Answered: If inventory original cost is $3,000,…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...

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7. If inventory original cost is $3,000, estimated selling price is $2,500, estimated selling expense is $100, using the LCM method inventory is valued at:

Select one:

A. $3,000

B. $2,500

C. $3,100

D. $2,400

8. Bentley Manufacturing Co. uses the LIFO method of costing its inventory, which indicates that:

Select one:

A. Merchandise are sold in the order in which they are received

B. Last merchandise purchased is sold out first

C. There is no specific order in which merchandise is sold

D. None of the above

9. A Credit memo is a note from a seller indicating its intent to credit a customer’s accounts receivable.

Select one:

True

False

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