consolidation multiple choice

1.

How do intra-entity sales of inventory affect the preparation of a consolidated statement of cash flows?

MACROBUTTON HTMLDirect A) They must be deducted in calculating cash flows from investing activities.

MACROBUTTON HTMLDirect B) They must be added in calculating cash flows from investing activities.

MACROBUTTON HTMLDirect C) They must be deducted in calculating cash flows from operating activities.

MACROBUTTON HTMLDirect D) They must be added in calculating cash flows from operating activities.

MACROBUTTON HTMLDirect E) Because the consolidated balance sheet and income statement are used in preparing the consolidated statement of cash flows, no special elimination is required.

Points Earned: 2.0/2.0

Correct Answer(s):E

2.

Popper Co. acquired 80% of the common stock of Cocker Co. on January 1, 2009, when Cocker had the following stockholders' equity accounts.Common stock - 40,000 shares outstanding

$140,000Additional paid-in capital

105,000Retained earnings

476,000Total stockholders equity

$721,000To acquire this interest in Cocker, Popper paid a total of $682,000 with any excess acquisition date fair value over book value being allocated to goodwill, which has been measured for impairment annually and has not been determined to be impaired as of January 1, 2012.On January 1, 2012, Cocker reported a net book value of $1,113,000 before the following transactions were conducted. Popper uses the equity method to account for its investment in Cocker, thereby reflecting the change in book value of Cocker. On January 1, 2012, Cocker issued 10,000 additional shares of common stock for $21 per share. Popper did not acquire any of this newly issued stock. How would this transaction affect the additional paid-in capital of the parent company?

MACROBUTTON HTMLDirect A) Decrease it by $23,240

MACROBUTTON HTMLDirect B) Decrease it by $43,680

MACROBUTTON HTMLDirect C) Decrease it by $45,060

MACROBUTTON HTMLDirect D) $0

MACROBUTTON HTMLDirect E) Decrease it by $68,250


Correct Answer(s):B

3.

The following information has been taken from the consolidation worksheet of Graham Company and its 80% owned subsidiary, Stage Company.(1.) Graham reports a loss on sale of land of $5,000. The land cost Graham $20,000.(2.) Noncontrolling interest in Stage's net income was $30,000.(3.) Graham paid dividends of $15,000.(4.) Stage paid dividends of $10,000.(5.) Excess acquisition-date fair value over book value was expensed by $6,000.(6.) Consolidated accounts receivable decreased by $8,000.(7.) Consolidated accounts payable decreased by $7,000.

Using the indirect method, where does the decrease in accounts payable appear in a consolidated statement of cash flows?

MACROBUTTON HTMLDirect A) $5,600 increase to net income as an operating activity

MACROBUTTON HTMLDirect B) $7,000 decrease to net income as an operating activity

MACROBUTTON HTMLDirect C) $5,600 decrease to net income as an operating activity

MACROBUTTON HTMLDirect D) $7,000 increase as a financing activity

MACROBUTTON HTMLDirect E) $7,000 increase to net income as an operating activity.


Correct Answer(s):B

4.

On January 1, 2009, Nichols Company acquired 80% of Smith Company's common stock and 40% of its non-voting, cumulative preferred stock. The consideration transferred by Nichols was $1,200,000 for the common and $124,000 for the preferred. Any excess acquisition-date fair value over book value is considered goodwill. The capital structure of Smith immediately prior to the acquisition is:Common stock, $10 par value (50,000 shares outstanding) $500,000Preferred stock, 6% cumulative, $100 par value, 3,000 shares outstanding

300,000Additional paid-in capital



$1,500,000

Compute the goodwill recognized in consolidation.

MACROBUTTON HTMLDirect A) $124,000

MACROBUTTON HTMLDirect B) $310,000

MACROBUTTON HTMLDirect C) $(196,000)

MACROBUTTON HTMLDirect D) $800,000

MACROBUTTON HTMLDirect E) $0


Correct Answer(s):B

5.

Ryan Company owns 80% of Chase Company. The original balances presented for Ryan and Chase as of January 1, 2011, are as follows:Chase Company: Shares outstanding

50,000 Book value

$400,000 Book value

$8Ryan Company: Shares owned of Chase

40,000 Book value of investment $320,000 Assume Chase issues 30,000 additional shares common stock solely to Ryan for $12 per share. What is Ryan's percent ownership in Chase after the acquisition of the treasury shares (rounded)?

