Here is another Accounting quiz that I need help with.

Given the following information, what is the gross margin percentage? Sales $570,000 Sales Discounts 9,800 Sales Returns and Allowances 44,000 Cost of Goods Sold 320,000 A. 37% B. 38% C. 44% D. 62%. 2 points Question 2 Beginning inventory on January 1 represents the cost of inventory as of the preceding December 31. True False 2 points Question 3 A classified income statement is also called a multi-step income statement. True False 2 points Question 4 The following amounts appeared in a classified income statement: Net sales - $85,000 Net cost of purchases - $22,000 Cost of goods sold - $30,000 Operating expenses - $15,000 How much was income from operations? A. $40,000 B. $22,000 C. $52,000 D. $37,000 2 points Question 5 The difference between an unclassified and a classified income statement is that the classified income statement is: A. shorter. B. compressed. C. sectioned. D. simpler. 2 points Question 6 Usually, physical delivery of goods accompanies their sale. True False 2 points Question 7 Under the periodic inventory procedure, the Cost of Goods Sold account need not be debited at the time of each sale. True False 2 points Question 8 The Sales Returns and Allowances account is an expense account. True False 2 points Question 9 Interest expense and interest revenue should be shown under the: A. "Operating Expenses" section. B. "Cost of Goods Sold" section. C. "Non operating Revenues and Expenses" section. D. "Operating Revenues" section. 2 points Question 10 Net sales revenue is equal to: A. Revenues + Sales Discounts - Sales Returns and Allowances. B. Sales - Sales Discounts + Sales Returns and Allowances. C. Sales - Sales Discounts - Sales Returns and Allowances. D. Sales - Sales Discounts - Trade discounts - Sales Returns and Allowances. 2 points Question 11 The "Operating expenses" section of a classified income statement is further subdivided into sections for selling expenses and administrative expenses. True False 2 points Question 12 A company can appropriately record revenue when legal title to goods has passed to the consumer. True False 2 points Question 13 Under a perpetual inventory system, the Merchandise Inventory account is updated at the time of each sale or purchase. True False 2 points Question 14 A perpetual inventory system provides better control over inventory items than a periodic inventory system. True False 2 points Question 15 The lower-of-cost-or-market (LCM) method can be applied on a unit, class, or total inventory basis. True False 2 points Question 16 Russ Company earned gross margin at a 40 percent rate on its net sales of $250,000 in 2012. If the cost of the goods available for sale was $200,000, the company's ending inventory must have been: A. $100,000 B. $250,000 C. $200,000 D. $ 50,000 2 points Question 17 In a period of rising prices, the last-in, first-out inventory costing method will give a lower net income than the FIFO or weighted-average methods. True False 2 points Question 18 Generally, inventory cost would include all costs necessary to get goods ready for sale. True False 2 points Question 19 The beginning inventory of an alarm clock was 4 units at a cost of $5 each. Purchases consisted of 4 units at $6 each, and 8 units at $8, and 11 units were sold for $15 each. The ending inventory under the weighted-average method of inventory costing using the periodic inventory procedure is: A. $31.67 B. $74.25 C. $36.00 D. $33.75 2 points Question 20 The specific identification method's advantages include the company's ability to use this method with: A. items of high value with unique characteristics like automobiles. B. basically identical units. C. little concern for actual prices paid for purchases. D. no concern that income will be manipulated. 2 points Question 21 The accounting principle of consistency discourages companies from changing the inventory methods they use. True False 2 points Question 22 The Rock Supply Co. uses the perpetual inventory procedure and the LIFO method of inventory costing. Following are inventory data for 2011. Purchases Sales January 10 600 units at $8.00 March 17 400 units March 15 800 units at $7.60 October 5 1,300 units May 18 500 units at $8.20 December 30 600 units at $8.00 If there was no beginning inventory, the cost of the ending inventory is: A. $6,400 B. $8,030 C. $7,080 D. $6,880 2 points Question 23 During several years of constantly rising prices, the Stetson Company used the LIFO method of inventory valuation, the Mott Company used the FIFO method of inventory valuation, and the Smith Company used the weighted-average method of inventory valuation. In which company would the balance sheet figure for inventory be closer to the current replacement cost of the merchandise on hand? A. Smith Company and Mott Company would be similar in this regard. B. Smith Company C. Stetson Company D. Mott Company 2 points Question 24 Items of high value with unique characteristics (and/or serial numbers) often are inventoried using: A. specific identification. B. last-in, first-out (LIFO). C. first-in, first-out (FIFO). D. weighted-average. 2 points Question 25 Inventories should be recorded at cost unless market value is lower. True False