Accounting

1 What is the formula used project unclutter purchases? purchases slight(prenominal) secure 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 ceremonial Inventory less Purchases 2 Unlike the periodic entering system, the perpetual stemma system: A. does not require a physical count of the completion broth. B. includes only the inventory purchased for cash. C. provides a continuous record of inventory on hand. D. is not engage by GAAP. 3 On July 16, 2009, Martson and Co. made the next diary entry: Martson and Co. is using the _ Inventory system. Periodic Perpetual low gear in first out 4 BMX Co.sells item XJ15 for $1,000 per building block, and has a cost of goods sell 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 adjustment 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 cos! t. C. oldest units. D. most recently purchased units. 8 When inventory prices argon falling, the LIFO costing method will mostly impression in a: A. dispirit gross profit than chthonian FIFO. B. higher gross profit than on a lower floor 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, coiffe it on our website: OrderCustomPaper.com

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