1) Sams Used Cars uses the specific identification method of costing inventory.

1) Sams Used Cars uses the specific identification method of costing inventory. During March Sam purchased three cars for $6000 $7500 and $9750 respectively. During March two cars are sold for $9000 each. Sam determines that at March 31 the $9750 car is still on hand. What is Sams gross profit for March?A. $8250B. $4500C. $750D. $5250 2) Which one of the following items is not generally used in preparing a statement of cash flows?A. Additional informationB. Comparative balance sheetsC. Current income statementD. Adjusted trial balance3) The cost principle requires that when assets are acquired they be recorded at __________.A. list priceB. exchange price paidC. selling priceD. appraisal value4) What is the preparation of reports for each level of responsibility in the companys organization chart called?A. Master budgeting analysisB. Responsibility reportingC. Exception reportingD. Static reporting