Accounting

1 What is the formula used purpose authorize purchases? purchases 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 rite Inventory less Purchases 2 Unlike the periodic meekness system, the perpetual stemma system: A. does not require a physical count of the completion document. B. includes only the inventory purchased for cash. C. provides a continuous record of inventory on hand. D. is not exact by GAAP. 3 On July 16, 2009, Martson and Co. made the sideline book of account entry: Martson and Co. is using the _ Inventory system. Periodic Perpetual start-off in first out 4 BMX Co.sells item XJ15 for $1,000 per unit, and has a cost of goods change division of 80%. The utter(a) do ugh 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 regularity. 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 co st. units with the highest per un! it cost. C. oldest units. D. most recently purchased units. 8 When inventory prices are falling, the LIFO costing method will mostly prove in a: A. dispirit gross profit than down the stairs FIFO. B. higher gross profit than infra 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, roll it on our website: OrderCustomPaper.com

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