick’s Place recorded the following data:

Units

Unit

Date

Received

Sold

On hand

Cost

1/1 Inventory

600

$2.50

1/8 Purchased

1,000

1,600

300

1/12 Sold

1,200

300

The weighted average unit cost of the inventory at January 31 is:

$3.400.

$2.81.

$2.75.

$2.50.


Question 7

Romanoff Industries had the following inventory transactions occur during 2014:

Units

Cost/unit

2/1/14

Purchase

54

$45

3/14/14

Purchase

93

$47

5/1/14

Purchase

66

$49

The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s after-tax income using FIFO? (rounded to whole dollars)

$3,552

$2,322

$2,486

$3,318


Question 8

Moroni Industries has the following inventory information.

July 1

Beginning Inventory

40 units at $120

5

Purchases

240 units at $112

14

Sale

160 units

21

Purchases

120 units at $115

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30

Sale

140 units

Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis?

$11,520

$11,500

$33,960

$33,980

Question 9

The following information was available for Pete Company at December 31, 2014: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $984,000; and sales $1,350,000. Pete’s days in inventory in 2014 was 25.9 days.29.7 days.33.5 days.21.6 days.

Question 10

The accountant at Almira Company is figuring out the difference in income taxes the company will pay depending on the choice of either FIFO or LIFO as an inventory costing method. The tax rate is 30% and the FIFO method will result in income before taxes of $8,190. The LIFO method will result in income before taxes of $7,290. What is the difference in tax that would be paid between the two methods? $270.$630.$900.Cannot be determined from the information provided.

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