题目内容

Riverview Software began January with $3,700 of merchandise inventory. During January, Reverview made the following entries for its inventory transactions:Inventory6,600Accounts Payable6,600Accounts Receivable 7,300Sales Revenue7,300Cost of Goods Sold 5,200Inventory5,200What was Riverview's gross profit for January?

A. $5,200
B. $0
C. $7,300
D. $2,100

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In a period of rising prices,

A. net income under LIFO will be higher than under FIFO.
B. LIFO inventory will be greater than FIFO inventory.
C. cost of goods sold under LIFO will be less than under FIFO.
D. gross profit under FIFO will be higher than under LIFO.

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The income statement for Good Heart Foods shows gross profit of $149,000, operating expenses of $124,000, and cost of goods sold of $218,000. What is the amount of net sales revenue?

A. $342,000
B. $491,000
C. $367,000
D. $273,000

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The word "market" as used in "the lower of cost or market" generally means

A. liquidation price.
B. original cost.
C. retail market price.
D. current replacement cost

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The sum of ending inventory and cost of goods sold is

A. net purchases
B. cost of goods available (or cost of goods available for sale)
C. beginning inventory
D. gross profit

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A. $5,200 B. $0 C. $7,300 D. $2,100

In a period of rising prices,

The income statement for Good Heart Foods shows gross profit of $149,000, operating expenses of $124,000, and cost of goods sold of $218,000. What is the amount of net sales revenue?

The word "market" as used in "the lower of cost or market" generally means

The sum of ending inventory and cost of goods sold is

A. $5,200
B. $0
C. $7,300
D. $2,100