1. Elijah currently has six strollers that he purchased for $235 each and four cribs that he purchased for $450 each on the floor of his baby supply store. He also has three strollers and two cribs in his storeroom.

Using the weighted average cost method, what is the cost of each item being sold at Elijah's baby supply store?

Vern uses a perpetual inventory method at his store.This means that purchases are debited to his merchandise inventory.

Which of the following is credited to his merchandise inventory?

In 2011, Matt's hunting store sold goods that cost $89,000, and had expenses that totaled $12,000. His average stock of goods during 2011 was $45,000.

Which of the following is Matt's hunting store inventory turnover ratio in 2011?

Which one of the businesses below would most likely use the FIFO method of inventory valuation?

Which of the businesses below uses a periodic inventory method?

Anne Marie went to a merchandisers' market onJanuary 6th and purchased 25 coffee tables at $62 each. The terms of payment of the invoice were 2% 10, Net 30. When she returned to her office on January 10th, she wrote out and mailed a check to pay the invoice.

What amount will Anne Marie record in her purchases account?

An expanded income statement is generally divided by the different categories of revenue.

The most common categories are __________.