quiz pal chapt 8 & 9

“ SALES - COGS “

this formula is used to calculate..

• profit

• gross profit

• balance b/f

• capital

perpetual inventory system…

• updates inventory records continuously

• updates inventory records periodically

• an asset

• an expense

These are types of inventories. except?

• raw materials

• bad debt expense

• work in process

• finished goods

“ The earliest goods purchased are the first to be sold” this statement refers to…

• Fifo method

• Lifo method

• Average cost method

• Straight line method

How to calculate ending inventory units using periodic inventory system?

• Beginning Inventory units + Purchase units - Sold units

• Beginning Inventory units - Purchase units - Sold units