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Number 1, 3 am not sure if they are correct. Quiz 3...

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Accounting

Number 1, 3 am not sure if they are correct. image
Quiz 3 Nale. UUWIL ACCT 201 006 Each answer is worth 1 point. Please place the answers on this sheet. 1) A merchandiser: CA) Earns net income by buying and selling merchandise. B) Receives fees only in exchange for services. C) Earns profit from commissions only. D) Earns profit from fares only. E) Buys products from consumers. 2) A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals: A) $(417,000). B) $695,000 C) $278,000 D) $417,000 E) $973,000. 3) Beginning inventory is $1,500; purchases for the year are $6,500. Ending inventory is $500. COGS is: A) $8,000 B) $8,500 C) $7,500 D) $6,500 E) Cannot be determined. 4) The current period's ending inventory is: A) The next period's beginning inventory. B) The current period's cost of goods sold. C) The prior period's beginning inventory. D) The current period's net purchases. E) The current period's beginning inventory. 5) Beginning inventory plus net purchases is: A) Cost of goods sold. B) Merchandise (goods) available for sale. C) Ending inventory. D) Sales. E) Shown on the balance sheet

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