quiz 6

# quiz 6 - Quiz 6 88 1 The LIFO inventory method assumes that...

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Unformatted text preview: Quiz 6 88% 1. The LIFO inventory method assumes that the cost of the latest units purchased are C. the first to be allocated to cost of goods sold. 2. A company just starting business made the following four inventory purchases in June: {June 1st: 150 units for \$780} {June 10th: 200 units for \$1,170}{June 15th: 200 units for \$1,260}{June 28th: 150 units for \$990}. The total of all of these purchases is \$4,200. A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is: 3. A company just starting business made the following four inventory purchases in June: {June 1st: 150 units for \$780} {June 10th: 200 units for \$1,170}{June 15th: 200 units for \$1,260}{June 28th: 150 units for \$990}. The total of all of these purchases is \$4,200. A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is 4. A company just starting business made the following four inventory purchases in June: {June 1st: 150 units for \$780} {June 10th: 200 units for \$1,170}{June 15th: 200 units for \$1,260}{June 28th: 150 units for \$990}. The total of all of these purchases is \$4,200. A physical count of merchandise inventory on June 30 \$990}....
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## This note was uploaded on 07/16/2010 for the course ACCT 2302 taught by Professor Dr.winking during the Spring '10 term at Tulane.

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quiz 6 - Quiz 6 88 1 The LIFO inventory method assumes that...

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