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Unit 5 chapter 6 quiz

· Question 1

2 out of 2 points

· Question 2

2 out of 2 points

· Question 3

2 out of 2 points

· Question 4

2 out of 2 points

· Question 5

2 out of 2 points

· Question 6

2 out of 2 points

Thursday, November 2

The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:

Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000.The cost of goods sold would be:

Following is the inventory activity for July:

What is the ending inventory $ amount using the FIFO method?

Following is the inventory activity for July:

What is the ending inventory $ amount using the LIFO method?

A company lends its CEO $150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made twice a year. Each interest payment will be for:

Which of the following is true?

Post Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5% interest note. Post Company prepares financial statements on April 30. What adjusting entry should they make?