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Unformatted text preview: 1. Question : Which of the following inventory costing methods is often adopted when a company prefers a "middle of the road" approach, receiving moderate income tax benefits while retaining some financial statement benefits? 2. Question : Beginning inventory is $28,000. Ending inventory is $47,000. Net purchases for the year are $110,000. The company's normal gross profit percent is 60%. How much is net sales revenue? 3. Question : Which of the following does "FOB Shipping Point" mean? 4. Question : Samson Company had the following balances and transactions during 2009. Beginning inventory 10 units at $70 March 10 sold 8 units for $100 June 10 purchased 20 units at $80 October 30 sold 15 units for $100 What would the company's inventory amount be on the December 31, 2009 balance sheet if the perpetual FIFO costing...
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This note was uploaded on 06/13/2011 for the course ACC 205 taught by Professor Robertcarr during the Spring '10 term at Ashford University.
- Spring '10