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Past Exam for ACIS 2115 - Principles of Accounting with Yardley at Virginia Tech (VT)

Exam Information

Material Type:Exam 3
Professor:Yardley
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Fall 2007
Keywords:
  • Accounting Entry
  • Investing Activity
  • Operating Activity
  • Intangible Asset
  • Line of Credit
  • Merchandise Inventory
  • Inventory Value
  • Sales Revenue
  • Payment Terms
  • Accounting Test
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Sample Document Text

Accounting Test 3 Answer questions 1-4 using the following description: • On February 1, purchased the first item for $9 • On April 1, purchased the second item for $18 • On June 1, purchased the third item for $15 • On October 1, sold the second item for $25 • On December 1, sold the third item for $22 1. If ABC Corp uses specific identification to value inventory, what is ABC’s inventory value at December 3, 2005? a. $9 b. $18 c. $15 d. Cannot be determined from the information provided. 2. If ABC Corp. uses last-in, first-out (LIFO) to value inventory, what is ABC’s inventory value at December 31, 2005? a. $9 b. $15 c. $18 d. Cannot be determined from the information provided. 3. If ABC Corp. used first-in, first-out (FIFO) to value inventory, what is ABC’s inventory value at December 31, 2005? a. $9 b. $15 c. $18 d. Cannot be determined for the information provided. 4. If ABC Corp. used weighted average to value inventory, what is ABC’s inventory value at December 31, 2005? a. $14 b. $23...

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