11. (单选题)New Oaks Winery requires two months to make wine, two years to age it, one month to bottle it, two months to sell it, and one month to collect the receivable. Its operating cycle is:

19. (判断题)Physical counts of inventory are never made with perpetual inventory systems.

18 (判断题)FIFO periodic and FIFO perpetual always produce the same dollar amounts for cost of goods sold.

17. (判断题)LIFO usually provides a better match of revenue and expense than does FIFO.

16. (判断题)Inventory costing methods are merely means by which costs are allocated between ending inventory and cost of goods sold.

15. (单选题)In a period when costs are rising and inventory quantities are stable, the inventory method that would result in the highest ending inventory is:

14. (单选题)Robertson Corporation's inventory balance was $22,000 at the beginning of the year and $20,000 at the end. The inventory turnover ratio for the year was 6.0 and the gross profit ratio 40%. What were net sales for the year?

13. (单选题)Under the net method, purchase discounts lost are:

12. (单选题) Inventory records for Herb's Chemicals revealed the following:March 1, 2018, inventory: 1,000 gallons @ $7.20 = $7,200
The ending inventory assuming FIFO is:

11. (单选题)In a period when costs are falling and inventory quantities are stable, the lowest taxable income would be reported by using the inventory method of:

10. (单选题)Cinnamon Buns Co. ( ) started 2018 with $52,000 of merchandise on hand. During 2018, $280,000 in merchandise was purchased on account with credit terms of 2/10, n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,000. Merchandise with an invoice amount of $4,000 was returned for credit. Cost of goods sold for the year was $316,000. CBC uses a perpetual inventory system.What is cost of goods available for sale, assuming CBC uses the gross method?