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Unformatted text preview: Chapter 8 Response Pad Questions 1 Treble Enterprises set its selling price at $80. Its markup percentage is 60%. What is Treble's cost per unit? A $30 B $48 C $50 D none of the above 2 Campbell Corp. plans to sell 50,000 units in January, 52,000 in February, and 55,000 in March. The company desires an ending inventory equal to 10% of the next month's estimated sales. What amount should the company produce in February? A 52,000 B 52,300 C 57,500 D 60,000 3 You are preparing the closing entries for the fiscal year ending October 31, 2010 for your company. Which of the following entries would not be included in this process? A debit retained earnings and credit salary expense B debit retained earnings and credit insurance expense C debit sales and credit retained earnings D debit unearned revenue and credit retained earnings 4 You are reviewing the accounting records of a friend's business and see an entry in their...
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- Spring '10
- net price method, salary expense debit, insurance expense debit