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Unformatted text preview: Chapter 9 Quiz Review of attempt 1 Started on Wednesday, November 17, 2010, 04:57 PM Completed on Wednesday, November 17, 2010, 06:07 PM Time taken 1 hour 10 mins Grade 6 out of a maximum of 10 ( 60 %) Question 1 Marks: 1 A major advantage of the retail inventory method is that it Choose one answer. a. provides reliable results in cases where the distribution of items in the inventory is different from that of items sold during the period. b. hides costs from competitors and customers. c. gives a more accurate statement of inventory costs than other methods. d. provides a method for inventory control and facilitates determination of the periodic inventory for certain types of companies. Correct Marks for this submission: 1/1. Question 2 Marks: 1 When valuing raw materials inventory at lower-of-cost-or-market, what is the meaning of the term "market"? Choose one answer. a. Net realizable value b. Net realizable value less a normal profit margin c. Current replacement cost d. Discounted present value Correct Marks for this submission: 1/1. Question 3 Marks: 1 Kesler, Inc. estimates the cost of its physical inventory at March 31 for use in an interim financial statement. The rate of markup on Kesler, Inc....
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- Spring '11