What Ratio (Usually an Average from Prior Periods)can Be Used

question 71

Essay

What ratio (usually an average from prior periods)can be used in estimating the current period's ending inventory?.________ a)The amount of ending inventory will be $10 assuming the LIFO cost flow method was used.________ b)Cost of goods sold would be $24 assuming the weighted-average cost flow method was used.________ c)Cash flow from operating activities in June would be $28 assuming a FIFO cost flow method was used.________ d)Cash flow from operating activities in June would be $26 independent of what cost flow method was used.________ e)The amount of gross margin would be $26 assuming the FIFO cost flow method was used.

---

Definitions:

Polytheistic Religion

A belief system that recognizes the existence of many gods or deities, each with distinct attributes and areas of influence.

Moral Obligation

A duty which one owes, and which he ought to perform, but which he is not legally bound to fulfill.

Interest

The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.

Social Mores

Strict norms that control moral and ethical behavior in a culture.