4. Consigned merchandise should beincluded in the ending inventory of the consig
ID: 2458043 • Letter: 4
Question
4. Consigned merchandise should beincluded in the ending inventory of the consignee.
True False
5. On 02/01/x1West Company sold $5,500 of merchandise, on account to a customer,that cost $2,940, terms 3/15, n /30. If the customer paid forthe merchandise within the discount period, what is thejournal entry required for West co on the date of sale to thecustomer (perpetual inventory system):
02/01/x1
6 Continued from #5 On 02/10/x1 the customerpaid for the merchandise within the discount period, whatis the journal entry required for West Co. on the date the customerpays (perpetual inventory system):
a. First-in, first out
b. Last-in, last out
c. Weighted-average
d. Cost-plus-profit
e. Specific identification
True False
9. The method of inventory computation that you chose willhave an impact on the net income that is computed on the incomestatement.
True False
10-12 The inventory transactions are as follows:
Units Unit cost ExtendedValue
Beginninginventory 300 $20 $6,000
Purchases2-10-2002 400 $22 8,800
Purchases2-20-2002 200 $23 4,600
Available 900 $19,400
Sales 2-15-2002 500
EndingInventory 400
10. Using the information outlined above, what isthe value of the ending inventory for a perpetual inventory systemusing the FIFO inventory valuation?
A. $8,000.00
B. $8,200.00
C. $8,600.00
D. $8,828.55
E. $9,000.00
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