Understanding Ending Inventory Calculation

Understanding Ending Inventory Calculation

10th Grade

8 Qs

quiz-placeholder

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Understanding Ending Inventory Calculation

Understanding Ending Inventory Calculation

Assessment

Quiz

Business

10th Grade

Practice Problem

Hard

Created by

MIN KYUNG KIM

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is ending inventory?

The total sales made during a reporting period.

The amount of inventory remaining on the premises at the end of a reporting period.

The total purchases made during a reporting period.

The amount of inventory sold during a reporting period.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is ending inventory important for a business?

It helps in determining the total sales.

It is needed to derive the cost of goods sold and calculate profits.

It is used to calculate the total purchases.

It helps in determining the total expenses.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the formula to calculate ending inventory?

Beginning inventory + Purchases + Cost of goods sold

Beginning inventory - Purchases + Cost of goods sold

Beginning inventory + Purchases - Cost of goods sold

Beginning inventory - Purchases - Cost of goods sold

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

$50,000

$100,000

$150,000

$200,000

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the formula for ending inventory, what does "Purchases" refer to?

The total amount of inventory sold during the period.

The total amount of inventory bought during the period.

The total amount of inventory at the beginning of the period.

The total amount of inventory at the end of the period.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the impact of an inaccurate ending inventory figure on a business?

It can lead to incorrect sales figures.

It can result in incorrect profit calculations.

It can cause errors in employee payroll.

It can affect the company's marketing strategy.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

$50,000

$30,000

$70,000

$100,000

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