MACROBUTTON HTMLDirect A) 95%

MACROBUTTON HTMLDirect B) 80%

MACROBUTTON HTMLDirect C) 64%

MACROBUTTON HTMLDirect D) 69%

MACROBUTTON HTMLDirect E) 76%


Correct Answer(s):A

6.

A parent company owns a 70 percent interest in a subsidiary whose stock has a book value of $27 per share. The last day of the year, the subsidiary issues new shares for $27 per share, and the parent buys its 70 percent interest in the new shares. Which of the following statements is true?

MACROBUTTON HTMLDirect A) Since the sale was made at the end of the year, the parent's investment account is not affected.

MACROBUTTON HTMLDirect B) Since the shares were sold for book value, the parent's investment account must be decreased.

MACROBUTTON HTMLDirect C) None of these are true

MACROBUTTON HTMLDirect D) Since the shares were sold for book value, the parent's investment account must be increased.

MACROBUTTON HTMLDirect E) Since the shares were sold for book value and the parent bought 70 percent of the shares, the parent's investment account is not affected except for the price of the new shares.


Correct Answer(s):E

7.

If a subsidiary reacquires its outstanding shares from outside ownership for more than book value, which of the following statements is true?

MACROBUTTON HTMLDirect A) Treasury stock on the parent's books will decrease.

MACROBUTTON HTMLDirect B) Additional paid-in capital on the parent company's books will decrease.

MACROBUTTON HTMLDirect C) No adjustment is necessary.

MACROBUTTON HTMLDirect D) Treasury stock on the parent's books will increase.

MACROBUTTON HTMLDirect E) Investment in subsidiary will increase.


Correct Answer(s):B

8.

Horse Corporation acquires all of Pony, Inc. for $300,000 cash. On that date, Pony has net assets with fair value of $250,000 but a book value and tax basis of $200,000. The tax rate is 40 percent. Prior to this date, neither Horse nor Pony has reported any deferred income tax assets or liabilities. What amount of goodwill should be recognized on the date of the acquisition?

MACROBUTTON HTMLDirect A) $150,000.

MACROBUTTON HTMLDirect B) $100,000.

MACROBUTTON HTMLDirect C) $50,000.

MACROBUTTON HTMLDirect D) $0.

MACROBUTTON HTMLDirect E) $70,000.


Correct Answer(s):E

9.

Delta Corporation owns 90 percent of Sigma Company, and Sigma owns 90 percent of Pi, Inc., all of which are domestic corporations. Information for the three companies for the year ending December 31, 2011 follows:

Delta.

Sigma

PiOperating income$600,000$400,000$200,000Unrealized gains in ending inventory 24,000

0 8,000 (included in operating income above)

What is the noncontrolling interest in Pi's income for 2011?


MACROBUTTON HTMLDirect B) $0

MACROBUTTON HTMLDirect C) $10,000


MACROBUTTON HTMLDirect E) $19,200


Correct Answer(s):E

10.

Which of the following statements is true regarding the subsidiary's investment in its parent's common stock?

MACROBUTTON HTMLDirect A) The consolidation worksheet entry to eliminate the subsidiary's investment in parent's common stock is debited to treasury stock.

MACROBUTTON HTMLDirect B) The consolidation worksheet entry to eliminate the subsidiary's investment in parent's common stock is debited to additional paid-in capital.

MACROBUTTON HTMLDirect C) All of the parent company's common stock is eliminated.

MACROBUTTON HTMLDirect D) The consolidation worksheet entry to eliminate the subsidiary's investment in parent's common stock is debited to retained earnings.

MACROBUTTON HTMLDirect E) The investment in parent company's common stock is not eliminated in consolidation.


Correct Answer(s):A

11.

White Company owns 60% of Cody Company. Separate tax returns are required. For 2010, White's operating income (excluding taxes and any income from Cody) was $300,000 while Cody reported a pretax income of $125,000. During the period, Cody paid a total of $25,000 in cash dividends; $15,000 (60%) to White and $10,000 to the noncontrolling interest. White paid dividends of $180,000. The income tax rate for both companies is 30%. Compute White's deferred income taxes for 2011.




MACROBUTTON HTMLDirect D) $21,000.



Correct Answer(s):C

12.

