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Question Answered step-by-step https://www.apr.org/arts-life/2013-12-11/how-the-media-covered-the-… https://www.apr.org/arts-life/2013-12-11/how-the-media-covered-the-civil-rights-movement-black-newspapers I need the Main Idea and What did you learn from this reading that you did not already know? (Note: if you did not learn anything new, go back and select a different reading).  Arts & Humanities Writing LIBS 110G Share QuestionEmailCopy link Comments (0)

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Description using the attached excel templates. for 4 exercises from Book name Accounting Warren/Reeve/Duchac 26 edition plus some multiple choices questions answer all questions each excel has the exercise # EX 7-15 Page 356 EX 7-6 Page 354 PR 7-1 A Page 358 PR 7-2 A Page 359 individual you have to get more than 90% in each attached excel templates, which is shown in red in the upper right corner of each excel exercise 5 attachmentsSlide 1 of 5attachment_1attachment_1attachment_2attachment_2attachment_3attachment_3attachment_4attachment_4attachment_5attachment_5.slider-slide > img { width: 100%; display: block; } .slider-slide > img:focus { margin: auto; } Unformatted Attachment Preview QUESTION 1 1. Under the periodic inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid; a new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5; on June 15, 17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt at a cost of $1.00 per yard on June 19; on June 27, 6 more yards had been sold. What is the value of inventory as of June 30 under the FIFO method? a. $31.25 b. $30.00 c. $57.50 d. $60.00 2 points QUESTION 2 1. Under the perpetual inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid; a new shipment came in with 25 more yards at a cost of $2.25 per yard on June 5; on June 15, 17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt at a cost of $2.50 per yard on June 19; on June 27, 6 more yards had been sold. No inventory was on hand at the beginning of the month. What is the cost of merchandise sold and cost of inventory under the FIFO method for June? a. $45.00; $30.00 b. $95.00; $73.75 c. $67.50; $101.25 d. $101.25; $67.50 2 points QUESTION 3 1. Merchandise inventory is reported on the balance sheet in the section titled: a. Current b. Plant Liabilities. Assets. c. Current Assets. d. Owner's Equity. 2 points QUESTION 4 1. The formula to calculate inventory turnover is: a. Cost of merchandise sold/Ending inventory. b. Average inventory/Cost of merchandise sold. c. Beginning d. Cost inventory/Cost of merchandise sold. of merchandise sold/Average inventory. 2 points QUESTION 5 1. Under the periodic inventory system, Village Fabrics purchases navy plaid fabric used in its fabric-selling business in the following lots: June 5 - 4 yards at $2.50 per yard, June 12 - 7 yards at $3.00 per yard, June 17 - 8 yards at $3.50 per yard. What is the periodic average cost of the fabric per yard? a. $2.50 per yard b. $3.11 per yard c. $3.00 per yard d. $3.05 per yard 2 points QUESTION 6 1. Under the periodic inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid; a new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5; on June 15, 17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt at a cost of $1.00 per yard on June 19; on June 27, 6 more yards had been sold. What is the value of inventory as of June 30 under the LIFO method? a. $31.25 b. $60.00 c. $50.00 d. $56.25 2 points QUESTION 7 1. Which statement about inventory costing methods is TRUE? a. All statements are true. b. During periods of rising prices, using FIFO offers an income tax savings. When LIFO is used during a period of rising prices, the company's gross profit will be c. higher. d. If the cost of units does not change, all three methods will yield the same results. 2 points QUESTION 8 1. During the taking of a physical inventory on December 31, 2012, inventory was counted as $100,870 instead of the correct amount of $100,780. The effect of the error on the December 31, 2012 balance sheet and income statement will be: a. ending inventory will be overstated; net income will be overstated. b. ending inventory will be understated; cost of merchandise sold will be overstated. c. ending inventory will be overstated; cost of merchandise sold will be overstated. d. ending inventory will be understated; gross profit will be overstated. 2 points QUESTION 9 1. Under the perpetual inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid, a new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5, on June 15, 17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt at a cost of $1.00 per yard on June 19; on June 27, 6 more yards had been sold. What is the value of inventory as of June 30 under the FIFO method? a. $31.25 b. $35.00 c. $75.00 d. $71.25 2 points QUESTION 10 1. Under the perpetual inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid; a new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5; on June 15, 17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt at a cost of $1.00 per yard on June 19; on June 27, 11 more yards had been sold. What is the value of inventory as of June 30 under the LIFO method? a. $31.25 b. $25.00 c. $35.00 d. $30.00 Exercise 7-6 Name: Section: Score: Key Code: Karel Vidal EX 07-06 0% [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost - Column K - will be graded. Prepaid Cell Phones Date May 1 10 Quantity 500 12 14 20 31 31 Balances Purchases Unit Cost $50 Total Cost $ 25,000 Cost of Merchandise Sold Unit Total Quantity Cost Cost Quantity 1,550 775 Inventory Unit Total Cost Cost $44 $ 68,200 $44 Exercise 7-15 Name: Section: Score: Key Code: Karel Vidal EX 7-15 0% [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. Commodity Ash Aspen Beech Maple Oak Total Inventory Quantity Cost per Unit 80 120 30 75 60 $140 90 75 88 140 Market Price per Unit $125 112 74 86 145 Total Cost Market Lower of C or M Problem 7-1A Name: Section: Score: Key Code: Karel Vidal PR 7-1A 0% [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost - Column K - will be graded. 1. Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 Quantity Purchases Unit Cost Total Cost Cost of Merchandise Sold Unit Total Quantity Cost Cost Quantity 2.500 Inventory Unit Cost $60,00 Total Cost $ 150.000 30 31 Balances 2. JOURNAL Description 3. Gross profit for the sales period 4. Ending inventory cost 5. Inventory under LIFO would be Debit Credit Problem 7-2A Name: Section: Score: Key Code: Karel Vidal PR 7-2A 0% [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost - Column K - will be graded. 1. Date Jan. 1 10 28 30 Feb. 5 10 16 28 Quantity Purchases Unit Cost Total Cost Cost of Merchandise Sold Unit Total Quantity Cost Cost Quantity 2,500 Inventory Unit Total Cost Cost $60.00 $ 150,000 Mar. 5 14 25 30 31 Balances 2. Total sales Total cost of goods sold Gross profit 3. Ending inventory cost Purchase answer to see full attachment Tags: excel sheet FIFO Method accounting skills inventory system Village Fabrics User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
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