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FinMan10e_ABSol_ch06 - 1 understated 2 overstated 3...

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1 ACHIEVEMENT TEST SOLUTIONS—CHAPTER 6 TEST 6A Fill-in-the-Blank Principles and Terminology 1. yes 2. no 3. no 4. $64 5. shipping point 6. last-in, first-out (LIFO) 7. gross profit method 8. FIFO 9. overstated 10. understated 11. understated 12. net realizable value Problem Problems 1. $250,000 2. $1,465 3. $1,406 4. $1,451.30 5. $15,000 6. $975 7. $825 8. $122,039 TEST 6B Fill-in-the-Blank Principles and Terminology
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Unformatted text preview: 1. understated 2. overstated 3. overstated 4. overstated 5. overstated 6. last-in, first-out (LIFO) 7. gross profit method 8. LIFO 9. retail inventory method 10. $75 11. Current Assets 12. periodic (inventory method) Problem Problems 1. $1,190 2. $952 3. $35,000 4. $350,000 5. $25,000 6. $1,620 7. $1,445 8. $1531.80...
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