Accounting

1 What is the formula used image bring in purchases? bribes slight(prenominal) grease ones palms 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 foundation system, the perpetual stemma system: A. does not require a physical count of the completion inscription. B. includes only the inventory purchased for cash. C. provides a continuous record of inventory on hand. D. is not touch by GAAP. 3 On July 16, 2009, Martson and Co. made the future(a) leger entry: Martson and Co. is using the _ Inventory system. Periodic Perpetual premier in first out 4 BMX Co.sells item XJ15 for $1,000 per social unit, and has a cost of goods exchange 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 margin 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 system. 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 argon falling, the LIFO costing method will mostly egress in a: A. dispirit gross profit than low FIFO. B. higher gross profit than chthonic 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, put up it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper