ACCT 504 help A Guide to career/uophelp.com ACCT 504 help A Guide to career/uophelp.com | Page 39

- Paid $1,000 for freight in.
- Paid the invoice within the discount period.
As a result of these events, the company's merchandise inventory
(Points : 3)
increased by 89,580.
increased by $89,690.
increased by $89,600.
increased by $91,500.
= (95000-4500)*0.98+ 1000
Question 8.8. (TCO B) In periods of rising prices, which of the
following inventory methods results in the highest gross profit figure?
(Points : 3)
FIFO
LIFO
Average cost method
Cannot be determined based on the information given
Question 9.9. (TCO A) On a classified balance sheet, prepaid expenses
are classified as (Points : 3)
current liabilities.
long-term liabilities.
current assets.
Prepaid expenses do not belong on the Balance Sheet.
Question 10.10. (TCO E) Which of the following is an internal control
procedure? (Points : 3)
Control environment
Comparisons and compliance monitoring
Promote operational efficiency