ACCT 212 ACCT212 Week 4 Checkpoint Answers

ACCT 212 ACCT212 Week 4 Checkpoint Answers

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ACCT 212 ACCT212 Week 4 Checkpoint Answers

  1. (TCO 4) The financial statements of a merchandising company will show
  2. (TCO 4) Another term for gross profit is
  3. (TCO 4) A periodic inventory system
  4. (TCO 4) All of the following costs would be included in inventory except for
  5. (TCO 4) ABC Auto Sales sells new Lexus vehicles. ABC will most likely use the _____ method to cost its ending inventory.
  6. (TCO 4) To determine cost of goods sold under the FIFO method
  7. (TCO 4) Under the _____ method, ending inventory is based on the costs of the most recent purchases.
  8. (TCO 4) The disclosure principle states that a company should report _____ and _____ information about itself.
  9. (TCO 4) The lower-of-cost-or-market rule is based on the accounting principle of
  10. (TCO 4) The gross profit rate is calculated as

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