78.The Lower of Cost or Market rule is based on which accounting principle?
B. revenue recognition
D. full disclosure
79.The price a business would pay for its inventory is
A. assessed value.
B. sales price.
C. replacement cost.
D. discount price.
80.The steps and proper order for estimating EI cost using the gross profit method are as follows:
A. determine COGA, estimate COGS, subtract COGS from COGA.
B. determine COGA, estimate COGS, subtract COGA from COGS.
C. estimate COGS, determine COGA, subtract COGA from COGS.
D. estimate COGS, determine COGA, subtract COGS from COGA.
81.An assumption necessary to the use of the Gross Profit method is that the
A. Gross Profit amount is constant from period to period.
B. inventory level remains constant.
C. rate of Gross Profit is constant from period to period.
D. Gross Profit percentage increases at the rate of inflation.
82.A company reported the following information regarding its inventory:
Beginning inventory: cost of $63,000; retail of $140,000
Net purchases: cost $42,000; retail $84,000
Sales at retail: $160,000
The year end inventory showed $64,000 worth of merchandise available at retail prices. What is the cost of the ending inventory?
83.An increase above the initial retail price of merchandise is
A. net profit.
B. gross profit.
84.The retail method is a means of estimating
A. selling price.
B. beginning inventory cost.
C. retail price of inventory.
D. ending inventory cost.
85.The difference between the cost and the initial retail price of merchandise is
D. market price.
86.Cost ratio is calculated by
A. dividing merchandise available for sale at cost by merchandise available for sale at retail.
B. dividing merchandise available for sale at retail by merchandise available for sale at cost.
C. dividing net retail sales by the cost of the merchandise sold.
D. dividing the cost of merchandise sold by net retail sales.
87.If a business builds and sells yachts, the logical method for computing the cost of goods sold is
B. average cost method.
C. specific identification method.
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