19) The specific identification method of inventory valuation is best when used with high volume, low cost items. A) True B) False
False; it is best when used with high cost, unique items (such as artwork). If Walmart used the specific identification method (when products are mostly identical), it would cause too much work--each specific item would be coded differently.
23) You have agreed to pay $395.87 for a new chaise lounge. The price includes sales tax at a rate of 4.25%. What was the marked price of the chaise lounge and how much tax was paid?
A) $277.80; $118.07
B) $383.41; $12.46
C) $376.12; $19.75
D) $379.73; $16.14
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