el ca in 2 2012 Multiple Attempts This test allows 2 attempts. This is attempt number 1. Force Completion This test can be saved and resumed later. Your answers are saved automatically. Question Completion Status: QUESTION 1 The following information is available for Park Company at December 31, 2017: beginning inventory $80,000; ending inventory $120,000; cost of goods sold $1,050,000; and sales $1,800,000. Park s inventory turnover in 2017 is! e a. 13.2 times. b.8.7 times. c. 18 times. d. 10.5 times QUESTION 2 A company just starting in business purchased three inventory items at the following prices. First purchase $85; Second purchase $90; Third purchase $95. If the company sold two units for a total of $290 and used average-costing, the gross profit for the period would be a. $120. Click Save and Submit to save and submit. Click Save All Answers to save all ansure ra/courses/ 185959 1/d/outline in Batam Question Completion Status: QUESTION 2 A company just starting in business purchased three inventory items at the following prices. First purchase $85; Second purchase $90; Third purchase $95. If the company sold two units for a total of $290 and used average-costing, the gross profit for the period would be a. $120. b. $115. c. $110. d. $100. QUESTION 3 The selection of an appropriate inventory cost flow assumption for an individual company is made by a. the IASB. b. the external auditors. the internal auditors. d. company management. m a m anteam 2017 Question Completion Status: QUESTION 3 The selection of an appropriate inventory cost flow assumption for an individual company is made by a. the IASB. b. the external auditors. c. the internal auditors. d. company management. QUESTION 4 The cost of goods available for sale is allocated between a. beginning inventory and ending inventory. b.ending inventory and cost of goods sold. c beginning inventory and cost of goods on hand. d. beginning inventory and cost of goods purchased. QUESTION 5 1513 5-2114 8933170 "Courses/_185959 1/d/outline hic mit P ath 2013 * Question Completion Status: The cost of goods available for sale is allocated between a. beginning inventory and ending inventory. b.ending inventory and cost of goods sold. C. beginning inventory and cost of goods on hand. d.beginning inventory and cost of goods purchased. QUESTION 5 A company just starting in business purchased three inventory items at the following prices. First purchase $85; Second purchase $90, Third purchase $95. If the company sold two units for a total of $290 and used FIFO costing, the gross profit for the period would be a. $115. b. $125. c $110. d. $100 Click Save and Submit to save and submit. Click Save All Answers to save all answers