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A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the Last-In, First-Out inventory costing method, what is the amount of Cost of goods sold on the December 31 income statement? (Points : 1) $4,000 $3,750 $6,750 $3,500 None of these is correct 2. A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the First-In, First-Out inventory costing method, what is the amount of Cost of goods sold on the December 31 income statement? (Points : 1) $6,750 $4,000 $3,500 $3,750 None of these is correct 3. When a company uses the perpetual inventory method, the inventory account should stay current at all times. (Points : 1) True False 4. The following data is available: Net sales, first month $13,000 Normal gross profit 45% Beginning inventory 8,000 Net purchases 7,000 Using the gross profit method, the amount of Gross profit would be: (Points : 1) $15,000. $ 6,750. $ 5,850. $ 3,600. None of these is correct 5. A sales return is recorded with a credit to Inventory. (Points : 1) True False 6. Samson Company had the following balances and transactions during 2013. Beginning inventory 10 units at $70 March 10 Sold 8 units June 10 Purchased 20 units at $80 October 30 S15 units What would the company’s Inventory amount be on the December 31, 2013 balance sheet if the perpetual Last-In, First-Out costing method is used? (Answers are rounded to the nearest dollar.) (Points : 1) $490 $554 $560 $540 None of these is correct 7. Under Last-In, First-Out, the Cost of goods sold is based on the oldest purchases. (Points : 1) True False 8. A business has Beginning capital of $100,000. During the year, sales revenues were $20,000, Sales returns and allowances were $300, Sales discounts were $700, Cost of goods sold were $12,000, and all other expenses totaled $4,500. $1,000 of withdrawals were taken. The ending balance in Capital, after closing entries, would be: (Points : 1) $119,000. $ 98,500. $101,500. $ 1,500. None of these is correct 9. Revenue is $400,000 and Cost of goods sold is $320,000. How much is the gross profit percent? (Points : 1) 75% 20% 60% 80% None of these is correct 10. In the credit terms of 2/10, n/30, what does the 2/10 mean? (Points : 1) The invoice must be paid in 2 days or a 10% late charge will be assessed. The invoice was printed 2 days after the sale and is due in 10 days. The goods shipped took 2 days to arrive and the charge was $10.00. The purchaser may take a 2% dicount if the invoice is paid in 10 days.
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