Fill in the blank with the appropriate term from the list below. A ________________ buys and sells goods rather than performing services to earn a profit.

merchandise inventory

available for sale

first-in, first-out

gross profit, retail inventory

net income

merchandiser

gross profit

perpetual

replacement

business document

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Question 271 pts

Fill in the blank with the appropriate term from the list below.

Merchandise Inventory on hand can be obtained from detailed inventory records when a ________________ inventory system is maintained.

merchandise inventory

available for sale

first-in, first-out

gross profit, retail inventory

net income

merchandiser

gross profit

perpetual

replacement

business document

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Question 281 pts

Fill in the blank with the appropriate term from the list below.

The acquisition of merchandise inventory is debited to the ____________ account when a perpetual inventory system is used.

merchandise inventory

available for sale

first-in, first-out

gross profit, retail inventory

net income

merchandiser

gross profit

perpetual

replacement

business document

Flag this Question

Question 291 pts

Fill in the blank with the appropriate term from the list below. Every sales transaction should be supported by a ________________ that provides written evidence of the sale.

merchandise inventory

available for sale

first-in, first-out

gross profit, retail inventory

net income

merchandiser

gross profit

perpetual

replacement

business document

Flag this Question

Question 301 pts

Fill in the blank with the appropriate term from the list below. Income from operations is determined by subtracting total operating expenses from ________________.

merchandise inventory

available for sale

first-in, first-out

gross profit, retail inventory

net income

merchandiser

gross profit

perpetual

replacement

business document

Flag this Question

Question 311 pts

Fill in the blank with the appropriate term from the list below. The cost of goods purchased during a period plus the beginning inventory is the amount of goods ________________ during the period.

merchandise inventory

available for sale

first-in, first-out

gross profit, retail inventory

net income

merchandiser

gross profit

perpetual

replacement

business document

Flag this Question

Question 321 pts

Fill in the blank with the appropriate term from the list below. If the unit cost of inventory has continuously increased, the ______________, first-out inventory valuation method will result in a higher valued ending inventory than if the ______________, first-out method had been used.

merchandise inventory

available for sale

first-in, first-out

gross profit, retail inventory

net income

merchandiser

gross profit

perpetual

replacement

business document

Flag this Question

Question 331 pts

Fill in the blank with the appropriate term from the list below. The lower of cost or market basis of accounting for inventories should be applied when the ______________ cost of the goods is lower than its cost.

merchandise inventory

available for sale

first-in, first-out

gross profit, retail inventory

net income

merchandiser

gross profit

perpetual

replacement

business document

Flag this Question

Question 341 pts

Fill in the blank with the appropriate term from the list below. It is generally recognized that a major objective of accounting for inventory is the proper determination of ______________.

merchandise inventory

available for sale

first-in, first-out

gross profit, retail inventory

net income

merchandiser

gross profit

perpetual

replacement

business document

Flag this Question

Question 351 pts

Fill in the blank with the appropriate term from the list below. Two widely used methods of estimating inventories are the ______________ method and the _____________ method.

merchandise inventory

available for sale

first-in, first-out

gross profit, retail inventory

net income

merchandiser

gross profit

perpetual

replacement

business document