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What the gross profit for the period would be

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Reference no: EM132816462

Problem 1:The final step in the accounting cycle is to prepare

a. closing entries.

b. adjusting entries.

c. A post-closing trial balance.

d. financial statements.

Problem 2: For a merchandising company, the net realizable value of its inventory is the

a. original cost of the inventory.

b. current selling price.

c. original cost of the inventory less any costs required to make the goods ready for sale.

d. current selling price less any costs required to make the goods ready for sale.

Problem 4: A company just starting in business purchased three merchandise inventory items at the following prices: first purchase, $100; second purchase, $120; third purchase, $125. If the company sold two units for a total of $400 and used FIFO, the gross profit for the period would be

A. $180.

B. $155.

C. $220.

D. $245.

Reference no: EM132816462

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