ACG 3113 quiz.docx - core for this quiz 35 out of 50...

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core for this quiz: 35 out of 50 Submitted Nov 20 at 10:33am This attempt took 31 minutes. Question 1 5 / 5 pts Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer? Raw materials Work-in-process Correct! Finished goods Supplies Question 2 5 / 5 pts Which inventory costing method most closely approximates current cost for each of the following:
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Ending Inventory: FIFO, Cost of Goods Sold: FIFO Correct! Ending Inventory: FIFO, Cost of Goods Sold: LIFO Ending Inventory: LIFO, Cost of Goods Sold: FIFO Ending Inventory: LIFO, Cost of Goods Sold: LIFO Question 3 0 / 5 pts Which statement is true about the gross profit method of inventory valuation? You Answered It may be used to estimate inventories for annual statements. Correct Answer
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It may be used to estimate inventories for interim statements. It eliminates the need for physical inventories. When calculated on selling price, it will always be more than the related percentage based on cost.
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