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Quiz for ACIS 2115 - Principles of Accounting at Virginia Tech (VT)

Quiz Information

Material Type:Quiz 6
Professor:Staff
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
Keywords:
  • Inventory Cost Flow
  • Following Answer Choices
  • Expensive Designer Clothing
  • Lifo Cost Flow
  • Cost Flow Method
  • Average Cost Flow
  • Second Purchase
  • Regular-Priced Clothing
  • Fifo Cost Flow
  • Xyz Company
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Sample Document Text

ACIS 2115 Quiz 6 - October 14, 2005 The following data apply to questions 1 and 2. Units Price Beginning Inventory 200 $1.00 First Purchase 400 $2.00 Second Purchase 250 $3.00 Sales 550 $4.00 Use the following answer choices for questions 1 and 2. a. $1,350 b. $1,300 c. $1,250 d. $1,200 e. $1,050 f. $1,100 g. $950 h. $900 i. $850 j. none of the above 1. Assuming a FIFO cost flow, the amount of gross margin reported on the income statement would be B . 2. Assuming a LIFO cost flow, the amount of gross margin reported on the income statement would be___I____. 3. The specific identification cost flow method would most likely be used by companies that sell all of the following products except: a. Luxury cars b. Expensive designer clothing c. Regular-priced clothing d. Groceries. e. b and c f. a and d g. c and d h. a and b 4. In a period of rising prices, which inventory cost flow method results in the lowest amount of r...

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