Question 9 Not yet answered Marked out of 1.

00

Which of the following is not a basic function of an accounting system?

Select one:

a. To interpret and record the e ects of business transactions.

b. To classify the e ects of similar transactions in a manner that permits determination

of various totals and subtotals useful to management.

c. To ensure that a business organization will be managed pro tably.

d. To summarize and communicate information to decision makers.

Question 10 Not yet answered Marked out of 1.00

Hefty Company wants to know the e ect of di erent inventory methods on nancial
statements. The information provided below relates to beginning inventory and
purchases for the current year:

January 2 Beginning Inventory 500 units at $3.00 per unit

April 7 Purchased 1,100 units at $3.20 per unit

June 30 Purchased 400 units at $4.00 per unit

December 7 Purchases 1,600 units at $4.40 per unit

Sales during the year were 2,700 units at $5.00. If Hefty used the rst-in rst-out
method, ending inventory would be:

Select one:

a. $2,780.

b. $3,960.

c. $9,700.

d. $10,880.

Clear my choice

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