Prescott Corp. owned 90% of Bell Inc., while Bell owned 10% of the outstanding common shares of Prescott. No goodwill or other allocations were recognized in connection with either of these acquisitions. Prescott reported operating income of $266,000 for 2009 whereas Bell earned $98,000 during the same period. No investment income was included within either of these income totals. On a consolidated income statement, what is the noncontrolling interest in Bell's net income ?







Correct Answer(s):B

13.

Chase Company owns 80% of Lawrence Company and 40% of Ross Company. Lawrence Company also owns 30% of Ross Company. Separate operating incomes for 2011 of Chase, Lawrence, and Ross are $450,000, $300,000, and $250,000, respectively. Each company also retains a $20,000 unrealized gain in their current income figures. Annual amortization expense of $15,000 is assigned to Chase's investment in Lawrence and another $15,000 is assigned to Lawrence's investment in Ross. Compute the noncontrolling interest in Ross' net income for 2011.







Correct Answer(s):D

14.

Reggie, Inc. owns 70 percent of Nancy Corporation. During the current year, Nancy reported earnings before tax of $100,000 and paid a dividend of $30,000. The income tax rate for both companies is 30 percent. What deferred income tax liability arising in the current year must be recognized in the consolidated balance sheet?







Correct Answer(s):D

15.

Elektronix, Inc. has three operating segments with the following information:

DVDs VCRs MP3sSales to outsiders $4,000,000 $500,000 $2,000,000Intersegment transfers none none 100,000Segment expenses3,000,000 624,000 1,700,000Segment assets 14,000,000 6,000,000 5,000,000What is the minimum amount of revenue an operating segment must have to be considered a reportable segment?







Correct Answer(s):E

16.

Which of the following statements is true regarding the reporting of revenues in an interim report?

MACROBUTTON HTMLDirect A) Projected losses on long-term contracts should be deferred to the annual report.

MACROBUTTON HTMLDirect B) The percentage-of-completion method of reporting long-term construction projects is not an acceptable method for interim reporting.

MACROBUTTON HTMLDirect C) Revenues should be recognized on the cash basis of accounting for interim reporting.

MACROBUTTON HTMLDirect D) Revenues should be recognized on the income tax basis for interim reporting.

MACROBUTTON HTMLDirect E) Revenues should be recognized in interim periods in the same way as they are on an annual basis.


Correct Answer(s):E

17.

Which of the following would be an acceptable grouping for a U.S. company to provide information by geographic area?

MACROBUTTON HTMLDirect A) United States, Central America, Mexico, Germany.

MACROBUTTON HTMLDirect B) United States, Asia, Germany.

MACROBUTTON HTMLDirect C) United States, Europe, Taiwan.

MACROBUTTON HTMLDirect D) United States, All Other Countries.

MACROBUTTON HTMLDirect E) South America, Spain, All Other Countries.


Correct Answer(s):D

18.

A company that generates reports by both geographic region and product line must consider additional criteria in identifying operating segments when there are multiple sets of reports. Which of the following statement(s) is correct?(I.) An operating segment has a segment manager who is directly accountable to the chief operating decision maker for its financial performance.(II.) If more than one set of organizational units exists, each organizational unit is considered an operating segment even if there is only one set for which segment managers are held responsible.(III.) If segment managers exist for two or more overlapping sets of organizational units, the nature of the business activities must be considered.

MACROBUTTON HTMLDirect A) I and III only

MACROBUTTON HTMLDirect B) None of these

MACROBUTTON HTMLDirect C) I and II only

MACROBUTTON HTMLDirect D) II and III only

MACROBUTTON HTMLDirect E) I, II, and III


Correct Answer(s):A

19.

Which of the following is a criterion for determining whether an operating segment is separately reportable?

MACROBUTTON HTMLDirect A) An operating segment's assets are 10 percent or more of consolidated liabilities.

MACROBUTTON HTMLDirect B) An operating segment's assets are 10 percent or more of corporate assets.

MACROBUTTON HTMLDirect C) An operating segment's assets are 10 percent or more of combined segment assets.

MACROBUTTON HTMLDirect D) An operating segment's assets are 10 percent or more of combined segment liabilities.

MACROBUTTON HTMLDirect E) An operating segment's assets are 10 percent or more of consolidated assets.


Correct Answer(s):C

20.

