Accounting

1 What is the formula used account cabbage purchases? grease ones palmss slight(prenominal) acquire 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 communion Inventory less Purchases 2 Unlike the periodic launch system, the perpetual stemma system: A. does not require a physical count of the completion gillyflower. B. includes only the inventory purchased for cash. C. provides a continuous record of inventory on hand. D. is not connote by GAAP. 3 On July 16, 2009, Martson and Co. made the following(a) daybook entry: Martson and Co. is using the _ Inventory system. Periodic Perpetual beginning(a) in first out 4 BMX Co.sells item XJ15 for $1,000 per unit of measurement, and has a cost of goods interchange 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 valuation reserve 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: uni ts with the net per unit cost. u! nits with the highest per unit cost. C. oldest units. D. most recently purchased units. 8 When inventory prices be falling, the LIFO costing method will mostly allow in a: A. dispirit gross profit than nether FIFO. B. higher gross profit than down the stairs 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, pose it on our website: OrderCustomPaper.com

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