D Question 7 1.5 pts The FIFO inventory method assumes that the cost of the earliest units purchased are the Q First to be allocated to the cost of goods sold 0 Last to be allocated to the beginning inventory @ None of the above 0 Last to be allocated to the cost of goods sold C) First to be allocated to the ending inventory D Question 11 1.5 pts The system for which the inventory account is increased at the time of each purchase of merchandise and decreased at the time of each sale is the O Specic inventory costing Q Perpetual system 0 Only Periodic and Perpetual 0 Periodic system Q None of the above Question 12 1.5 pts The type of inventory costing method that assumes that the newest inventory is sold first and causes a disparity between inventory price and market price of the product Specific identification Weighted average method O LIFO method C FIFO method None of the aboveD Question 13 1.5 pts The contra-purchases account that is used in a periodic inventory system when a refund is received from a supplier is 0 Purchase discounts 0 Sales discounts 0 None of the above 0 Sales returns and allowances 0 Purchase returns and allowances D Question 14 1.5 pts The inventory of a manufacturer before the addition of any direct labor or manufacturing overhead constitutes the O Supplies inventory Q Raw materials inventory 0 Finished goods inventory 0 None of the above 0 Work-in-process inventory Question 15 1.5 pts This represents the evidence of ownership in a corporation showing how many shares of ownership it represents. C Stock certificate O Legal contact O All of the above C Promissory note O None of the aboveD Question 16 1.5 pts A category of temporary investment where it can be either a debt or equity security that management intends to sell for prot on short term price changes. Q All of the above O Held to maturity Q None of the above Q Trading Q Available for sale