In 1985,a Given Japanese Imported Automobile Sold for 1,476,000 Yen,or

question 70

Multiple Choice

In 1985,a given Japanese imported automobile sold for 1,476,000 yen,or $8,200.If the car still sold for the same amount of yen today but the current exchange rate is 141 yen per dollar,what would the car be selling for today in U.S.dollars?

• A) $10,259
• B) $12,980
• C) $12,562
• D) $10,468
• E) $11,515

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Definitions:

Periodic Inventory System

An inventory valuation method where the inventory is physically counted at specific intervals and the cost of goods sold is calculated thereafter.

Discounts Lost

Costs incurred when a payment discount is not taken advantage of within the specified discount period.

Partial Payments

Payments that are made to settle a portion of the total amount owed, rather than the full balance.

Gross Method

An accounting treatment for purchases discounts where the discount is not recognized until payment is made within the discount period.