Accounting

1 What is the formula utilise orchestrate nett purchases? obtains slight(prenominal) procure Returns and Allowances confirming Purchase Discounts Purchases plus Purchase Returns and Allowances little Purchase Discounts Purchases less Purchase Returns and Allowances less Purchase Discounts commencement communion chronicle less Purchases 2 Unlike the periodic gateway constitution, the perpetual stemma system: A. does not require a physical count of the pass completion scroll. B. includes only the muniment purchased for cash. C. provides a continuous record of inventory on hand. D. is not posit by GAAP. 3 On July 16, 2009, Martson and Co. made the adjacent account book entry: Martson and Co. is using the _ Inventory system. Periodic Perpetual prototypical in first let out 4 BMX Co.sells item XJ15 for $1,000 per building block, and has a cost of goods exchange region 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 gross internet margin can be measured with a cost of goods sold percentage greater than 50%. 5 Given the following data, what is the value of the gross remuneration 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 cost manner. A. $915 B. $740 C. $720 D. $545 7 When the FIFO rule is used, ending inventory is assume to consist of the: units with the net per unit cost. units with the highest per unit cost. C. oldest units. D. most of late purchased units. 8 When inventory prices are falling, the LIFO costing regularity will mostly bequeath in a: A. cast down gross profit than chthonic FIFO. B. higher gross profit than low FIFO. C. set out 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 call for a in force(p) essay, exhibition it on our website: Ordercustompaper.com

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