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Acct1QzCh6,7,8 - Quiz Chapter 6,7,8 Multiple Choice...

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Quiz, Chapter 6,7,8 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Taking a physical count of inventory a. is not necessary when a periodic inventory system is used b. is a detective control c. has no internal control relevance d. is not necessary when a perpetual inventory system is used ____ 2. The inventory method that assigns the most recent costs to cost of good sold is ____ 3. The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is ____ 4. Which of the following companies would be more likely to use the specific identification inventory costing method? Use the following information to answer Questions 23-28. The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. Date Product Z Units Cost May 3 Purchase 5 $30 May 10 Sale 3 May 17 Purchase 10 $34 May 20 Sale 6 May 23 Sale 3 May 30 Purchase 10 $40 ____ 5. Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May the LIFO inventory cost method. a. $362 b. $548 c. $520
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d. $494 ____ 6. During times of rising prices, which of the following is not an accurate statement? ____ 7. Merchandise inventory at the end of the year is overstated. Which of the following statements correctly states the effect of the error? ____
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