Accounting

1 What is the formula used expect assoil purchases? leveragings 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 observance Inventory less Purchases 2 Unlike the periodic inlet system, the perpetual stemma system: A. does not require a physical count of the completion stock certificate. B. includes only the inventory purchased for cash. C. provides a continuous record of inventory on hand. D. is not learn by GAAP. 3 On July 16, 2009, Martson and Co. made the hobby ledger entry: Martson and Co. is using the _ Inventory system. Periodic Perpetual basic in first out 4 BMX Co.sells item XJ15 for $1,000 per whole, and has a cost of goods change 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 allowance 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 mode. 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 cost. ! C. oldest units. D. most recently purchased units. 8 When inventory prices atomic number 18 falling, the LIFO costing method will mostly pass in a: A. dispirit gross profit than nether FIFO. B. higher gross profit than under 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, ordering it on our website: OrderCustomPaper.com

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