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Paper Topic:

Accounting

1 . Under a perpetual inventory system , when a shortage is discovered __________

d . Merchandise Inventory is credited

2 . The inventory data for an item for November are : Nov . 1 Inventory 20 units at 20

4 Sold 10 units

10 Purchased 30 units at 21

17 Sold 20 units

30 Purchased 10 units at 22

Using the perpetual system , costing by the last-in , first-out method what is the cost of the merchandise sold for November

d 610

3 . The inventory data for an item for November are : Nov . 1

Inventory 20 units at 20

4 Sold 10 units

10 Purchased 30 units at 21

17 Sold 20 units

30 Purchased 10 units at 22

Using the perpetual system , costing by the first-in , first-out method what is the cost of the merchandise sold for November

a 39

b 45

c 51

d 90

- the above problem may have errors in it since the amounts given will not correspond to any of the available choices . There may have been a mistake with the choices presented . The answer would be 620

4 . Merchandise inventory at the end of the year was inadvertently overstated . Which of the following statements correctly states the effect of the error on net income , assets , and owners equity

c . net income is understated , assets are understated , owners equity is understated

5 . Becky 's Boutiques has identified the following items for possible inclusion in its December 31 , 2008 inventory . Which of the following would not be included in the year end inventory

b . Becky 's has in its warehouse merchandise on consignment from ABC Co

6 . If a manufacturer ships merchandise to a retailer on consignment , the unsold merchandise should be included in the inventory of the _________

c . manufacturer

7 . From PE 7-5A what is the cost value for Commodity TRP4

b 1 ,728...

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