Inventory Costing Assignment | Top Universities

If credit terms are 2/10, 19. On May L Ace Bonding Company purchased inventory costing $2,000 on account n30 and Ace pays for this inventory on May 30 which of the following records the payment perpetual inventory system? 2.000 T 2,000 1,960 40 2,000 A Accounts Payable Cash B. Accounts Payable Inventory Cash C. Accounts Payable Inventory Cash D. Cash Accounts Payable 2.000 1,9601 2,000 2,000 20. A company has 10 units of inventory with a recorded cost of $60. If the net realizable value is S50 what adjustment is required using the principle of lower of cost and net realizable value of inventory?Top Universities
A. Debit Inventory $100; credit Cost of Goods Sold $100. B. Debit Inventory $500; credit Cost of Goods Sold $500. C. Debit Cost of Goods Sold $100; credit Inventory $100. D. Debit Cost of Goods Sold $500; credit Inventory $500. 21. Which of the following subsequent expenditures would not be capitalized? A. Ordinary repairs and maintenance. B. Additions. C. Improvements. D. Expenditures that increase the useful life or efficiency of the asset. 22. Losses on the sale of long-term assets for cash: A. Are the excess of the book value over the cash received. B. Are recorded as a credit. C. Are reported on a net-of-tax basis if material. D. Are the excess of the cash received over the book value. 23. Which of the following best describes the objective of depreciation? A. To allocate the cost of a long-term asset to an expense over its service life. B. To estimate the remaining useful life of an asset. C. To report the asset on the balance sheet at the estimated amount for which the asset could be sold. D. To estimate the current market value of the asset. ctor’s useful life is estimated restview Estates purchased a tractor on January 1, 2018, for $65.000. The tractor’s use is 30,000 miles and has a residual value of $5,000. If Crestview used the tractor 10,000 at is the depreciation expense at the end of 2018 using the activity-based method? $25,000. $23,333. 521667 20,000. Get Accounting Homework Help Today

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