22. A company that sells on credit can pledge its receivables as collateral against a loan. (True or False)

38. Assume that during 2019, product costs increased steadily. Under these circumstances which inventory costing procedure would result in the lowest reported gross profit for 2019?

a. FIFO

b. LIFO

c. Weighted Average

d. The same gross profit would be reported regardless of which inventory costing procedure was in use.

37.

Which inventory costing method would most-likely result in a balance sheet amount for inventory that would reflect inventory in relatively current costs?

		a. FIFO
		b. LIFO
		c. Weighted-Average

39.

A company began December with 300 units of an item that cost $20 per unit. On 12/16 the company sold 100 units for a price $35 per unit. The company then purchased 200 more units at $30 each. Using LIFO perpetual, the Cost of Goods Sold would be:

		a. $ 2,000
		b. $ 3,000
		c. $ 3,500