Inventory AND COST OF SALES

Quiz by Khatoon Ahmed Mansoor AL Halwachi

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10 questions
• Q1
What is a FIFO?
First out , First in
Weighted Average
First in, First out
Stock
30s
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• Q2
Gross Profit =
Sales + COGS
Sales * COGS
Beginning Inventory + Cost of Purchases
Sales – COGS
30s
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• Q3
?????=Units available for sales – Units sold
No of Ending Inventory units
Cost of Goods Available for Sales
COGS
Gross Profit
30s
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• Q4
Cost of Goods Available for Sales
= Beginning Inventory + Cost of Purchases
= Beginning Inventory / Cost of Purchases
= Beginning Inventory * Cost of Purchases
= Beginning Inventory - Cost of Purchases
30s
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• Q5
COGS =
Cost of Goods Available for Sales + Ending Inventory
Cost of Goods Available for Sales * Ending Inventory
Cost of Goods Available for Sales – Ending Inventory
Cost of Goods Available for Sales / Ending Inventory
30s
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• Q6
If a Beginning Inventory = 130000 and Cost of Purchases = 200000 Compute cost of goods available for sales
330000
130000
200000
70000
30s
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• Q7
Units available for sales = 15,000 and Units sold= 4000 Compute the No of Ending Inventory units
11,000
3.75
60,000,000
19000
30s
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• Q8
Gross Profit = Sales – COGS
True
False
30s
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• Q9
If a Sales= 16000 and COGS= 6000 Compute Gross Profit
160000
22,000
96,000,000
10,000
30s
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• Q10
WA Method is
Weighted Average
First in, First out
withdrawal
30s
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