Define the terms FIFO and LIFO.  (In other words, what does it stand for AND what do they each mean?)

Jones Company sells exercise bikes. Its beginning inventory was 100 units at $200 per unit. During the year, Jones made two purchases of the bikes: first, a 300-unit purchase at $220 per unit, and then 200 units at $250 per unit. The ending inventory for the year was 250 units. Required:                                              SHOW AND LABEL ALL COMPUTATIONS! 1.  What is the total Cost of Goods Available? Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Jones uses each of the following inventory cost flow methods:2) FIFO  a.  Cost of Goods Sold     b.  Ending Inventory3) LIFO   a.  Cost of Goods Sold     b.  Ending Inventory4) Weighted average   a.  Cost of Goods Sold     b.  Ending Inventory (Round intermediate calculations to two decimal places. Round final answers to whole dollars.) Cost of Goods Sold Ending Inventory a) FIFO $ $ b) LIFO $ $ c) Weighted Average $ $

A transaction has been recorded in the T-accounts of Hough Company as follows: Cash debit 500 Notes Payable credit 500 Which of the following reflects how this event affects the company’s financial statements? Balance Sheet Income Statement Statement of Cash Flows Asset = Liabilities + Stockholders’ Equity Revenue − Expenses = Net Income A. + = + + n/a n/a − + = − +FA B. + = + + n/a n/a − n/a = n/a +OA C. + = n/a + + + − n/a = + +OA D. + = + + n/a n/a − n/a = n/a +FA

You’re finished!  Be sure to scroll up and make sure all your questions have been answered.  Once you’re sure you’ve finished, then submit the exam.  Be sure to read Chapter 5 next! There are 70 points that will need to be graded by your instructor.  So you could possibly get 70 more points (in addition to the points from the questions you already answered). Good luck! Mrs. S

This question is worth 4 points. LABEL YOUR NUMBERS! (You can use a t-account to prove your answers.) The balance in the Office Supplies account on May 1 was $1,800, supplies purchased during May totaled $6,000, and supplies on hand at May 31 was $3,600. 1. What amount of supplies will be shown as an expense on the Income Statement? 2. What amount of supplies will be shown on the Balance Sheet?

(Worth 4 points) On June 1, merchandise subject to terms 2/10, n/30 was sold on account to a customer for $26,500. On June 3, the customer returns $5,800 of that merchandise.                            SHOW ALL YOUR COMPUTATIONS FOR FULL CREDIT!a) What is the amount of cash collected by the seller if the payment is made by the customer on June 8?b) What is the amount of cash collected by the seller if payment is made by the customer on June 21?

Which of the following account titles is normally used in a periodic inventory system?

_________ is classified as a major mineral.

The Garrett Company uses the perpetual inventory system. The company’s records showed a book balance of $18,000 in the Merchandise Inventory account, and a physical count finds only $16,250 of inventory. Which of the following indicates the effect of the necessary write-down entry? Balance Sheet Income Statement Statement of Cash Flows Assets = Liabilities + Stockholders’ Equity Revenue − Expenses = Net Income A. (1,750) = NA + (1,750) NA − 1,750 = (1,750) NA B. NA = 1,750 + (1,750) NA − 1,750 = (1,750) NA C. 16,250 = NA + 16,250 16,250 − NA = 16,250 16,250 IA D. (18,000) = NA + (18,000) (18,000) − NA = (18,000) NA  

Vitamin_________ protects polyunsaturated fatty acids from being damaged by free radicals.