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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.
Purpose all worksheet eliminations in journal entry form necessary to consolidate Crain and Downey
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Benefit-cost analysis
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Evaluate amount of units must be sold in order to realize an operating income of $50,000?
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Draft the appropriate audit opinion provided the subsequent scenarios.
If the Bath Department is dropped, find the effect on the net operating income of the company as a whole? (Input the amount as positive value. Omit the "$" sign in your response.
Explain how property taxes are treated differently in the governmental funds statements as opposed to the governmental wide statements? Do you agree with this solution? Why or why not?
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