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W09 136a #2 version 2 answers

W09 136a #2 version 2 answers - Answer Key Version#1...

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Answer Key Version #1 UCSB 136a  Version 2 --- mark on scantron!! Barrett Carrere Winter 2009 Mid Term #2 Chapters 6-9   Please put scantron inside front cover when turning in.  ___________________________________________________________ Name, student id #, AM or PM class?  Note: please turn in all to receive credit on test: 1) this test.  2) your green scantron – mark the version # on scantron right now  please!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! You may remove the problem pages from the test if you like, however, please make sure you write  your name on these sheets.     Scoring key Possible Score Multiple choice 15 questions 150 Dollar value LIFO 50 Effective interest 88 Total 288 1. Goods in transit which are shipped f.o.b. destination should be 1
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Answer Key Version #1 a. included in the inventory of the seller. b. included in the inventory of the buyer. c. included in the inventory of the shipping company. d. none of these. 8-23 A 2. Which of the following statements is not true as it relates to the dollar-value LIFO inventory  method? a. It is easier to erode LIFO layers using dollar-value LIFO techniques than it is with specific goods  pooled LIFO. b. Under the dollar-value LIFO method, it is possible to have the entire inventory in only one pool. c. Several pools are commonly employed in using the dollar-value LIFO inventory method. d. Under dollar-value LIFO, increases and decreases in a pool are determined and measured in terms of  total dollar value, not physical quantity. 8-58 A 3. Kingman Company had 400 units of “Dink” in its inventory at a cost of $6 each. It purchased  600 more units of “Dink” at a cost of $9 each. Kingman then sold 700 units at a selling price of  $15 each. The LIFO liquidation overstated normal gross profit by a. $  -0- b. $300. c. $600. d. $900. 8-86 B 86. b [(700 – 600) × ($9 – $6)] = $300. 4.
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W09 136a #2 version 2 answers - Answer Key Version#1...

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