Which of the following is not one of the criteria management should consider in determining whether business activities and environments of an operating segment are similar?

MACROBUTTON HTMLDirect A) The type or class of customer.

MACROBUTTON HTMLDirect B) The nature of the production process.

MACROBUTTON HTMLDirect C) The distribution methods.

MACROBUTTON HTMLDirect D) The nature of the regulatory environment, if applicable.

MACROBUTTON HTMLDirect E) The geographical location of the operations.


Correct Answer(s):E

21.

Kaycee Corporation's revenues for the year ended December 31, 2010, were as follows:Consolidated Revenue per the Income Statement: $1,200,000Upstream Intersegment Sales: $180,000Downstream Intersegment Sales: $60,000For purposes of the Revenue Test, what amount will be used as the benchmark for determining whether a segment is reportable?


MACROBUTTON HTMLDirect B) $0





Correct Answer(s):C

1.

Where do intra-entity sales of inventory appear in a consolidated statement of cash flows?

MACROBUTTON HTMLDirect A) Cash flows from investing activities.

MACROBUTTON HTMLDirect B) Cash flows from financing activities.

MACROBUTTON HTMLDirect C) Cash flows from operating activities.

MACROBUTTON HTMLDirect D) They do not appear in the consolidated statement of cash flows.

MACROBUTTON HTMLDirect E) Supplemental schedule of noncash investing and financing activities.


Correct Answer(s):D

2.

On January 1, 2009, Nichols Company acquired 80% of Smith Company's common stock and 40% of its non-voting, cumulative preferred stock. The consideration transferred by Nichols was $1,200,000 for the common and $124,000 for the preferred. Any excess acquisition-date fair value over book value is considered goodwill. The capital structure of Smith immediately prior to the acquisition is:Common stock, $10 par value (50,000 shares outstanding) $500,000Preferred stock, 6% cumulative, $100 par value, 3,000 shares outstanding

300,000Additional paid-in capital



$1,500,000

Determine the amount and account to be recorded for Nichols' investment in Smith.

MACROBUTTON HTMLDirect A) $1,200,000 for Investment in Smith's Common Stock and $124,000 for Investment in Smith's Preferred Stock.

MACROBUTTON HTMLDirect B) $1,448,000 for Investment in Smith's Common Stock.

MACROBUTTON HTMLDirect C) $1,324,000 for Investment in Smith

MACROBUTTON HTMLDirect D) $1,200,000 for Investment in Smith's Common Stock and $120,000 for Investment in Smith's Preferred Stock

MACROBUTTON HTMLDirect E) $1,200,000 for Investment in Smith


Correct Answer(s):A

3.

On January 1, 2011, Riney Co. owned 80% of the common stock of Garvin Co. On that date, Garvin's stockholders' equity accounts had the following balances:Common stock ($5 par value)

$250,000Additional paid-in capital



$690,000The balance in Riney's Investment in Garvin Co. account was $552,000, and the noncontrolling interest was $138,000. On January 1, 2011, Garvin Co. sold 10,000 shares of previously unissued common stock for $15 per share. Riney did not acquire any of these shares. What is the balance in Investment in Garvin Co. after the sale of the 10,000 shares of common stock?







Correct Answer(s):B

4.


50,000 Book value

$400,000 Book value


40,000 Book value of investment $320,000 Assume Chase issues 30,000 additional shares common stock solely to Ryan for $12 per share. What is the new percent ownership Ryan owns in Chase?

MACROBUTTON HTMLDirect A) 75%

MACROBUTTON HTMLDirect B) 90%

MACROBUTTON HTMLDirect C) 82.5%

MACROBUTTON HTMLDirect D) 87.5%

MACROBUTTON HTMLDirect E) 80%


Correct Answer(s):D

5.

Davidson, Inc. owns 70 percent of the outstanding voting stock of Ernest Company. On January 2, 2009, Davidson sold 8 percent bonds payable with a $5,000,000 face value maturing January 2, 2029 at a premium of $400,000. On January 1, 2011, Ernest acquired 30 percent of these same bonds on the open market at 97.6. Both companies use the straight-line method of amortization. What adjustment should be made to Davidson's 2012 beginning Retained Earnings as a result of this bond acquisition?







Correct Answer(s):E

6.


