22-Financial information is presented below:

Operating expenses	$ 59000
Sales returns and allowances	2000
Sales discounts	9000
Sales revenue	194000
Cost of goods sold	102000

Gross Profit would be

a- $81000

b- $92000

c- $94000

d- $90000

23-The LIFO inventory method assumes that the cost of the latest units purchased are

a- The first to be allocated to cost of goods sold.

b- The last to be allocated to cost of goods sold.

c- The first to be allocated to ending inventory.

d- Not allocated to cost of goods sold or ending inventory.

24- Which of the following statements is correct with respect to inventories?

a- The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.

b- It is generally good business management to sell the most recently acquired goods first.

c- Under FIFO, the ending inventory is based on the latest units purchased.

d- FIFO seldom coincides with the actual physical flow of inventory.

25- All of the following are examples of internal control procedures except

a- Using per numbered documents.

b- Customer satisfaction surveys.

c- Reconciling the bank statement.

d- Insistence that employees take vacations.

26- Each of the following is a feature of internal control except

a- Recording of all transactions

b- An extensive marketing plan.

c- Separation of duties.

d- Bonding of employees.