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Teaching Since: Apr 2017
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  • MBA, Ph.D in Management
    Harvard university
    Feb-1997 - Aug-2003

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    Strayer University
    Jan-2007 - Present

Category > Accounting Posted 20 Jun 2017 My Price 6.00

QUESTION 32

QUESTION 32 ‘ Spoims SaveAnswer Feinstein Company buys designer clothing to sell in its retail stores. Since much ofthe merchandise comes fiom Dallas and Europe,
Feinstein Company must pay fieight charges to get the merchandise shipped in. ‘Which statement is true? 0 A' Transportation-in, paid by Feinstein Company, is added to the inventory account under the periodic system.
0 3' Transportation—in, paid by Feinstein Company, is subtracted fiem purchases under the periodic system. O 0 Freight charges are only paid by a buyerin a periodic system. 0 D' Transportation—in is added to net purchases to determine cost ofgoods purchased in a periodic system. 0 E' Cannot be determined, given the above information. QUESTION 33 ‘ apoints SaveAnswer The accounts onggie Company have the following balances for2012: Purchases $520 ,000
Inventory, January 1,2012 80 ,000
Purchase Returns 1 5 ,2 80
Purchase Discounts 1,?60
Sales 88 8,600
Sales Returns 12 ,500
Freight—In 900
Freight-Out 1,000 33 .The inventory count on December} 1 , 2012 is $96,000 . Using the information given, compute gross profit for Aggie Company
forthe yearending December31, 2012. O A$330,240
0 33381240
0 C033-1140
O D-$3s9,040 O E- $413,240

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SuperTutor
(15)
Status NEW Posted 20 Jun 2017 01:06 AM My Price 6.00

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