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Capella University - BUS 3061 Sophia Learning Unit 3 Milestone Accounting

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Sophia Learning

UNIT 3 MILESTONE -3 ACCOUNTING

You passed this Milestone

1


Based on the information above, calculate the Cost of Goods Purchased.

·        

$13,450

·        

$9,475

·        

$13,375

·        

$9,550

 

CONCEPT

Expanded Income Statement

2

Which one of the businesses below would be best served by the periodic inventory method?

·        

Restaurant

·        

Fish market

 

·        

Online mass consumer goods retailer

 

·        

Construction equipment dealer

 

CONCEPT

Inventory Accounting Methods

3

Nora wants to reward customers who spent a minimum of $500 at her store each month over the last six months with a bottle of wine.

Where would she find this information she needs to identify these customers?

·        

Purchases subsidiary ledger

 

·        

Sales subsidiary ledger

 

·        

Sales returns and allowance account

 

·        

Purchases returns and allowances account

CONCEPT

Sales & Purchases Subsidiary Ledger

4


What is the Total Cost of Goods Sold, according to the information in this image?

·        

$162,500

 

·        

$162,850

 

·        

$162,750

·        

$163,100

 

CONCEPT

Expanded Income Statement

5

To determine goods available for sale, what is added to the total of the beginning inventory?

·        

Cost of goods purchased

 

·        

Purchase discounts

 

·        

Sales returns and allowances

·        

Net purchases

 

CONCEPT

Expanded Income Statement

6

Ed, the owner of of Ed's Electronics, purchased 35 DVD players at $12 each. He paid the invoice in full within 20 days, which reduced the price of each DVD player to $10.

Which of the following amounts would be recorded in the purchases account of Ed's Electronics? 

·        

$525

 

·        

$420

 

·        

$595

·        

$350

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[Solved] Capella University - BUS 3061 Sophia Learning Unit 3 Milestone Accounting

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  • Submitted On 09 Nov, 2020 02:06:55
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Sophia Learning UNIT 3 MILESTONE -3 ACCOUNTING You passed this Milestone 1 Based on the information above, calculate the Cost of Goods Purchased. • $13,450 • $9,475 • $13,375 • $9,550 CONCEPT Expanded Income Statement 2 Which one of the businesses below would be best served by the periodic inventory method? • Restaurant • Fish market • Online mass consumer goods retailer ...
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