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4-Chapter 4 Review Questions - BB

4-Chapter 4 Review Questions - BB - Chapter 4 Review...

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Chapter 4 Review Questions The following data apply to the next three questions. Units Price Beginning Inventory 200 $1.20 First Purchase 400 $1.30 Second Purchase 250 $1.40 Sales 550 $2.00 1. Assuming a FIFO cost flow, the amount of gross margin reported on the income statement would be a. $405. b. $695. c. $415. d. None of the above. 2. Assuming a LIFO cost flow, the amount of ending inventory reported on the balance sheet would be 3. Assuming a weighted average cost flow, the amount of ending inventory reported on the balance sheet would be (round the final answer to the nearest dollar) 4. Barry Company purchased two identical inventory items. The item purchased first cost $7.00 and the item purchased second cost $9.00. Barney sold one of the items for $12.00. Which of the following statements is true?
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