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Financial Reporting and Analysis
1. In 2013, Judy’s Company had cost of goods sold of $25 million, beginning inventory of $2 million, and ending inventory of $5 million. If accounts payable increases by $3 million, cash paid to suppliers during the year will be closest to:
A. USD22 million.
B. USD25 million.
C. USD28 million.
2. The company wants to match the actual historical cost of inventory items with their physical flows, and the inventory valuation method that is most likely to accomplish this goal is:
A. FIFO.
B. LIFO.
C. specific identification.
3. In a statement of cash flows prepared in accordance with U.S. GAAP, interest paid would most likely be included in which activity?
A. Operating.
B. Financing.
C. Either operating or financing.