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0840037031_209389 - CHAPTER 2 SOLUTIONS Part I 1 2 3 4 5 6...

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CHAPTER 2 SOLUTIONS Part I Part II 1. T 8. F 15. T 1. o 8. a 15. g 2. T 9. F 16. F 2. s 9. b 16. l 3. F 10. T 17. T 3. e 10. c 17. k 4. T 11. T 18. F 4. p 11. q 18. i 5. F 12. T 19. T 5. r 12. n 19. j 6. T 13. T 20. T 6. d 13. f 20. h 7. T 14. F 7. t 14. m Part III 1. (b) If normal spoilage is caused by exacting specifications, difficult processing, or other unusual and unexpected factors, the spoilage cost should be charged to that job. 2. (d) Since under FIFO the earliest goods purchased are the first goods considered to be sold, the most recently purchased merchandise would be assignable to inventory. 3. (c) Because one focus of lean manufacturing is to reduce inventory levels, product obsolescence is reduced as it is less likely that inventory in on hand for long periods of time. 4. (a) If the inventory cost on the balance sheet was higher using FIFO than LIFO, the most recent purchases (which would appear on the balance sheet under FIFO) were more expensive than the earlier purchases (which would appear on the balance sheet using LIFO).
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