Please send me the answers by 4pm!!! Thank you! There Are 15 questions in total

Two categories of expenses in merchandising companies are..

Question 1 options:

A)

sales and cost of goods sold

B)

selling expenses and administrative expenses

C)

cost of goods sold and operating expenses

D)

cost of goods sold and financing expenses

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Which of the following expressions is incorrect?

Question 2 options:

A)

Net income + operating expenses = gross profit

B)

Gross Profit - operating expenses = net income

C)

Operating expenses - cost of goods sold = gross profit

D)

Sales- cost of goods sold- operating expenses = net income

Q3: A company just starting business made the following four inventory purchases in June:

Total Cost

June1150 units$780

June 10200 units1,170

June 15200 units1,260

June 28150 units990

$4,200

A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand.The company uses a periodic inventory system.

Using the LIFO inventory method, the value of the ending inventory on June 30 is..

Question 3 options:

A)

$1,365

B)

$1,620

C)

$2,835

D)

$2,580

Q4: Using the FIFO inventory method, the amount allocated to cost of goods sold for June is... (same number as last one)

$2,290

B)

$2,580

C)

$2,835

D)

$1,620

Q5: Using the average cost method, the amount allocated to the ending inventory on June 30 is..

A)

$1,150

B)

$4,200

C)

$2,700

D)

$1,500

Q6: The Inventory method which results in the highest gross profit for June is..

A)

the FIFO method.

B)

not determinable

C)

the LIFO method.

D)

the weighted average unit cost method.

Q7: Levy's Used Cars uses the specific identification method of costing inventory. During March, Levy purchased three cars for $5,000, $6,500, and $8,000, respectively. During March, two cars are sold for $7,500 each. Levy determines that at March 31, the $8,000 car is still on hand. What is Levy's gross profit for March?

Question 7 options:

A)

$2,000

B)

$7,000

C)

$3,500

D)

$500

Q8: Of the following companies, which one would not likely employ the specific identificastion method for inventory costing?

Question 8 options:

A)

Antique Shop

B)

Music store specializing in organ sales

C)

Hardware Store

D)

Farm implement dealership

Q9: Which of the following statements is true regarding inventory cost flow assumptions?

Question 9 options:

A)

A company may use more than one costing method concurrently

B)

A company must comply with the method specified by industry standards.

C)

A company may never change its inventory costing method once it has chosen a method.

D)

A company must use the same method for domestic and foriegn operations.

Q10: Which of the following statements is correct with respect to inventories?

Question 10 options:

A)

The FIFO method assumes that the costs of the earliests goods acquired are the last to be sold.

B)

FIFO seldom coincides with the actual physical flow of inventory.

C)

Under FIFO, the ending inventory is based on the latest units purchased.

D)

It is generally good business management to sell the most recently acquired goods first.

Q11: The Jeter Company uses the perpetual inventory system and the moving average method to value inventories. On August 1, there were 5,000 units valued at $15,000 in the beginning inventory. On August 10, 10,000 units were purchased for $6 per unit. On August 15, 8,000 units were sold for $12 per unit. The amount charged to cost of goods on August 15 was...

Question 11 options:

A)

$96,000

B)

$36,000

C)

$40,000

D)

$48,000

Q12: In periods of rising prices, the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the..

Question 12 options:

A)

tax method

B)

average cost method

C)

FIFO method

D)

LIFO method

Q13: In a period of increasing prices, which inventory flow assumption will result in the lowest amount of cash before income tax?

Question 13 options:

A)

FIFO

B)

Cash will be the same under all asumptions

C)

Average Cost

D)

LIFO

Q14LIFO is seldom used in Canada because..

Question 14 options:

A)

LIFO is not permitted to be used for income tax purposes in Canada.

B)

LIFO does not provide the best income statement valuation.

C)

in periods of price declines, LIFO will produce a lower net income than any other cost flow assumption.

D)

LIFO does not match current costs with current statement valuation.

QQ15:

LIFO is seldom used in Canada because..

Question 14 options:

A)

LIFO is not permitted to be used for income tax purposes in Canada.

B)

LIFO does not provide the best income statement valuation.

C)

in periods of price declines, LIFO will produce a lower net income than any other cost flow assumption.

D)

LIFO does not match current costs with current statement valuation.