Abbprod.hvcc.edu rce Completion Once started, this test must be completed in one sitting, Do not leave the test before clicking Sa Your answers are saved automatically. Remaining Time: 1 hour, 07 minutes, 38 seconds. Question Completion Status: 4F QUESTION 1 A company had sales of $695,000 and its cost of goods sold of $278,000. Its gross margin equals: $(417,000). $ 695,000 $ 278,000 $ 417,000 $ 973,000 QUESTION 2 4 poi Herald Company had sales of $135,000, sales discounts of $2,000, and sales returns of $3,200. Herald Company's net sales equals: $5,200. $129,800. $133,000. $135,000 $140,200. 4 points QUESTION 3 Costs included in the Merchandise Inventory account can include: Invoice orice minus any discount Click Save and Submit to save and submit. Click Save All Answers to save all answers Save All Answers Question Completion Status: $5,200. $129,800 $133,000. $135,000 $140,200 QUESTION 3 Costs included in the Merchandise Inventory account can include: Invoice price minus any discount. Freight-in. Storage. Insurance. All of the above. QUESTION 4 The inventory valuation method that tends to smooth out erratic changes in costs and the cost of goods sold is: FIFO. Weighted average LIFO. Specific identification. WIFO QUESTION 5 Click Save and Submit to save and submit. Click Save All Answers to save all answers Save All Answ