1) ellen donoghue cosmetics ended the month of march with inventory of with inve
ID: 2374728 • Letter: 1
Question
1) ellen donoghue cosmetics ended the month of march with inventory of with inventory of $23,000. They expect to end April with inventory of $14,000 after selling goods with a cost of $98,000. How much inventory must they purchase during April to accomplish these results?
A. $107,000
B. $112,000
C. $89,000
D. $135,000
2)The income statement for Motorolla shows gross profit of $154,000, operating Expenses of $124,000, COGS of $213,000. Find Net Sales Revenue-?
A. $337,000
B. $278,000
C. $367,000
D. $491,000
3) In a period of rising prices,
A. Gross profit under FIFO will be higher than under LIFO
B. COGS under LIFO will be less than under FIFO
C. Net income under LIFO will be higher than under FIFO
D. LIFO inventory will be greater than FIFO inventory.
4)When does the cost of inventory become an expense:
A. When the payment is made to the supplier
B. When inventory is delivered to a customer
C. When cash is collected from the customer
D. When inventory is purchased from the supplier
Explanation / Answer
C. $89,000
D. 491000
C. Net income under LIFO will be higher than under FIFO
A. When the payment is made to the supplier
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