Answer Happy

11. Which of these should be set up as a non-inventory product? A. an hour of consulting work B. a shipment of baseball caps C. thread used by a seamstress D. tax to be charged for a certain jurisdiction 12. You offered a discount to a customer who is purchasing a group of items. How do you record this bundle inventory sale in QBO? A. Change the base price on each item. B. Change the billable expense markup to 0%. C. Enter a discount for the entire transaction. D. Manually adjust inventory for bundle sales. 13. A minor forklift accident crushed 10 light fixtures. How do you adjust the inventory on the books to account for the damage? A. Create an inventory adjustment. B. Submit the Physical Inventory Worksheet. C. Return the broken inventory and create a supplier credit. D. Designate the products as non-inventory until he straightens out his records. 14. The purchase history for inventory Item A is as follows: Date Transaction Type Qty Purchase Item A 20 Purchase Item A 10 Purchase Item A 25 03/01/20XX 03/15/20XX 03/31/20XX Cost $2.00 $2.75 $2.50 Assuming the 2/28/20XX inventory balance for Item A was 0, what is the Cost of Goods Sold for 15 units of Item A sold on 03/20/20XX using the FIFO inventory cost method? A. $37.50 B. $30.00 C. $36.25 D. $35.45