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devry acct304 week 7 quiz




Question;(TCO 8) In applying LCM, market cannot be;less;than net realizable value minus a normal profit margin.;net;realizable value less reasonable completion and disposal costs.;greater than net realizable;value reduced by an allowance for normal profit margin.;less;than cost.;Question 2. Question;(TCO 8) Montana Co. has determined its year-end inventory on;a FIFO basis to be $600,000. Information pertaining to that inventory is as;follows;What should be the carrying value of Montana's inventory?;$600,000;$520,000;$590,000;$510,000;Question 3. Question;(TCO 8) Howard's Supply Co. suffered a fire loss on April;20, 2011. The company's last physical inventory was taken on January 30, 2011;at which time the inventory totaled $220,000. Sales from January 30 to April 20;were $600,000, and purchases during that time were $450,000. Howard's;consistently reports a 30% gross profit. The estimated inventory loss is;$490,000.;$238,000.;$250,000.;None;of the above;Question 4. Question;(TCO 8) When computing the cost-to-retail percentage for the;conventional retail method, included in the denominator are;net;markups and net markdowns.;neither;net markups nor net markdowns.;net markups, but not net;markdowns.;net;markdowns, but not net markups.;Question 5. Question;(TCO 8) Retrospective treatment of prior years' financial;statements is required when there is a change from;average;cost to FIFO.;FIFO;to average cost.;LIFO;to average cost.;All of the above


Paper#38517 | Written in 18-Jul-2015

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