Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the following except:
A. Weighted average method.
B. Retail method.
C. LIFO method.
D. Specific identification method.
E. FIFO method.
Answer: B
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Which of the following terms should not be hyphenated?
A) The relationship was long-term. B) We had a long-term relationship. C) That is one self-confident politician. D) I introduced her as my ex-wife. E) Please meet my mother-in-law.
All of the following are fixed price strategies except:
A. bundling. B. versioning. C. free pricing. D. yield management.
The most common occupational frauds in small businesses involve employees doing all of the following EXCEPT:
a. skimming revenues. b. fraudulently writing company checks. c. processing fraudulent invoices. d. altering financial statement.
Merchandise with an invoice price of $5,000 is purchased on September 2 subject to terms of 2/10, n/30, FOB destination. Freight costs paid by the seller totaled $200. What is the cost of the merchandise if paid on September 12, assuming the discount is taken?
A) $5,200 B) $5,096 C) $4,704 D) $4,900