ACCOUNTING FOR GOVERNMENT AND NON-PROFIT ORGANIZATIONS BY MILLAN Chapter 7: Inventory Problem 7 – 1: True or False 1. False 2. False 3. True 4. False 5. False 6. False 7. False 8. True 9. False 10. False Problem 7 – 2: Multiple Choice 1. 2. 3. 4. 5. 6. 7. 8. 9. A. Inventory account D. Inventory Held for sale B. Inventory Held for Distribution D. Weighted average cost applied in a perpetual inventory system C. Current replacement cost C. D. Inventory is consumed in the manufacturing process. B. Stock Ledger Card D. The Stock Card shows quantities only while the Stock Ledger Card shows quantities as well as monetary amounts. 10. D. Requisition and Issue Slip Problem 7 – 3: Multiple Choice 1. A. Merchandise Inventory Accounts Payable 2. B. Welfare Goods Expense Welfare Goods for Distribution 3. A. 10,000 4. A. 116,382 5. B. 207,918 Problem 7 – 4: Classroom Discussion 1. D. Semi-Expandable Property xxx xxx xxx xxx 2. A. Inventory Held for Consumption 3. C 4. B. FIFO 5. A. Perpetual inventory system 6. A. in an inventory account 7. C 8. A 9. A. Stock Card 10. B. Waste Material Report Chapter 8: Agriculture Problem 8 – 1: True or False 1. False 2. True 3. True 4. True 5. Tr .
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