50,000 Book value

$400,000 Book value


40,000 Book value of investment $320,000 Assume Chase issues 30,000 additional shares common stock solely to Ryan for $12 per share. After acquiring the additional shares, what adjustment is needed for Ryan's investment in Chase account?

MACROBUTTON HTMLDirect A) $70,000 increase

MACROBUTTON HTMLDirect B) $15,000 increase

MACROBUTTON HTMLDirect C) $70,000 decrease

MACROBUTTON HTMLDirect D) No adjustment is necessary

MACROBUTTON HTMLDirect E) $15,000 decrease


Correct Answer(s):E

7.

If a subsidiary issues a stock dividend, which of the following statements is true?

MACROBUTTON HTMLDirect A) Investment in subsidiary on the parent's books will decrease.

MACROBUTTON HTMLDirect B) Additional paid-in capital on the parent's books will decrease.

MACROBUTTON HTMLDirect C) Investment in subsidiary on the parent's books will increase.

MACROBUTTON HTMLDirect D) No adjustment is necessary.

MACROBUTTON HTMLDirect E) Additional paid-in capital on the parent's books will increase.


Correct Answer(s):D

8.

Which of the following is true concerning the treasury stock approach in accounting for a subsidiary's investment in parent company stock?

MACROBUTTON HTMLDirect A) The cost of parent shares is treated as if the shares are no longer issued.

MACROBUTTON HTMLDirect B) The original cost of the subsidiary's investment reduces long-term liabilities.

MACROBUTTON HTMLDirect C) The subsidiary must apply the equity method in accounting for the investment if the treasury stock approach is used.

MACROBUTTON HTMLDirect D) The treasury stock approach increases total stockholders' equity.

MACROBUTTON HTMLDirect E) The cost of parent shares is treated as if the shares are no longer outstanding.


Correct Answer(s):E

9.

Hardford Corp. held 80% of Inglestone Inc. which, in turn, owned 80% of Jade Co. Operating income figures (without investment income) as well as unrealized upstream gains included in the income for the current year follow:

Hardford Co.Ingleston IncJade Co.Operating income

$560,000$420,000$280,000Unrealized gains 70,000 42,000 84,000

The accrual-based income of Jade Co. is calculated to be







Correct Answer(s):E

10.

Paris, Inc. owns 80 percent of the voting stock of Stance, Inc. The excess total fair value over book value was $75,000. Stance holds 10 percent of the voting stock of Paris. The payment for that investment was in excess of book value and fair value by $15,000. Any excess fair value is assigned to trademarks to be amortized over a 10-year period. During the current year, Paris reported operating income of $200,000 and dividend income from Stance of $20,000. At the same time, Stance reported operating income of $40,000 and dividend income from Paris of $5,000. What will be reported as the noncontrolling interest in Stance's net income?







Correct Answer(s):C

11.

Beagle Co. owned 80% of Maroon Corp. Maroon owned 90% of Eckston Inc. Operating income totals for 2011 are shown below; these figures contained no investment income. Amortization expense was not required by any of these acquisitions. Included in Eckston's operating income was a $56,000 unrealized gain on intra-entity transfers to Maroon.

Beagle Co.Maroon CorpEckston Inc.Operating income$420,000$280,000$280,000

The accrual-based income of Maroon Corp. is calculated to be







Correct Answer(s):C

12.

Reggie, Inc. owns 70 percent of Nancy Corporation. During the current year, Nancy reported earnings before tax of $100,000 and paid a dividend of $30,000. The income tax rate for both companies is 30 percent. What deferred income tax liability arising in the current year must be recognized in the consolidated balance sheet?







Correct Answer(s):D

13.

Prescott Corp. owned 90% of Bell Inc., while Bell owned 10% of the outstanding common shares of Prescott. No goodwill or other allocations were recognized in connection with either of these acquisitions. Prescott reported operating income of $266,000 for 2011 whereas Bell earned $98,000 during the same period. No investment income was included within either of these income totals. How would the 10% investment in Prescott owned by Bell be presented in the consolidated balance sheet?

MACROBUTTON HTMLDirect A) The 10% investment would be eliminated and no amount would be shown in the consolidated balance sheet.

MACROBUTTON HTMLDirect B) Prescott would treat the shares owned by Bell as if they had been repurchased on the open market, and a treasury stock account would be set up on Prescott's books recording the shares at their market value on the date of combination.

