ring Which type of inventory system is updated inventory system? Select one: a. Periodic inventory system O b. LIFO c. Perpetual inventory system O d. Contingency inventory system PREVIOUS PAGE NEXT PAGE SON COLLEGE INFO COLLEGE ning If gross profit and cost of goods sold are added together they should equal sales. Select one: True O False PREVIOUS PAGE NEXT PAGE reng The ournal entry for recording accounts receivale for sales return is Select one: a. Accounts receivale debit and Sales credit b. Sales return debit and Accounts receivale credit c. Cash de Bit and Sales credit O d. Sales de Bit and Accounts receivale credit PREVIOUS PAGE NEXT PAGE OLLEGE ning Which type of inventory system is updated inventory system? Select one: O a. Periodic inventory system O b. LIFO c. Perpetual inventory system d. Contingency inventory system PREVIOUS PAGE NEXT PAGE COLLEGE ning The weighted average method of inventory valuation divides the cost of material in stock by the no of units is: Select one: O a. Purchased during the period O b. credit sales c. Availale for sale d. Sold N COLLEGE Learning Cost of goods sold less sales results in gross profit. Select one: True False PREVIOUS PAGE NEXT PAGE COLLEGE rning Sales $ 75000;Beginning merchandise inventory $ 10000;Purchases $ 45000; Cost of goods sold $ 50000; The ending merchandise inventory must have been Select one: a. $ 5000 O b. $ 15000 c. $ 25000 O d. $ 40000 PREVIOUS PAGE NEXT PAGE