Unformatted text preview: from 2009 to 2008, accounts payable from 1.2 to 1.4 from 2009 to 2008—changes .2 which cancel each other out-cogs only factor so its 15 bill 10) C-LIFO-inv smallest, lowest gross profit and net income-FIFO gives biggest inventory-cogs only thing low for fifo in inflation 11) D 12) A-fob destination-seller owns merchandise until it reaches the destination-shipping point means when it leaves their dock it’s yours 13) A 14) E-always use beginning inventory…?? 15) B 16) D 17) E-not possible with fifo or lifo-cogs and inventory can’t be measured at oldest cost-something has to be oldest and something has to be newest 18) C 2)timing differences-items you didn’t know you had yet outstanding checks don’t go on general journal...
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This note was uploaded on 03/01/2009 for the course AEM 2210 taught by Professor Little,j. during the Fall '07 term at Cornell.
- Fall '07