ACC 290 Week 4 Chapter 6 Orion WileyPlus Proficiency and Practice Quiz
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ACC 290 Week 4 Chapter 6 Orion WileyPlus Proficiency and Practice Quiz
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ACC 290 Chapter 6 Orion WileyPlus Build your Proficiency
Q 6.1 : Where is inventory reported ? Q 6.2 : ________ are items that will eventually be used in production Q 6.3 : How is inventory ready for sale classified in a manufacturing company ? Q 6.4 : In the perpetual inventory system , which of the following is NOT a reason to take physical inventory ? Q 6.5 : Which of the following is NOT considered an inventory cost ? Q 6.6 : What is the beginning inventory plus the cost of goods purchased ? Q 6.7 : A new company purchased three inventory items at the following costs : first purchase $ 60 ; second purchase $ 40 ; third purchase $ 50 . If the company sells two units for $ 200 , what would the gross profit for the period be , using FIFO costing ? Q 6.8 : What does the LIFO inventory method assume about the cost of the latest units purchased ? Q 6.9 : Which inventory flow assumption should a company choose if it is interested in the lowest amount of income tax expense in a period of increasing prices ?