WILEY PLUS ACCT Exam Questions and Answers 2024

WILEY PLUS ACCT Exam Questions and Answers 2024 Rollins Technology is doing inventory. In the inventory process, Rollins inadvertently miscategorized a $9,600 shipment of FOB destination goods in transit to a customer as FOB shipping point. What should Rollins do to correct this error? - answerIt should add $9,600 to their inventory count. A physical inventory account of MegaCorp has a $50,000 balance before considering the following: At what amount should inventory be listed on the balance sheet? - answer$67,500 Howard Incorporated is doing inventory. In the inventory process, Howard inadvertently miscategorized a $6,000 shipment of FOB destination goods in transit from a supplier as FOB shipping point. How will this miscategorization impact Howard's total inventory? - answerHoward's total inventory will be $6,000 too high. In periods of rising prices when LIFO is used, companies avoid reporting a ________ because a portion of the gross profit must be reinvested to purchase more expensive inventory items. - answerPaper Profit Early in 2017, Stevenson Incorporated switched to a JIT (just-in-time) inventory system. Financial information for the two most recent years is listed below: - answer3.8 times Which of the following errors will have no impact on the company's total inventory reported on the balance sheet? - answerJT Engineering lists $7,500 worth of work-in-process inventory as finished goods inventory.