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Past Exam for 101 113 - Accounting 2 with Block at Moraine Park Technical College (MPTC)

Exam Information

Material Type:Exam
Professor:Block
Class:101 113 - Accounting 2
Subject:Accounting
University:Moraine Park Technical College
Term:--
Keywords:
  • Following Costs
  • Physical Count
  • Merchandise Inventory
  • Fob Shipping Point
  • Merchandise
  • F.o.b. Destination
  • Fob Destination
  • Following Statements
  • Owner's Equity
  • Replacement Cost
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Sample Document Text

Performance Assessment Part 2 Chapter 9 101-113 Accounting 2 For questions 1 – 7, indicate which inventory method is represented. Assume that inventory is valued at cost and all other costs remain steady. Use the following choices for questions 1 – 7. A. FIFO B. LIFO C. average cost D. weighted average 1. Inventory is considered to be composed of the units of merchandise acquired earliest. 2. Merchandise sold is assumed to be in the order in which the expenditures were made. 3. Inventory is assumed to be composed of the most recent costs. 4. Cost flow assumed to be in the reverse order in which the expenditures were made. 5. The cost of merchandise sold is the greatest during a period of consistently rising prices. 6. Net income is the highest when the purchase price is steadily rising. 7. Gross profit is the largest when the purchase price is steadily falling. 8. Which of the following costs would be included in merchandise inventory? A. purchase price, repair due to negligence, freight for delivery FO...

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