Weekly Quiz 4_ Attempt review.pdf - Weekly Quiz 4 Attempt...

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6/2/2020Weekly Quiz 4: Attempt review1/3Home/My Courses/ ACCT701-AP1-STACKED-37793-SUMMER2020/ Module 4: June 1 - June 7/ Weekly Quiz 4Question Correctwhen goods are sold. During periods of rising prices, FIFO creates higher net income since the costscharged to cost of goods sold are lower.1Mark 1.50 out of1.50Question CorrectSelect one:2Mark 1.50 out of1.50Question Correct3Mark 1.50 out of1.50Started onTuesday, June 2, 2020, 4:51 PMStateFinishedCompleted onTuesday, June 2, 2020, 5:05 PMTime taken13 mins 53 secsGrade15.00out of 15.00 (100%)(T / F) FIFO assumes that the costs of the first goods purchased are those charged to cost of goods soldwhen goods are sold. During periods of rising prices, FIFO creates higher net income since the costscharged to cost of goods sold are lower.Select one:True FalseThe correct answer is 'True'.
(T / F) Inventory turnover ratio = (Cost of goods sold) / (Average inventory )Select one:

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