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Multiple choice questions on Inventory methods
1. In a perpetual inventory system, the cost of purchases is debited to: a.Purchases. b.Cost of goods sold. c.Inventory. d.Accounts payable.
2. In a periodic inventory system, the cost of purchases is debited to: a.Purchases. b.Cost of goods sold. c.Inventory. d.Accounts payable.
3.In a period when prices are rising and inventory quantities are stable, the inventory method that would result in the highest ending inventory is: a.weighted average. b.FIFO. c.LIFO. d.none of the above.
4. Ending inventory is equal to the cost of items on hand plus: a.items in transit sold f.o.b. shipping point. b.purchases in transit f.o.b. destination. c.items in transit sold f.o.b. destination. d.None of the above.
5. A physical inventory count is taken when using which of the following inventory methods? a.Perpetual b.Periodic c.Interim d.both perpetual and periodic methods.
Evaluate Mr. Segovias minimum net employment income for the 2009 taxation year. Ignore PST and GST considerations.
Find gain or loss will be reported on the income statement for the sale of the machine?
Determine the balance in the investment account after the shares had been sold What was the reported balance of Wells Investment in Wilson Co. at December 31, 2011?
Purpose the journal entry to record the acquisition for Mercantile Corporation instantly before the business combination
How liquid is Heavy-Duty Tractors? Support your answer with any ratios that you believe are necessary to justify your conclusion. Also indicate any other information that you would want to have in making a final determination on its liquidity.
We have an problem dealing with an international lease. The lease is from the U.S. parent company, to a UK subsidiary.
Suppose the same facts as in part b., except that she earns a 3 percent after-tax rate of return on investments outside of the retirement accounts. $______value is GREATER accretion if she rolls over traditional into Roth IRA
What kind of transaction is a service revenue earned on account
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Evaluate the necessary requirements on the basis - Find Cranberry Corporation's addition to retained earnings with a 10% increase in sales? Assume the dividend payout ratio and profit margin remains fixed.
Payments for inventory are 70% in the month following purchase and 30% two months following purchase-Evaluate the cash collections for December
In 2008, did Safeway prepare enough cash from operations to fund all of its investing activities Did Safeway produce enough cash from operations to cover both its investing and its financing activities
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