FNSACC414 Quiz 7
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School
Monarch Institute *
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Course
414
Subject
Industrial Engineering
Date
Jan 9, 2024
Type
docx
Pages
4
Uploaded by ProfTapir2943
Started on
Saturday, 9 December 2023, 3:58 PM
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Completed on
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If sheep on hand at the beginning of a period were 600 head at an average cost of $5.50; natural
increase was 400 head valued at $4.00; purchases were 1,000 head at $7.40 each, then the value
of 900 head (closing Inventory) would be:
Select one:
Something else
5,535 Correct
5,320
4,900
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2
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G. Razier, a pastoralist, had killed 30 sheep valued at $5.00 each for rations during the year. He
killed 20 for the staff and 10 for his own family.
The journal entry to record the sheep killed for employees rations as well as for the owner would be:
Select one:
Debit: Rations 100; Debit: Drawings 50; Credit: Sheep Working 150. Correct
Debit: Sheep Working 150; Credit: Rations 100; Debit: Drawings 50.
Debit: Sheep Working 150; Credit: Rations 100; Credit: Drawings 50.
Credit: Sheep Working 150; Debit: Rations 100; Credit: Drawings 50.
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A pastoralist provides the following details regarding his sheep during the year ended 30 June 2021.
Based on this information, the average cost is:
Select one:
5.20
5.00 Correct
5.55
4.90
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Consider the following data extracted from the accounting records of a pastoralist:
Based on the data, the average cost per head for Inventory valuation purposes is:
Select one:
6.00 per head
6.50 per head Correct
6.25 per head
6.55 per head
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5
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Consider the following data extracted from the accounting records of a pastoralist:
The general journal entry to record the sheep killed for employees rations would be:
Select one:
Debit: Sheep Working 26,000; Credit: Rations 26,000
Debit: Sheep Working 325; Credit: Rations 325
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Debit: Rations 26,000; Credit: Sheep Working 26,000
Debit: Rations 325; Credit: Sheep Working 325 Correct
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