Saved Help Save & Ex TB EX Qu. 6-199 At the beginning of 2021, Calston Incorporated reports Inventory... At the beginning of 2021, Calston Incorporated reports inventory of $9,700. During 2021, the company purchases additional inventory for $29,000. At the end of 2021, the cost of inventory remaining is $7,800, Calculate cost of goods sold for 2021 Cost of goods sold 3:05 TB TF Qu. 6-29 Freight-in is included in the cost... 1 Freight-in is included in the cost of inventory. True or False -48:50 True False R Saved TB MC Qu. 6-134 In a perpetual inventory system, the... In a perpetual inventory system, the purchase of inventory is debited to: Multiple Choice O Purchases. Cost of Goods Sold. Inventory Accounts Payable saved TB MC Qu. 6-93 Inventory records for Marvin Company... Inventory records for Marvin Company revealed the following: Number of Units 970 Date Transaction Mar. 1 Beginning inventory Mar.10 Purchase Mar. 16 Purchase Mar.23 Purchase Unit Cost $7.21 7.64 8.11 8.51 530 770 530 Marvin sold 1.920 units of inventory during the month. Cost of goods sold assuming FIFO would be:( calculations. Round your answer to the nearest dollar amount.) Saved TB TF Qu. 6-37 Generally, a higher inventory turnover ratio... Generally, a higher inventory turnover ratio reflects positively on a company's ability to manage its inventory True or False True False TB TF Qu. 6-39 The gross profit ratio measures the... The gross profit ratio measures the amount by which the sale price of inventory exceeds its cost per dollar of sales. True or False True False Help Save TB MC Qu. 4-131 The balance shown in the August bank statement... The balance shown in the August bank statement of a company was $23,400. After examining the August bank statement and tems included with it, the company's accountant found: Checks outstanding NSF check Note collected by bank for the Colt Company Deposits outstanding Bank service fees $4,800 140 1,900 2,200 60 What is the amount of cash that should be reported in the balance sheet as of August 37? TB MC Qu. 4-63 What key piece of legislation was... What key piece of legislation was passed in response to corporate accounting scandals by Enron, World Com, and others? Multiple Choice Sarbanes-Oxley Act O 1933 Securities Act O 1934 Securities Exchange Act. Regulation Fair Disclosure TB MC Qu. 4-66 Which of the following does not... Which of the following does not represent a major provision of the Sarbanes-Oxley Act? Multiple Choice Nonaudit services. Quarterly financial statements. Auditor rotation Corporate executive accountability