Principles of Accounting I - Chapter 7 Quiz.docx -...

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Principles of Accounting I-E-AH Gisselle M. MoshankoChapter 7 QuizQuestion 12 PointsDuring the taking of a physical inventory on December 31, 2012, inventory was countedas $100,870 instead of the correct amount of $100,780. The effect of the error on theDecember 31, 2012 balance sheet and income statement will be:
Question 22 PointsMerchandise inventory is reported on the balance sheet in the section titled:
Question 32 PointsUnder the periodic inventory system, Village Fabrics purchases navy plaid fabric used inits fabric-selling business in the following lots: June 5 - 4 yards at $2.50 per yard, June12 - 7 yards at $3.00 per yard, June 17 - 8 yards at $3.50 per yard. What is the periodicaverage cost of the fabric per yard?
Question 42 PointsUnder the perpetual inventory system, Village Fabrics purchased 25 yards of blue plaidfabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue

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FIFO and LIFO accounting, Village Fabrics

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