1. Use the following data for the question.
Jan 01 Beginning Inventory 100 units at $5 per unit Total: $500
Jan 03 Purchase 50 units at $6 per unit Total: $300
Jan 10 Purchase 80 units at $7 per unit Total: $560
Jan 17 Purchase 30 units at $8 per unit Total: $240
Goods Available for Sale 260 units Total: $1,600
Jan 24 Sale 220 units
The Jan 24 sale consisted of 100 units from the beginning inventory, 40 units from the Jan 3 purchase, 60 units from the Jan 10 purchase, and 20 units from the Jan 17 purchase.
Using Specific Identification, the ending Inventory valuation is
$200.
$246.
$280.
$310.
 

 
2. The Receivables Turnover Ratio shows
the number of times the company borrows money during the year.
the number of times receivables are collected during the year.
the number of times the company sells its inventory during the year.
the number of time the company trades in equipment during the year.
 


3. Revenue expenditures are debited to a(n)
asset account.
stockholders' equity account.
revenue account.
expense account
 


4. Which depreciation method is used for financial statement purposes if you expect the asset's usefulness to vary from one period to another period?
straight line
units of activity
declining balance

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