Final+exam++AC281 - Final Exam - ACC 281 Name: 1) a. b. c....

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Final Exam - ACC 281 Name:
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1) After gross profit is calculated, operating expenses are deducted to determine a. gross margin. b. operating income. c. gross profit on sales. d. net margin 2) Which of the following is a true statement about inventory systems? a. Periodic inventory systems require more detailed inventory records. b. Perpetual inventory systems require more detailed inventory records. c. A periodic system requires cost of goods sold be determined after each sale. d. A perpetual system determines cost of goods sold only at the end of the accounting period. 3) A company purchased inventory as follows: 200 units at $10 300 units at $12 The average unit cost for inventory is a. $10.00. b. $11.00. c. $11.20. d. $12.00. 4) Of the following companies, which one would not likely employ the specific identification method for inventory costing? a. Music store specializing in organ sales b. Farm implement dealership c. Antique shop d. Hardware store 5)
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Final+exam++AC281 - Final Exam - ACC 281 Name: 1) a. b. c....

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