In a manufacturing business, inventory that is ready for sale is called:
INVENTORY TEST

Quiz
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Specialty
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University
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Medium
Py Tran
Used 1+ times
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Raw materials
Work in process
Finished goods
Store supplies
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
This refers to items that the manufacturer has purchased or produced to use in manufacturing a product.
( Một thứ được mua hoặc được sản xuất để sử dụng trong quá trình tạo ra sản phẩm)
Raw material
Work in process
Finished goods
All incorrect
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Bud's Place recorded the following data:
Date Units Cost
1/1 Inventory 500 per $2.40
1/8 Purchased 1,000 per $3.00
1/12 Sold 1,200
The weighted average unit cost of the inventory at January 31 is:
$2.40
$2.70
$2.80
$3.402
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Cost of goods sold is calculated from the following equation:
Beginning inventory – cost of goods purchased + ending inventory
Sales – cost of goods purchased + beginning inventory – ending inventory
Sales + gross profit – ending inventory + beginning inventory
Beginning inventory + cost of goods purchased – ending inventory
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A company purchased inventory as follows:
150 units at $6
350 units at $7
The average unit cost for inventory is
$6.00
$6.50
$6.70
$7.00
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Pasquale has the following inventory information.
July 1 Beginning Inventory 20 units at $19
July 7 Purchases 70 units at $20
July 22 Purchases 10 units at $24
A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the average-cost method, the value of ending inventory is:
$585
$606
$630
$660
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is not an inventory:
Machines
Raw materials
Finished Product
Consumable tools
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