In the FIFO inventory method, it is assumed that the items purchased first are the first ones to be ...

In the FIFO inventory method, it is assumed that the items purchased first are the first ones to be sold.
  Indicate whether the statement is true or false

Q. 2

Find the trade discount amount for an order of paper supplies with a list price of 25,000, less trade discounts of 30/20/10. Use the single equivalent discount for your answer.
 A) 16,120
  B) 11,250
  C) 12,400
  D) 13,750

Q. 3

An inventory system in which merchandise is physically counted at least once a year to determine the value of goods available for sale is known as a periodic inventory system.
  Indicate whether the statement is true or false

Q. 4

A discount clothing store buys shirts and slacks with a list price of 12,750. If the wholesaler offers trade discounts of 15/25/15, find the single equivalent discount.
 A) 0.444375
  B) 0.357896
  C) 0.458125
  D) 0.352852

Q. 5

Goods purchased for resale are called merchandise inventory.
  Indicate whether the statement is true or false

Q. 6

Find the trade discount amount for an order of merchandise with a list price of 25,000 less trade discounts of 30/25/10.
 A) 11,812.50
  B) 187.50
  C) 13,187.50
  D) 12,418.25

Q. 7

Inventory is defined as the goods that a company has in its possession at any given time.
  Indicate whether the statement is true or false