ACC 311 Quiz 5

ACC 311 Quiz 5 - Question 1 1 out of 1 points Bell Inc....

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Question 1 1 out of 1 points Bell Inc. took a physical inventory at the end of the year and determined that $650,000 of goods were on hand. In addition, Bell, Inc. determined that $50,000 of goods that were in transit that were shipped f.o.b. shipping were actually received two days after the inventory count and that the company had $75,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year? Answer Selected Answer: $775,000. Correct Answer: $775,000. Question 2 1 out of 1 points Which of the following is a period cost? Answer Selected Answer: Selling costs. Correct Answer: Selling costs. Question 3 1 out of 1 points An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is Answer Selected Answer: FIFO. Correct Answer: FIFO.
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Question 4 0 out of 1 points The failure to record a purchase of meron account even though the goods are properly included in the physical
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This note was uploaded on 11/08/2011 for the course ACC ACC 301 taught by Professor Kenny during the Spring '11 term at St. Leo.

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ACC 311 Quiz 5 - Question 1 1 out of 1 points Bell Inc....

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