NO LATER THAN TOMORROW 9/10 NEED ANSWERS TO ACCOUNTING QUIZ

1.The inventory system that uses the merchandise inventory account as an active account is called the:

 

A method of valuing inventory based on the assumption that the oldest goods will be sold first is called the:

 

Cost of goods sold is shown on the:

 

In order to pay the least income tax possible in periods of rising inventory costs, the company should use which of the following inventory costing methods?

 

Ignoring a write-off of inventory that will not affect the financial statements to users of the information is an example of

 

A physical count of the inventory is taken when using which inventory system?

 

Assigning LCM to the items that make up the inventory of merchandise at the end of the accounting period is an application of which of the following concepts?

 

If Period 1 ending inventory is understated, then:

 

Net sales minus estimated gross profit yields the estimated:

 

A company has $8,200 in net sales, $1,100 in gross profit, $2,500 in ending inventory and $2,000 in beginning inventory. The company’s cost of goods sold is: