Question 28 2.5 pts

Ending inventory:

increases Cost of Goods Sold.

does not affect Cost of Goods Sold.

increases Sales.

decreases Cost of Goods Sold.

Flag this Question

Question 29 2.5 pts

If gross profit exceeds operating expenses, the company:

liabilities are greater than gross profit.

broke even.

had a net loss.

had a net income.

Flag this Question

Question 30 2.5 pts

Beginning inventory was $3,000, purchases totaled $20,000 and sales were $17,000. What is the ending inventory? Assume gross profit is $0.

$6,000

$8,000

$4,000

$2,000

Flag this Question

Question 31 2.5 pts

If $6,000 was the beginning inventory, purchases were $10,000 and sales were $7,000. How much was ending inventory last accounting period?

$0

$6,000

$9,000

$3,000