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Unit 3 milestone with answers latest complete update 100% guaranteed

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nit 3 milestone with answers latest complete update 100% guaranteed You passed this Milestone Based on the information in the expanded income statement below, which of the following is the total of the Goods Available for Sale? Which inventory method was used to calculate cost of ...

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  • June 11, 2024
  • 7
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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Unit 3 milestone with answers latest complete update
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You passed this Milestone
1




Based on the information in the expanded income statement below, which of the
following is the total of the Goods Available for Sale?

• $37,000

• $72,000

• $47,00
• $35,000

2




Which inventory method was used to calculate cost of goods sold, based on the
information above?
• Weighted average

, •
Specific ID

LIFO
• FIFO


3
Adam has 40 T-8 light fixtures that he purchased for $12 each and 240 T-5 light fixtures that
he purchased for $16 each on the floor of his lighting supply store. He also has 80 T-8
fixtures and 120 T-5 fixtures in his warehouse.

What is the unit cost of the light fixtures if Adam implements the weighted
average inventory valuation method?

• $15.00

• $13.00

• $16.00
• $12.00

4
Which business below uses a perpetual inventory method?

• A car dealership

• A pet food store
• An antique shop
• A boat store

5




Given the information above, which of the following is the Gross Margin
percentage?

• 57%

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