NEED HELP ASAP

Question 10

Detailed records of goods held for resale are not maintained under a

		periodic inventory system.
		single entry accounting system.
		perpetual inventory system.
		double entry accounting system.

3 points

Question 11

Inventories affect

		only the balance sheet.
		only the income statement.
		both the balance sheet and the income statement.
		neither the balance sheet nor the income statement.

3 points

Question 12

A company just starting business made the following four inventory purchases in June:

June 1	150 units	$ 390
June 10	200 units	585
June 15	200 units	630
June 28	150 units	510
		$ 2,115

A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is

		$683.
		$755.
		$825.
		$1,360.