Merchandising Operations and Inventory in Accounting: Help and Review Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following is a costing method that assumes inventory items are sold in the order in which they are acquired?

Question 2 2. Which costing method assumes that the most recent inventory items purchased are the first ones to be sold, and inventory items purchased first are sold last?

Question 3 3. Which of the following is a costing method that is used to track cost specific and identifiable inventory items that are either in or out of stock?

Question 4 4. Sam sells his inventory from a booth. He grabs whichever item he can and, at the end of the month, has sold everything. Which costing method would Sam use?

Question 5 5. Why is inventory valuation used?

Merchandising Operations and Inventory in Accounting: Help and Review Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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