Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details.
A) $540,000
B) $529,000
C) $547,000
D) $829,000
B) $529,000
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A picking ticket is affixed to the inventory package sent to the customer and identifies the customer and the contents of the package
Indicate whether the statement is true or false
Food is considered to be the most culturally sensitive category of consumer products
Indicate whether the statement is true or false
Many automobile dealerships employ a non-negotiable or no-haggle price strategy to sell their cars. A customer who wants to buy a new or used car would pay the posted price. These dealers probably adopted this pricing policy because
A. women have an intense dislike of price negotiation, yet still want to buy a car. B. the industry was discussing the abandonment of self-regulation practices. C. women distrust men in general and car salesmen in particular. D. many recent immigrants into the United States are not accustomed to negotiation. E. a sluggish economy guarantees that negotiations would produce negative profit per vehicle.
Which of the following statements is not true?
a. A qualified opinion or an adverse opinion may bring into question the reliability of the financial statements. b. A disclaimer of opinion indicates that one should not look to the auditor's report as an indication of the reliability of the statements. c. In some cases, outside accountants are associated with financial statements when they have performed less than an audit. d. A review is substantially less in scope than an examination in accordance with generally accepted auditing statements. e. The accountant's report expresses an opinion on reviewed financial statements.