Homework: Module 7 - Homework Assignment Save Score: 0 of 1 pt 4 of 4 (0 complete) HW Score: 0%, 0 of 4 pts TIF6-4 (book/static) :s Question Help 7. T. J. Jackson Supplies had merchandise inventory that cost $1,300. The market value of the merchandise inventory is $750. What value should Jackson Supplies show on the balance sheet for merchandise inventory? Record the adjusting entry, if one is needed. What value should Jackson Supplies show on the balance sheet for merchandise inventory? O A. $2,050 B. $750 C. $550 OD. $1,300 Click to select your answer and then click Check Answer. ? 1 part Clear All Check Answer remaining Q 1 Type here to search O int 3 4:42 PM 10/17/2020 ES Quiz: Module 7 - Quiz Submit Quiz This Question: 1 pt 1 of 3 (0 complete) This Quiz: 3 pts possible At December 31, 2024, Stevenson Company overstated ending inventory by $36,000. How does this error affect cost of goods sold and net income for 2024? O A. Overstates cost of goods sold and understates net income OB. Understates cost of goods sold and overstates net income OC. Leaves both cost of goods sold and net income correct because the errors cancel each other OD. Overstates both cost of goods sold and net income Click to select your answer. ? IT Type here to search O 3 近 . 4:47 PM 10/17/2020 5 Homework: Module 7 - Homework Assignment Save Score: 0 of 1 pt 2 of 4 (0 complete) HW Score: 0%, 0 of 4 pts QCF6-3 (similar to) Question Help • Assume Store.com began April with 12 units of inventory that cost a total of $180. During April, Store.com purchased and sold goods as follows: E (Click the icon to view the purchases and sales.) Under the FIFO inventory costing method and the perpetual inventory system, how much is Store.com's cost of goods sold for the sale on April 14? O A. $756 OB. $480 Х O C. $468 Data Table OD. $960 Apr. 8 Purchase 36 units @ $16 Apr. 14 Sale 30 units @ $32 Apr. 22 Purchase 24 units @ $18 36 units @ $32 Apr. 27 Sale Print Done Click to select your answer and then click Check Answer. ? All parts showing Clear All Check Answer 1 o Type here to search Q B @ D C (1»)) 4:42 PM 10/17/2020 Homework: Module 7 - Homework Assignment Save Score: 0 of 1 pt 3 of 4 (0 complete) HW Score: 0%, 0 of 4 pts SF6-7 (book/static) s Question Help Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston purchased 40 bicycles at $68 each. On October 31, when the average cost per unit was $62.00, Boston sold 34 bicycles for $100 each. Boston's cost of goods sold under the FIFO, LIFO and weighted average methods is summarized as follows: FIFO LIFO Weighted average S 2.108 Cost of Goods Sold S 2,000 $ 2.312 Read the requirements. Requirement 1. Which inventory costing method produced the lowest cost of goods sold? The inventory costing method produced the lowest cost of goods sold. Requirements FIFO LIFO weighted average 1. Which inventory costing method produced the lowest cost of goods sold? 2. Which inventory costing method produced the highest cost of goods sold? 3. If costs had been declining instead of rising, which inventory costing method would have produced the highest cost of goods sold? Print Done Click to select your answer(s) and then click Check Answer. ? 2 parts remaining Clear All Check Answer Type here to search o 1 3 近 4:42 PM 10/17/2020 5 Homework: Module 7 - Homework Assignment Save Score: 0 of 1 pt 1 of 4 (0 complete) HW Score: 0%, 0 of 4 pts TIF6-1 (book/static) Question Help Match the accounting terminology to the definitions. A (Click the icon to view the definitions.) Term Definition 1. Conservatism Definitions X 2. Materiality concept 3. Disclosure principle 4. Consistency principle a. A business should report the least favorable figures in the financial statements when two or more possible options are presented b. A business's financial statements must report enough information for outsiders to make knowledgeable decisions about the company. c. A business should use the same accounting methods and procedures from period to period. d. A company must perform strictly proper accounting only for items that are significant to the business's financial situation. Print Done Choose from any drop-down list and then click Check Answer. All parts showing Clear All Check Answer Type here to search O DI 4:42 PM 10/17/2020
Purchase answer to see full attachment