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  1. business
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  3. a company shows the following balances: sales $1,0

A company shows the following balances: Sales $1,000,000 175,000 Sales Returns and Allowances Sales Discounts...

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Accounting

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A company shows the following balances: Sales $1,000,000 175,000 Sales Returns and Allowances Sales Discounts Cost of Goods Sold 25,000 600,000 What is the gross profit rate? Select one: a. 60% O b. 75% c. 40% O d. 25% When the FIFO method is used, ending inventory is assumed to consist of: Select one: a. The most recently purchased units b. The oldest units C. The units with the highest per unit cost d. The units with the lowest per unit cost Comparing periodic LIFO and periodic FIFO, which method results in lower amounts of Cost of Goods Sold and Gross Profit in periods of rising prices? Select one: O a. Cost of Goods Sold Gross Profit FIFO FIFO O, Cost of Goods Sold Gross Profit LIFO LIFO Cost of Goods Sold Gross Profit FIFO LIFO O d. Cost of Goods Sold Gross Profit LIFO FIFO 12/01 Beginning Inventory 100 units @ $6/unit 12/10 Purchase 100 units @ $8/unit 12/20 Purchase 200 units @ $9/unit 12/31 Ending Inventory 150 units Assuming that a periodic inventory system is used, what is the ending inventory under the LIFO method? Select one: a. $2,200 b. $1,850 c. $1,350 O d. $1,000

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