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ACC 304 Week 3 Quiz 2
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ACC 304 Week 3 Quiz 2


TRUE-FALSE—Conceptual
Answer    No.    Description
        1.    When to use lower-of-cost-or-market.
      2.    Lower-of-cost-or-market and conservatism.
        3.    Purpose of the “floor” in LCM.
        4.    Lower-of-cost-or-market and consistency.
        5.    Reporting inventory at net realizable value.
        6.    Valuing inventory at net realizable value.
        7.    Valuation using relative sales value.
        8.    Definition of a basket purchase.
        9.    Recording purchase commitments.
        10.    Loss on purchase commitments. 
        11.    Recording noncancelable purchase contract.
        12.    Gross profit method.
        13.    Gross profit percentage.
        14.    Disadvantage of gross profit method.
        15.    Conventional retail method.
        16.    Definition of markup.
        17.    Accounting for abnormal shortages.
        18.    Computing inventory turnover ratio.
        19.    Average days to sell inventory.
        20    LIFO retail method.

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