Ko Weakly Enterprises. is similar to Santiago Co. except that Ko Weakly uses LIFO and Santiago Co. uses average costs. In an extended period of increasing inventory costs, Ko Weakly's gross profit and inventory turnover ratio, compared to Santiago Co's, would be:

	Gross Profit		Inventory Turnover
a.	higher		higher
b.	higher		lower
c.	lower		lower
d.	lower		higher

Multiple Choice

• Option D

• Option B

• Option C

Which of the following is not included in the definition of cash:

Multiple Choice

• Foreign currency.

• Money orders.

• Undeposited customer checks.

• Restricted cash.