(SOLVED) Multiple Choice Questions 1 Sales are 540 000 and cost of


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Multiple Choice Questions1. Sales are $540,000 and cost of goods sold is $330,000. Beginning and ending inventories are $29,000 and $34,000, respectively. How many times did the company turn its inventory over during this period?a. 17.1 timesb. 6.7 timesc. 7.2 timesd. 10.5 times2. Trigger, Inc., reported the following data:_x0001_.:.Trigger, Inc., gross profit percentage is a. 46.3.b. 52.7.c. 47.3.d. 57.4.3. Shipley Tank Company had the following beginning inventory, net purchases, net sales, and gross profit percentage for the first quarter of 2010:Beginning inventory, $52,000Net sales revenue, $94,000Net purchases, $73,000Gross profit rate, 50%By the gross profit method, the ending inventory should bea. $80,000.b. $78,000.c. $81,000.d. $79,000.4. An error understated Regan Corporations December 31, 2010, ending inventory by $42,000. What effect will this error have on total assets and net income for 2010?Assets Net incomea. Understate No effectb. No effect No effectc. Understate Understated. No effect Overstate5. An error understated Regan Corporations December 31, 2010, ending inventory by $42,000. What effect will this error have on net income for 2011?a. Overstateb. Understatec. No effect

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