2. The ABC Company has ending inventory of Rs 2000 and cost of goods available for sale of Rs 12,000. Its cost of goods sold is?
5000
10000
15000
20000
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Subject Name:Chapter Name:ch. 6, Accounting for Inventory
1.What is the simple average cost of 4units each at Rs30, Rs50, Rs120, and Rs20?Rs 40Rs 55Rs 60Rs 702.The ABC Company has ending inventory of Rs 2000 and cost of goods available for sale of Rs 12,000. Its cost of goods sold is?50001000015000200003.For its 2006 fiscal year, the PQR Company reported sales of Rs10, 500,000, cost of goods sold of Rs6, 300,000, and net income of Rs525, 000. The company's gross profit ratio for the year is 40%?TrueFalse4.The M&M has ending inventory of Rs 2,000 and cost of goods available for sale of Rs 1, 0000. Its cost of goods sold is?Rs. 120000Rs 8000Rs. 60000None of the above5.Periodic inventory system is used for ________ goods?ExpensiveInexpensivePerishableAll of the above6.Which of these is accounting principal in inventory accounting?Conservatism principleMateriality conceptConsistency principleAll of the above7.LIFO stands for?Last in first outLast in Fast outFish in fish outAll of the above8.The TATA MOTORS has ending inventory of Rs 2000 and cost of goods available for sale of Rs 23,000. Its cost of goods sold is?50002100015000200009.The inventory system that does NOT update the Inventory account automatically at the time of each purchase or sales is the perpetual method/system?TrueFalse10.Under LIFO method the last units acquired are assumed to be the first unit sold?TrueFalse
Subject Name:Chapter Name:ch. 6, Accounting for Inventory
1.What is the simple average cost of 4units each at Rs30, Rs50, Rs120, and Rs20?Rs 40Rs 55Rs 60Rs 702.The ABC Company has ending inventory of Rs 2000 and cost of goods available for sale of Rs 12,000. Its cost of goods sold is?50001000015000200003.For its 2006 fiscal year, the PQR Company reported sales of Rs10, 500,000, cost of goods sold of Rs6, 300,000, and net income of Rs525, 000. The company's gross profit ratio for the year is 40%?TrueFalse4.The M&M has ending inventory of Rs 2,000 and cost of goods available for sale of Rs 1, 0000. Its cost of goods sold is?Rs. 120000Rs 8000Rs. 60000None of the above5.Periodic inventory system is used for ________ goods?ExpensiveInexpensivePerishableAll of the above6.Which of these is accounting principal in inventory accounting?Conservatism principleMateriality conceptConsistency principleAll of the above7.LIFO stands for?Last in first outLast in Fast outFish in fish outAll of the above8.The TATA MOTORS has ending inventory of Rs 2000 and cost of goods available for sale of Rs 23,000. Its cost of goods sold is?50002100015000200009.The inventory system that does NOT update the Inventory account automatically at the time of each purchase or sales is the perpetual method/system?TrueFalse10.Under LIFO method the last units acquired are assumed to be the first unit sold?TrueFalse
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Answer:
Cost of goods =₹2000
Sale ....cost . =₹12000
The cost of goods sold is...
₹15000
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