13) 14) What type of account is the Cost of Goods Sold account? A) Liability B) Asset C) Contra asset D) Expense Glasgow Enterprises started the period with 80 units in beginning inventory that cost $2.20 each. During the period, the company purchased inventory items as follows: Purchase. 1 2 3 Number of Items 330 135 55 Glasgow sold 350 units after purchase 3 for $8.70 each. What is Glasgow's cost of goods sold under FIFO? A) $905 B) $770 C) $1,120 Cost $2.70 $2.80 $3.20 15) D) $1,002 Weiss Company purchased two identical inventory items. The first purchase cost $62 and the second cost $64. When the company sold one of the items for $72, it expensed S62 to its cost of goods sold account. Based on this information which of the following cost flow methods is the company using? A) NIFO B) FIFO 16) 17) C) LIFO D) Weighted average Which of the following is an internal control procedure used to safeguard a company's assets? A) Depositing cash receipts in a bank on a timely basis B) Segregation of duties C) Preparing a bank reconciliation D) All of these answer choices are correct Which of the following statements concerning internal controls is true? A) Internal administrative controls are designed to limit the amount of funds spent on investments. B) Strong internal controls provide reasonable assurance that the objectives of a company will be accomplished. C) Internal accounting controls are limited to the policies and procedures used to protect the company from embezzlement. D) The control procedure, segregation of duties, prohibits the employment of a husband and wife or other closely related parties within the same company.