Quiz – Cost of Goods
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
When costs are rising, inventory quantities stable, cost of goods sold will:
When costs are rising, inventory quantities stable, cost of goods sold will:
What is included in the numerator of the cost-to-retail percentage under the retail method?
Given the data relating to the medical supplies inventory including selling price, cost, and cost to sell, they ask you to determine the amount that inventory would be valued at.
Your numbers will vary.
Determine the level of significance, null and alternate hypothesis, sampling distribution, if the sample size is sufficiently large, test statistics. Find the p-value, sketch the sampling distribution, and show the area corresponding to the p-value. Determine if you reject or fail to reject if data are statistically significant at level α. And interpret.
Your numbers will vary.
Given inventory, net purchases, net sales, and ending inventory, they ask you to calculate the cost-to-retail percentage used.
Your numbers will vary.
Find the interval containing the corresponding P-value for the two-tailed test and right-tailed test.
Your numbers will vary.
Determine the level of significance, null and alternative, sampling distribution, and test statistic. Estimate the P-value, sketch, and interpret.
Your numbers will vary.
Estimate the cost of ending inventory applying the conventional retail method when given the beginning inventory, purchases, markups, markdowns, spoilage, and net sales.
Your numbers will vary.
Given the beginning inventory, net purchases, and sales, they ask you to determine the estimated inventory using the average cost retail method.
Your numbers will vary.
Given the inventory, purchases, freight-in, sales, and returns, they ask you to determine the ending inventory.
Your numbers will vary.