Accounting

1 What is the formula used conduct engagement purchases? grease ones palmss slight(prenominal) bribe Returns and Allowances plus Purchase Discounts Purchases plus Purchase Returns and Allowances less Purchase Discounts Purchases less Purchase Returns and Allowances less Purchase Discounts commencement sacrament Inventory less Purchases 2 Unlike the periodic presentation system, the perpetual stemma system: A. does not require a physical count of the completion stocktaking. B. includes only the inventory purchased for cash. C. provides a continuous record of inventory on hand. D. is not contract by GAAP. 3 On July 16, 2009, Martson and Co. made the chase book entry: Martson and Co. is using the _ Inventory system. Periodic Perpetual eldest in first out 4 BMX Co.sells item XJ15 for $1,000 per whole, and has a cost of goods sell division of 80%. The utter(a ) dough to be found for change 20 items is: A. $20,000. B. $16,000. C. $ 4,000. D. No gross security deposit can be calculated with a cost of goods sold percentage greater than 50%. 5 Given the following data, what is the value of the gross profit as determined by the LIFO manner? A. $2,880 B. $2,940 C. $1,620 D.

$1,560 6 Given the following data, calculate the cost of ending inventory using the first in first out costing rule. A. $915 B. $740 C. $720 D. $545 7 When the FIFO method is used, ending inventory is assumed to consist of the: units with the net per unit cost. units with the highest per unit c! ost. C. oldest units. D. most recently purchased units. 8 When inventory prices be falling, the LIFO costing method will mostly effect in a: A. dispirit gross profit than chthonian FIFO. B. higher gross profit than beneath FIFO. C. lower inventory value than under FIFO. D. lower owners’ equity proportionateness than under FIFO. 9 Which inventory method gives the most practical net income? A. FIFO, because it uses cost in...If you want to get a in force(p) essay, hostel it on our website: OrderCustomPaper.com

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