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Author Question: During periods of rapidly rising costs, the use of the LIFO method results in illusory or inventory ... (Read 129 times)

Garrulous

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on: Jul 5, 2018
During periods of rapidly rising costs, the use of the LIFO method results in illusory or inventory profits.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

Nadir Company sold 2,000 of merchandise to Acme Company, with terms of 3/10, n/30. Five days later, Acme returned 500 of the merchandise. If Acme does NOT pay within the discount period, how much cash will Nadir receive?
 
  A) 2,000
  B) 1,940
  C) 1,500
  D) 1,455


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lorealeza77

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Reply #1 on: Jul 5, 2018
Answer to Question 1

False

Answer to Question 2

C


Garrulous

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Reply #2 on: Jul 5, 2018
Thank you :)


lorealeza77

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Reply #3 on: Jul 5, 2018
Happy to help you


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