WGU D102 FINANCIAL ACCOUNTING UNIT 7 QUESTIONS
AND ANSWERS | GRADED A+
Correct 19
Incorrect 00
1 of 19
Term
Kretsmart Company purchased inventory. The shipping costs were not
included in the cost of inventory, so Kretsmart has to pay the shipping
costs separately in cash. The shipping costs are $500.
Give this one a try later!
Credit to Inventory for $7,000 Credit to Inventory for $20
Credit to Purchase Discounts for $20 Debit to Inventory for $500
Don't know?
2 of 19
, Definition
$3,600
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Endothon Company uses a periodic inventory system. Beginning inventory for the
period was $130,000. Purchases for the period totaled $550,000. A physical count of
ending inventory revealed inventory of $100,000.
A company uses a perpetual inventory system. Beginning inventory for the period
was $100,000. Purchases for the period totaled $550,000. A physical count of
ending inventory revealed inventory of $170,000. Cost of goods sold according to
the perpetual system is $460,000.
What is the amount of inventory shrinkage?
1/1
The following are inventory purchase and sales data for Alliah Company.
(Note: There was no inventory before the purchase made on January 1.)
Assume that Alliah Company uses LIFO.
What is the cost of goods sold for January?
The following are inventory purchase and sales data for Paradigm Toys. (Note: There
was no inventory before the purchase made on January 1.)
Assume that Paradigm Toys uses FIFO.
What is the cost of ending inventory at the end of January?
Don't know?
3 of 19
AND ANSWERS | GRADED A+
Correct 19
Incorrect 00
1 of 19
Term
Kretsmart Company purchased inventory. The shipping costs were not
included in the cost of inventory, so Kretsmart has to pay the shipping
costs separately in cash. The shipping costs are $500.
Give this one a try later!
Credit to Inventory for $7,000 Credit to Inventory for $20
Credit to Purchase Discounts for $20 Debit to Inventory for $500
Don't know?
2 of 19
, Definition
$3,600
Give this one a try later!
Endothon Company uses a periodic inventory system. Beginning inventory for the
period was $130,000. Purchases for the period totaled $550,000. A physical count of
ending inventory revealed inventory of $100,000.
A company uses a perpetual inventory system. Beginning inventory for the period
was $100,000. Purchases for the period totaled $550,000. A physical count of
ending inventory revealed inventory of $170,000. Cost of goods sold according to
the perpetual system is $460,000.
What is the amount of inventory shrinkage?
1/1
The following are inventory purchase and sales data for Alliah Company.
(Note: There was no inventory before the purchase made on January 1.)
Assume that Alliah Company uses LIFO.
What is the cost of goods sold for January?
The following are inventory purchase and sales data for Paradigm Toys. (Note: There
was no inventory before the purchase made on January 1.)
Assume that Paradigm Toys uses FIFO.
What is the cost of ending inventory at the end of January?
Don't know?
3 of 19
