EXAM # Review Lazer Lectures

EXAM # Review Lazer Lectures - 1) The recording of cost of...

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Chapters 4-7 Questions From Lectures Dr. Ron Lazer 1) The recording of cost of goods sold along with sales revenue is an example of the matching principle. 1. True 2. False 4) A company's net sales revenue is $25,000,000. Its cost of goods sold is $15,000,000. Its beginning inventory is $100,000 and its ending inventory is $200,000. Which of the following is its rate of inventory turnover? 1. 100 2. 75 3. 1.67 4. 0.01 5) In a period of increasing prices, many companies prefer LIFO because it produces higher net income and higher ending inventory. 1. True 2. False
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Use the following information for questions 6-8: Samson Company had the following balances and transactions during 2008. January 1 Beginning inventory: 20 units at $70 each March 10 Sold 15 units for $100 each June 10 Purchased 10 units at $80 each October 30 Sold 8 units for $100 each December 31 Replacement cost: $75 each 6) What would Samson Company’s inventory amount be on December 31, 2008 if the periodic FIFO method was used? 1. $490 2. $510 3. $525 4. $560 7) What would Samson Company’s inventory amount be on December 31, 2008 if the periodic LIFO method was used? 1.
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This note was uploaded on 01/09/2010 for the course ACCT 2331 taught by Professor Staff during the Fall '08 term at University of Houston.

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EXAM # Review Lazer Lectures - 1) The recording of cost of...

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