Reference no: EM132795604
Problem 1: The periodic inventory system is used most commonly by companies that sell
a. high-priced, high-volume merchandise,
b. high-priced, low-volume merchandise, ,
c. low-priced, high-volume merchandise,
d. low-priced, low-volume merchandise,
Problem 2: A physical count of inventory is usually taken
a. at the end of the fiscal year,
b. at the peak of the busy season,
c. at the start of the fiscal year,
d. in the middle of the fiscal year,
Problem 3: A merchandiser will earn an operating income of exactly zero when
a. cost of goods sold equals gross margin,
b. gross margin equals operating expenses.
c. net sales equals cost of goods sold,
d. operating expenses equal net sales.
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