L5: Merchadising operation
Authored by Diana Wang
Business, Professional Development
12th Grade - University
Used 14+ times
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5 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Which of the following statements is true?
Gross margin = Net sales – Cost of goods sold
Net sales + Cost of goods sold = Gross margin
Gross margin – Cost of goods sold = Net sales
Net sales + Gross margin = Cost of goods sold
2.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
What is included in the journal entry to record the sale of $300 with terms of 2/10 n/30:
A. debit to Sales for $294.
B. debit to Cash $300.
C. debit to Accounts Receivable of $300.
D. debit to Sales Discounts for $6.
3.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Which of the following is false?
Beginning inventory + Net purchases – Freight in = Cost of goods available for sale
Net purchases = Purchases – Purchase discounts – Purchase returns and allowances
Cost of goods available for sale – Ending inventory = Cost of goods sold
Beginning inventory = Cost of goods sold + Ending inventory – Net purchases – Freight in
4.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
XYZ Store purchased merchandise for $2,300, terms 2/10 n/30. To get the merchandise ready for sale, XYZ also paid $100 for freight-in and $50 for insurance during transportation. The entry to record the cost of inventory will include a:
A. debit to Inventory $2,450.
B. debit to Cash $2,450.
C. credit to Accounts Payable $2,401.
D. debit to Inventory $2,300
5.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Lighting Depot had a $48,000 beginning inventory and a $52,000 ending inventory. Sales were $320,000, purchases of merchandise were $172,000, merchandise returned to suppliers was $10,000, purchase discounts taken were $8,000, and transportation costs for merchandise purchased were $12,000. Cost of goods sold for the period was
$98,000
$138,000
$162,000
$170,000
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