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UUESTIUN 35 Net realitzable value is also known as the O A wholesale price. B. estimated selling price Cliquidated price Dreplacement cost. QUESTION 36 Use of the FIFO cost formula means that A. the ending inventory contains the oldest costs B. the perpetual costing wystem is used C. the periode costing system is used D. the ending inventory contains the most recent costs QUESTION 37 Argyle Company failed to include a number of inventory items in the inventory count at the end of the last period. Assuming no other invertory errors the hot on the current period is O A. an overstatement of ending inventory OB an understatement of COGS O C. an overstatement of gross profit D. an understatement of net income QUESTION 38 Which of the following would mostly use a periodic inventory system? O A heavy metal distributor O local handcrafted furniture store C. car dealership D.computer dealership QUESTION 39 Goodwin A is the net value of the purchase price less the book value of the asset O has economie value and can be sold to generate revenues C. can be generated internally only arises when businesses are combined QUESTION 32 When using the LCM rule in Canada, the market value is most commonly O A replacement cost. OB.net present value OC. selling priceless profit margin o .net resizable value QUESTION 33 Use the following information for the question(s) below. A company had the following inventory activity during April Unico Beginning inventory $10.00 Purchase: April 11.00 Sale: April 11 (1.500) Purchase: Apr 17 10.50 Sales April 24 Tel. $ 8.000 15.400 2.450 ( 0) Rele the company is using a perpetual system and the weighted average cost formule what is the cost of goods sold closest to? O A $20.631 8. 524,840 C$25.450 O D. $24.380 QUESTION 34 Which of the following should be included in the cost of inventory? A receiving and inspection costs OB. depreciation on the inventory warehouse Ctresslesperson's commission Otra cost of keeping the inventory records