Chapter 5 & 61.When valuing ending inventory under a perpetual inventory system, the
2. In a period of rising prices which inventory method generally provides the greatest amount of net income?
3. Blosser Company's goods in transit at December 31 include: sales madepurchases made (1) FOB destination(3) FOB destination(2) FOB shipping point (4) FOB shipping point Which items should be included in Blosser's inventory at December 31?
4.The following information was available from the inventory records of Queen Company for July: UnitsUnit CostTotal Cost Balance at July 130,000£2.25£67,500 Purchases: July 620,0002.5551,000 July 2627,0002.6070,200 Sales: July 7(25,000) July 31(40,000) Balance at July 3112,000 What should be the inventory reported on Queen’s July 31 statement of financial position using the FIFO inventory method? a.£27,000. b. £29,400. c.£31,200. d. £31,500.
