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提问人：网友后慧珍发布时间：2022-04-06

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At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a pa

rticular product in inventory, acquired at the following dates and unit costs: Purchased in August: 30 units at $750 per unit. Purchased in November: 30 units at $700 per unit. A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand. Under the FIFO flow assumption, the cost of these items to be included in inventory in the company's year-end balance sheet is: ().

A、$36,000.

B、$36,500.

C、$42,000.

D、$37,500.

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更多“At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a pa”相关的问题

第1题

At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a pa

rticular product in inventory, acquired at the following dates and unit costs: Purchased in August: 30 units at $750 per unit. Purchased in November: 30 units at $700 per unit. A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand. Under the LIFO flow assumption, the cost of this item to be included as inventory in the company's year-end balance sheet is: ().

A、$36,000.

B、$42,000.

C、$36,500.

D、$37,500.

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第2题

Under a perpetual inventory system, to update the inventory records for the sale of goods, the entry is:

A．DrSales revenue CrInventory

B．DrInventory CrCostofsales

C．DrCostofsales CrAccounts payable

D．DrCost ofsales CrInventory

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第3题

（b) You are the audit manager of Jinack Co, a private limited liability company. You are c

(b) You are the audit manager of Jinack Co, a private limited liability company. You are currently reviewing two

matters that have been left for your attention on the audit working paper file for the year ended 30 September

2005:

(i) Jinack holds an extensive range of inventory and keeps perpetual inventory records. There was no full

physical inventory count at 30 September 2005 as a system of continuous stock checking is operated by

warehouse personnel under the supervision of an internal audit department.

A major systems failure in October 2005 caused the perpetual inventory records to be corrupted before the

year-end inventory position was determined. As data recovery procedures were found to be inadequate,

Jinack is reconstructing the year-end quantities through a physical count and ‘rollback’. The reconstruction

exercise is expected to be completed in January 2006. (6 marks)

Required:

Identify and comment on the implications of the above matters for the auditor’s report on the financial

statements of Jinack Co for the year ended 30 September 2005 and, where appropriate, the year ending

30 September 2006.

NOTE: The mark allocation is shown against each of the matters.

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第4题

The following are true of a perpetual inventory system except that______.A．in a perpetual

The following are true of a perpetual inventory system except that______.

A．in a perpetual inventory system, a continuous record of the quantities and costs of inventory on hand is maintained

B．a perpetual inventory system is more likely to be used when the stock is composed of a large number of relatively low cost items

C．in a perpetual inventory system, purchases of products are debited directly while sales of products are credited to the stock account

D．a perpetual inventory system provides a better control over stock

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第5题

B Co maintains perpetual inventory records. Which of the following control activities woul

d contribute to the auditor’s confidence that inventory recorded in the financial statements exists？ (1) Procedures to identify obsolete and damaged inventory (2) Physical safeguards to protect inventory from theft (3) Sequential numbering of goods dispatched notes (4) Reconciliation of inventory records to results of inventory counts

A、(1) and (2)

B、(1) and (3)

C、(2) and (3)

D、(2) and (4)

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第6题

When the perpetual inventory system is used, the inventory sold is debited to （)A.

When the perpetual inventory system is used, the inventory sold is debited to ()

A. supplies expense

B. cost of merchandise sold

C. merchandise inventory

D. sales

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第7题

The year-end adjustment for opening inventory is Cr the inventory account and DR the costs of goods sold account.

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第8题

A perpetual inventory system requires updating of the inventory account only at the beginning of an accounting period.

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第9题

Physical counts of inventory are never done with perpetual inventory systems.（)

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