Question 20.If Gould Beverages Company ("GBC") uses the LIFO method, what is the value of GBC'sCOGS?(A) $8,117(B) $6,738(C) $6,582(D) $6,593Question 21.If Gould Beverages Company ("GBC") uses the Wolghted Average method, what is the valuo ofGBC's COGS, rounded to the nearest whole dollar?(A) S6,859(B) $6,860(C) $6,816(D) $6,625Question 22.Which of the following is not typlcally stipulated by the board when it issues a dividend?(A) The record date for the dividend.(B) The declaration date for the dividend.(C) The total amount and per share amount of the dividend.(D) The class of shareholders to receive the dividend.Question 23.(A) Which of the following statements about a corporation's cash dividend distribulion to itsshareholders is false?(B) In its financlal statements, on the declaration date, the entity must recognize a decreasein its retained eamings account and reflect a liability for the total amount of the dividend.(C) The declaration and payment of the cash divldend has no direct impact on the incomestatement.(D) In its financilal statements, on the dividond payment date, the corporation's cash accountis decreased and the previously recorded liability in the dividend account is eliminated.(E) The net effect of the dividend distribution is recorded on the corporation's balance sheet,reflecting a reduction of the corporation's assets and stockholders' oquity.(F) The accounting treatment of the dividend will differ if the corporation declares a smallcash dividend (less than 25% of earnings per share) or a large cash dividend (25%+). Facts for Questions 19-21Gould Beverages Company ("GBC") began the month of March with 600 cases of soda ininventory for which it paid $6.00 per case. The transactions set forth below occurred during themonth of March. GBC sold each case of soda for $12.00. GBC uses a perpetual inventorysystem.March 4: GBC buys 360 cases of soda for a total cost of $2,106.March 7: GBC returns 40 defective cases of soda from the March 4h order. GBC sells 240cases of soda for a total of $2,880.March 12: GBC sells 110 cases of soda for a total of $1,320.March 16: GBC sells 290 cases of soda for a total of $3,480.March 21: GBC buys 300 cases of soda for a total cost of $1,770.March 23: GBC sells 150 cases of soda for a total of $1,800.March 26: GBC sells 320 cases of soda for a total of $3,840.March 29: GBC buys 140 cases of soda for a total cost of $875.GBC undertook a physical inventory count on March 31 and determined it held 370 romainingcases of soda in inventory.Questlon 19.If Gould Beverages Company ("GBC") uses the FIFO method, what is the value of GBC'sCOGS?(A) 56,593(B) $5,203(C) $8,117(D) $6,727

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Facts for Questions 19-21 Gould Beverages Company ("GBC") began the month of March with 600 cases of soda in Inventory for which it paid $6.00 per case. The transactions set forth below occurred during the month of March. GBC sold each case of soda for $12.00. GBC uses a perpetual inventory system. March 4: GBC buys 360 cases of soda for a total cost of $2,106. March 7: GBC returns 40 defective cases of soda from the March 4" order. GBC sells 240 cases of soda for a total of $2,880. March 12: GBC sells 110 cases of soda for a total of $1,320. March 16: GBC sells 290 cases of soda for a total of $3,480. March 21: GBC buys 300 cases of soda for a total cost of $1,770. March 23: GBC sells 150 cases of soda for a total of $1,800. March 26: GBC sells 320 cases of soda for a total of $3,840. March 29: GBC buys 140 cases of soda for a total cost of $875. GBC undertook a physical inventory count on March 31 and determined it held 370 remaining cases of soda in Inventory. Question 19. If Gould Beverages Company ("GBC") uses the FIFO method, what is the value of GBC's COGS? (A) $6,593 (B) $5,203 (C) $8,117 (D) $6,727

Facts for Questions 19-21 Gould Beverages Company ("GBC") began the month of March with 600 cases of soda in Inventory for which it paid $6.00 per case. The transactions set forth below occurred during the month of March. GBC sold each case of soda for $12.00. GBC uses a perpetual inventory system. March 4: GBC buys 360 cases of soda for a total cost of $2,106. March 7: GBC returns 40 defective cases of soda from the March 4" order. GBC sells 240 cases of soda for a total of $2,880. March 12: GBC sells 110 cases of soda for a total of $1,320. March 16: GBC sells 290 cases of soda for a total of $3,480. March 21: GBC buys 300 cases of soda for a total cost of $1,770. March 23: GBC sells 150 cases of soda for a total of $1,800. March 26: GBC sells 320 cases of soda for a total of $3,840. March 29: GBC buys 140 cases of soda for a total cost of $875. GBC undertook a physical inventory count on March 31 and determined it held 370 remaining cases of soda in Inventory. Question 19. If Gould Beverages Company ("GBC") uses the FIFO method, what is the value of GBC's COGS? (A) $6,593 (B) $5,203 (C) $8,117 (D) $6,727

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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