Unit 4 Assessment Answers.docx - Question 1 5 out of 5...

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Question 15 out of 5 pointsThe term "freight out" refers to __________.
Question 25 out of 5 pointsA company using the perpetual inventory system purchased inventoryworth $21,000 on account with terms of 3/10, n/30. Defective inventory of$1,000 was returned two days later, and the accounts were appropriatelyadjusted. If the invoice is paid within 10 days, the amount of the purchasediscount that would be available to the company is ________.
Question 35 out of 5 pointsWhich of the following is not recorded in a modern perpetual inventorysystem?
Answer:Customer account numbers and balances owed from thesale of merchandise inventoryQuestion 45 out of 5 pointsChanging from the LIFO (Last-In, First-Out) to the specific identificationmethod of valuing inventory ignores the principle of __________.
Question 50 out of 5 pointsWhich of the following is subtracted from net sales revenue to arrive atgross profit on a multi-step income statement?

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