ACC 100 100 Unit 3 milestone with answers

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1




Based on the information in the expanded income statement below, which of the
following is the total of the Goods Available for Sale?

 $37,000
 $72,000
 $47,00
 $35,000

2




Which inventory method was used to calculate cost of goods sold, based on the
information above?

 Weighted average




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,  Specific ID
 LIFO
 FIFO


3
Adam has 40 T-8 light fixtures that he purchased for $12 each and 240 T-5 light fixtures that
he purchased for $16 each on the floor of his lighting supply store. He also has 80 T-8
fixtures and 120 T-5 fixtures in his warehouse.

What is the unit cost of the light fixtures if Adam implements the weighted
average inventory valuation method?

 $15.00
 $13.00
 $16.00
 $12.00

4
Which business below uses a perpetual inventory method?

 A car dealership
 A pet food store
 An antique shop
 A boat store

5




Given the information above, which of the following is the Gross Margin
percentage?

 57%




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