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QUESTION 15 Farmen Company had net sales of $600,000 and cost of goods sold of $450,000. Calculate Farmen's gross profit. T T T Arial 3 (12pt) TEE P da QUESTION 16 10 p Goods that are in transit and were shipped FOB shipping point should be included in the inventory records of the T T T Arial 3 (12pt) QUESTION 17 Match the following terms with the appropriate definition 1. How many times a company turns over (sells) Gross profit method its inventory in a period 2. An inventory valuation method where each item in inventory is identified with a specific Net realizable value purchase and invoice. 3. Market value used to apply the lower of cost or market rule to FIFO, weighted average, or Retail inventory specific identification inventory method 4. An inventory costing method that assumes the unit prices of the beginning inventory and of Days' sales in each purchase are weighted by the number of inventory total units 5. A method for estimating an ending inventory based on the ratio of the amount of goods for Weighted average sale at cost to the amount of goods for sale at inventory method retail price. 6. An estimate of the number of days one can sell from inventory if no new items are nterim statements purchased 7. An inventory valuation method that assumes that inventory items are sold in the order LIFO method acquired. Specific 8. Financial statements prepared for periods of identification less than one year. method 9. A method for estimating cost of ending inventory by applying the gross profit ratio to FIFO method Inventory turnover 10. An inventory valuation method that assumes costs for the most recent items purchased are sold first and charged to cost of roods sold TTT Arial

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