Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a. will always be lower when using lifo rather tha

A. will always be lower when using LIFO rather than FIFO, during a period of...

70.2K

Verified Solution

Question

Accounting

image
A. will always be lower when using LIFO rather than FIFO, during a period of rising B. will be the same amount when using LIFO or FIFO, during a period of rising prices. 6. Cost of goods sold: prices. 7. D. is the number of units of inventory purchased multiplied by cost per unit of inventory Merchandise inventory: A. is an asset on the balance sheet. B. is the cost of inventory that has not been sold. C. is neither A or B. D. is both A and B. 8. Inventory turnover: A. indicates how rapidly inventory is sold. B. is the ratio of purchases to average inventory. C. both A and B. D. none of the above 9. The Merriweather Merchandising Company had the following records: Net sales $88,500 Beginning inventory 10,500 Purchases 28,000 Freight-in 2,000 Sales salaries expense 9,700 Ending inventory 12,000 What is the cost of goods sold for this company? A. $26,500 B. $29,500 C. $28,500 D. $31,500 10. Refer to Question 9. What is the gross profit for this company? A. $62,000 B. $60,000 C. $50,300 D. $52,300

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students