MACROBUTTON HTMLDirect C) The 10% investment would be included as part of Additional Paid-In Capital because it is less than 20% and therefore indicates no significant influence is present.

MACROBUTTON HTMLDirect D) The 10% investment would be eliminated and the same dollar amount would appear as treasury stock in the consolidated balance sheet.

MACROBUTTON HTMLDirect E) The 10% investment would be reclassified in Bell's balance sheet as Treasury Stock before the consolidation process begins.


Correct Answer(s):D

14.

Evanston Co. owned 60% of Montgomery Corp. Montgomery owned 75% of Noir Inc., and Noir owned 15% of Montgomery. This pattern of ownership would be called

MACROBUTTON HTMLDirect A) an affiliated group.

MACROBUTTON HTMLDirect B) indirect control.

MACROBUTTON HTMLDirect C) direct control.

MACROBUTTON HTMLDirect D) a connecting affiliation.

MACROBUTTON HTMLDirect E) mutual ownership.


Correct Answer(s):E

15.

All of the following are required to be reported in interim financial statements for a material operating segment except:

MACROBUTTON HTMLDirect A) Segment profit or loss.

MACROBUTTON HTMLDirect B) Reconciliation of segment profit or loss to total income before taxes.

MACROBUTTON HTMLDirect C) Segment assets.

MACROBUTTON HTMLDirect D) Intersegment revenues.

MACROBUTTON HTMLDirect E) Segment revenues from external customers.


Correct Answer(s):C

16.

Which of the following items of information are required to be included in interim reports for each operating segment?

(I.) Revenues from external customers

(II.) Segment profit or loss

(III.) Reconciliation of segment profit or loss to the enterprise's total income before taxes

(IV.) Intersegment revenues

MACROBUTTON HTMLDirect A) I, II and III

MACROBUTTON HTMLDirect B) I and III only

MACROBUTTON HTMLDirect C) I, II, III, and IV

MACROBUTTON HTMLDirect D) I and II only

MACROBUTTON HTMLDirect E) II and III only


Correct Answer(s):C

17.

Which of the following is not one of the criteria management should consider in determining whether business activities and environments of an operating segment are similar?

MACROBUTTON HTMLDirect A) The nature of the regulatory environment, if applicable.

MACROBUTTON HTMLDirect B) The geographical location of the operations.

MACROBUTTON HTMLDirect C) The distribution methods.

MACROBUTTON HTMLDirect D) The nature of the production process.

MACROBUTTON HTMLDirect E) The type or class of customer.


Correct Answer(s):B

18.

The Fratilo Co. had three operating segments with the following information:

PensPencilsErasersSales to outsiders$11,200 $5,600$8,400Intersegment revenues 840 1,400 1,960

In addition, revenues generated at corporate headquarters are $1,400. Combined segment revenues are calculated to be







Correct Answer(s):E

19.

How should revenues be recognized in interim periods?

MACROBUTTON HTMLDirect A) There are no revenues recognized in interim periods.

MACROBUTTON HTMLDirect B) On an annualized basis.

MACROBUTTON HTMLDirect C) In the same way as they are recognized on an annual basis.

MACROBUTTON HTMLDirect D) On a seasonal basis.

MACROBUTTON HTMLDirect E) On the cash basis.


Correct Answer(s):C

20.

When defining a reportable segment, which of the following conditions would be sufficient to allow a company to combine two operating segments for purposes of testing?

MACROBUTTON HTMLDirect A) Both segments are owned by the same parent company.

MACROBUTTON HTMLDirect B) The segments may sell different products, but they have a similar production process.

MACROBUTTON HTMLDirect C) Both segments have several customers in common.

MACROBUTTON HTMLDirect D) The products sold by each segment are produced in the same plant.

MACROBUTTON HTMLDirect E) Both segments are required to adhere to U.S. Department of Labor regulations regarding immigration laws.


Correct Answer(s):B

21.

Cement Company, Inc. began the first quarter with 1,000 units of inventory costing $25 per unit. During the first quarter, 3,000 units were purchased at a cost of $40 per unit, and sales of 3,400 units at $65 per units were made. During the second quarter, the company expects to replace the units of beginning inventory sold at a cost of $45 per unit. Cement Company uses the LIFO method to account for inventory. The amount of gross profit for the first quarter is:







Correct Answer(s):E

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