19) The specific identification method of inventory valuation is best when used

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19) The specific identification method of inventory valuation is best when used with high volume, low cost items. A) True B) False

Apr 26th, 2015

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. 

Apr 26th, 2015

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


Apr 26th, 2015

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Apr 26th, 2015
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