1. Plant assets are defined as: A. Tangible assets used in a company's operations that have a useful life of more than one accounting period. B. Tangible assets used in the operation of business that have a useful life of less than one accounting period. C. Assets that are physically consumed when used. D. Intangible assets used in the operations of a business that have a useful life of more than one accounting period. 2. The selected inventory costing method impacts: A. Gross profit and net income. B. Sales. C. The physical flow of goods. D. The quantity of inventory items on hand. E. The shipping terms to the buyer. 3. Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: Date Activities August 2 Purchase August 18 August 29 Purchase Sales Units Acquired at Cost 10 units @ $36 $360 15 units @ $38 $570 Units Sold at Retail 12 units sold What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) A. $446.40 B. $150.50 C. $570.00 D. $436.00 4. Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 12 units that were sold? Units Acquired at Cost Beginning inventory 10 units @ $26 = $260 Purchase Date Activities August 1 August 3 August 6 Sales A. $306. B. $332. Units Sold at Retail 20 units @ $28=$560 12 units sold C. $316. D. $304.