quiz ch.6 - ACCT 2101 Chapter 6 quiz Fall 2009 Name SHOW YOUR WORK OR YOU WILL NOT RECEIVE ANY CREDIT_A 1 The two most widely used methods for

quiz ch.6 - ACCT 2101 Chapter 6 quiz Fall 2009 Name SHOW...

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ACCT 2101 Chapter 6 quiz Fall 2009Name:SHOW YOUR WORK, OR YOU WILL NOT RECEIVE ANY CREDIT!__A__ 1.The two most widely used methods for determining the cost of inventory are a.FIFO and LIFOb.FIFO and averagec.LIFO and averaged.gross profit and average__A__ 2.The inventory costing method that reflects a cost flow that is in the order in which the costs were incurred and will report the most current prices in ending inventory is 3.The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is Use the following information for Questions 17 & 18.The inventory data for an item for September are:Sep. 1Inventory20 units at $204Sold10 units10Purchased30 units at $2517Sold20 units30Purchased 10 units at $30 __A__

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