3.Determining gross profit using the weighted average cost flow method assumes that the cost of the units sold

a. is a weighted average of the purchase cost of all units.

b. is costed the same as the ending inventory, that is using a weighted average of the purchase cost of all units.

c. Neither of these choices is correct.

d. Both of these choices are correct.

4.The ending inventory valuation using the FIFO cost flow method is made up of

a. the most recent purchases.

b. a weighted average of all purchases.

c. the oldest purchases.

d. None of these choices are correct.

5.

CengageNOWv2 | Oni X Study Progress 6 Previous Page 5 ONE Next 0 Submit Quiz Determine the cost of merchandise sold or the transaction on October 25 using the perpetual inventory system and the FIFO method. Item U nits Cost Total Beginning inventory 5 $10 $50 October 4 Purchase 8 11 88 October 8 Sale 6 October 20 Purchase 15 October 25 Sale 12 O a. $137 0 b. $1313 0 c. $144 0 d. $180 Save and Exit Submit Assignment for Grading 12:09. PM E 11.11 512017 11