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ACCOUNTING 211 EXAM 2 COMPREHENSIVE QUESTIONS AND CORRECT ANSWERS

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Institution ACCOUNTING
Course ACCOUNTING
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ACCOUNTING 211 EXAM 2 COMPREHENSIVE QUESTIONS AND CORRECT ANSWERS

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ACCOUNTING 211 EXAM 2 COMPREHENSIVE
QUESTIONS AND CORRECT ANSWERS

◉ Cost of goods available for sale equation.
Answer: Beginning inventory + Net purchases + Shipping costs


◉ Contra-revenue account.
Answer: An account that offsets revenue.. used to record sales
returns and allowances


◉ Net sales equation.
Answer: Gross sales - Sales returns and allowances


◉ Ending inventory equation.
Answer: Beginning inventory + Net purchases + Shipping - COGS


◉ Cost of goods sold equation.
Answer: Beginning inventory + Net purchases + Shipping - Ending
inventory


◉ Net purchases equation.

, Answer: Ending inventory - Beginning inventory - Shipping + Cost of
goods sold


◉ Gross profit equation.
Answer: Net sales - COGS


◉ Gross profit ratio equation.
Answer: Gross profit / Net sales


◉ COGS ratio equation.
Answer: COGS / Net sales


◉ Average unit cost equation.
Answer: Total cost of goods available for sale / Total # of units
available for sale


◉ FIFO.
Answer: First in, first out


◉ LIFO.
Answer: Last in, first out

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