12) A company made net sales revenue of $530,000, and cost of goods sold totaled $238,500. Ca profit percentage A)45% B) 130% C)55% 13) Which of the following inventory costing methods is based on the actual cost of each particu inventory? A) last-in, first-out C) weighted-average B) specific identification D) first-in, first-out 14) Which of the following inventory costing methods yields the highest cost of goods sold during inventory costs? B) weighted-average D) last-in, first-out A) first-in, first-out specific identification 15) Which of the following values is considered the market value when valuing inventory at lower-of-cost-or-market? A) sales price less the company's normal mark-up percentage B) cost plus the company's normal mark-up percentage C) historic cost D) current replacement cost 16) When a company uses the perpetual inventory method, which of the following would be the entry inventory to lower-of-cost-or-market? A) debit Merchandise Inventory and credit Cost of Goods Sold B) debit Loss on Inventory and credit Merchandise Inventory C) debit Merchandise Inventory and credit Inventory Adjustment D) debit Cost of Goods Sold and credit Merchandise Inventory 17) Which of the following inventory costing methods uses the cost of the oldest purchases to calculate t goods sold? A) B) specific identification D) first-in, first-out Q) last-in, first-out Better Buy, Inc has S units in inventory on December 31. The units were purchased in November fo The price lists from the suppliers indicate that the same items would now cost the company a total What would be the amount reported as Ending Merchandise Inventory on the balance sheet using t market rule? A) $1.320 B) $325 C) $2,600 D) $1,28 ending merchandise inventory for the current accounting period is overstated by $3,500. Wha t of this error? The cost of goods sold for the current accounting period will be overstated by $3,500. The ending merchandise inventory for the next accounting period will be ove he net income for the current accounting rstated by $3 period will be overstated by $3,500 he cost of goods sold for the next accounting period will be understated by $3,500