4.A 60 day, 12% note for $10,000, dated May 1, is received from a customer on account. The maturity value of the note is
Answer
| a. | $10,200 | |
| b. | $10,000 | |
| c. | $11,200 | |
| d. | $9,800 |
5. Who pays the freight cost when the terms are FOB destination?
Answer
| a. | the buyer | |
| b. | either the buyer or the seller | |
| c. | the customer | |
| d. | the seller |
6. Use the following information to answer the following questions.
The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
| Date | Product Z | Units | Cost |
| May 3 | Purchase | 5 | $30 |
| May 10 | Sale | 3 | |
| May 17 | Purchase | 10 | $34 |
| May 20 | Sale | 6 | |
| May 23 | Sale | 3 | |
| May 30 | Purchase | 10 | $40 |
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. Answer
| a. | $494 | |
| b. | $520 | |
| c. | $422 | |
| d. | $502 |
7. If the physical count of the inventory revealed $72,000 of merchandise on hand and the inventory records reported $73,200, what would be the necessary adjusting entry to record inventory shortage?
Answer
| a. | Cost of Merchandise Sold debit $1,200; Merchandise Inventory credit $1,200. | |
| b. | Merchandise inventory debit $1,200; Cost of Merchandise Sold credit $1,200. | |
| c. | Merchandise inventory debit $72,000; Cost of Merchandise Sold credit $72,000. | |
| d. | Cost of Merchandise Sold debit $73,200; Merchandise Inventory credit $72,000. |
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