Help Please - I need to check my answers on this assignment. It is an excel document.

Name: Date: Merideth McDaniel May 24, 2017 Matching Referring to the items listed below, place the appropriate letter next to the corresponding description. a. b. c. d. e. FOB shipping point Freight prepaid Chain discount Sales discounts FOB destination f. g. h. i. j. Freight collect Purchase discounts Operating revenues Nonoperating revenues Credit k. l. m. n. o. 1. a The term used when the buyer incurs all transportation costs after the m point of shipment. 2. 3. 4. f c g This term is used when the buyer pays the freight bill upon arrival of the This term is applied when a list price is subject to several trade discount Cash discounts as recorded on the books of the buyer. tion. Debit Cost of goods sold Gross margin Selling expenses Adminstrative sportation costs after the merchandise is loaded at the eight bill upon arrival of the goods. ct to several trade discounts. he buyer. Completion and Exercises Fill in the blanks using the dropdown list. 1. When the perpetual inventory method is being used, the accountant de Cash) when goods are purchased and debits Cost of Goods Sold and cre proper sales entry. 2. When prices are rising, LIFO inventory is __________ (higher or lower) t goods sold under LIFO to be __________ (higher or lower) than under F lower) under LIFO. 3. Name two recognized methods of estimating the cost of ending invento 4. Assuming periodic inventory procedure, what effect would an understat financial statements? Balance Sheet Completion and Exercises ory method is being used, the accountant debits __________ __________ and credits Accounts Payable (or hased and debits Cost of Goods Sold and credits __________ __________ when gods are sold, along with the O inventory is __________ (higher or lower) than FIFO inventory at the end of the year. This will cause the cost of e __________ (higher or lower) than under FIFO, and accordingly the net income will be __________ (higher or hods of estimating the cost of ending inventory. ry procedure, what effect would an understatement of ending inventory have on the different items on the Balance Sheet