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Which of the following methods is appropriate for a business whose inventory consists of a relatively small number of unique, high-cost items? a) specific identification
Which of the following methods is appropriate for a business whose inventory consists of a relatively small number of unique, high-cost items?
a) specific identification
b) average
c) FIFO
d) LIFO
Consider the following information taken from the cash account. Assume cash payments were 80% of collections.
Cash | |
?? | Beg. balance |
$115,375 | Collections |
?? | Disbursements |
$80,275 | End balance |
How much was the beginning balance of the cash account?
a.$92,300
b.$103,350
c.$57,200
d.$35,100
No allowance account is used with the direct write-off method.
True
False
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