Question 16

Q: ABC Corp. has 110 units of inventory. 50 were purchased on April 15 and have a unit cost of $5.00. 60 were purchased on May 1 and have a unit cost of $5.20. On May 3, ABC sells 55 units of this product. Using the FIFO (first-in, first-out) cost flow assumption, what COGS should ABC recognize for the May 3 sale of 55 units?

		277.50
		275.50
		276
		275

1 points

Question 17

Q: Which of the following results in a contra-revenue?

	A.	Bad debt expense
	B.	Discount for early payment of A/R
	C.	Fee charged by credit card company
	D.	None of the above

1 points

Question 18

Q: A company declares and pays a cash dividend to its shareholders. This results in a:

	A.	A cash flow from financing activities
	B.	A cash flow from operating activities.
	C.	A cash flow from investing activities
	D.	None of the above.

1 points