Act105 week 42 - Study guides, Class notes & Summaries
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Act105 week 4.2 100% COMPLETE QUESTIONS AND ANSWERS, GRADED A+-2023
- Exam (elaborations) • 4 pages • 2024
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Question 1 of 10 10.0/ 10.0 Points 
When the periodic method of inventory accounting is used, purchases are recorded in the 
Inventory account. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
On January 1, 2007, Nichols Company’s inventory of Item X consisted of 2,000 units that 
cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it 
sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using LIFO is: 
A.$20,...
-
Act105 week 4.2 |100% COMPLETE QUESTIONS AND ANSWERS,
- Exam (elaborations) • 4 pages • 2024
-
- $9.49
- + learn more
Question 1 of 10 10.0/ 10.0 Points 
When the periodic method of inventory accounting is used, purchases are recorded in the 
Inventory account. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
On January 1, 2007, Nichols Company’s inventory of Item X consisted of 2,000 units that 
cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it 
sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using LIFO is: 
A.$20,...
-
Act105 week 4.2 Review Exam 2023 Questions and Answers (100% Correct)
- Exam (elaborations) • 4 pages • 2024
-
- $8.49
- + learn more
Question 1 of 10 10.0/ 10.0 Points 
When the periodic method of inventory accounting is used, purchases are recorded in the 
Inventory account. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
On January 1, 2007, Nichols Company’s inventory of Item X consisted of 2,000 units that 
cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it 
sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using LIFO is: 
A.$20,...
-
Act105 week 4.2 |100% COMPLETE QUESTIONS AND ANSWERS,
- Exam (elaborations) • 4 pages • 2024
-
- $9.49
- + learn more
Question 1 of 10 10.0/ 10.0 Points 
When the periodic method of inventory accounting is used, purchases are recorded in the 
Inventory account. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
On January 1, 2007, Nichols Company’s inventory of Item X consisted of 2,000 units that 
cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it 
sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using LIFO is: 
A.$20,...
-
ACCT 105 Act105 week 4.2QUESTIONS AND ANSWERS 100% Accuracy, latest 2024
- Exam (elaborations) • 4 pages • 2024
-
- $8.99
- + learn more
Question 1 of 10 10.0/ 10.0 Points 
When the periodic method of inventory accounting is used, purchases are recorded in the 
Inventory account. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
On January 1, 2007, Nichols Company’s inventory of Item X consisted of 2,000 units that 
cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it 
sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using LIFO is: 
A.$20,...
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