D s 58 reasons for using retail inventory method a 59

d
S
58. Reasons for using retail inventory method.
a 59. Condition necessary to use retail method.
b 60. Conventional retail method.
d 61. Net markups and the conventional retail method.
a 62. Freight-in and the conventional retail method.
b 63. Common inventory disclosures.
b
P
64. Inventory cost flow assumptions.
a
P
65. Computing average days to sell inventory.
c 66. Inventory turnover ratio.
c *67. Dollar-value LIFO retail method.
MULTIPLE CHOICE
— Computational
Answer No. Description
a 68. Value inventory at LCM.
b 69. Lower-of-cost-or-market.
b 70. Lower-of-cost-or-market.
d 71. Value inventory at LCM.
b 72. Value inventory at LCM.
c 73. Value inventory at LCM.
c 74. Determine market value under LCM.
b 75. Value inventory under LCM.
d 76. Determine cost amount under LCM.
c 77. Value inventory under LCM.
b 78. Value inventory under LCM.
a 79. Value inventory under LCM.
c 80. Value inventory under LCM.
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Inventories: Additional Valuation Issues 9 - 3
MULTIPLE CHOICE
— Computational (cont.)
Answer No. Description
c 81. Determining net realizable value.
c 82. Determining net realizable value.
b 83. Relative sales value method.
b 84. Relative sales value method.
c 85. Relative sales method of inventory valuation.
b 86. Calculate cost using relative sales value method.
d 87. Calculate cost using relative sales value method.
a 88. Calculate cost using relative sales value method.
a 89. Entry for purchase commitment loss.
c 90. Recording purchase under purchase commitment.
c 91. Entry for purchase commitment loss.
c 92. Recognizing loss on purchase commitments.
b 93. Recognizing loss on purchase commitments.
a 94. Estimating ending inventory using gross profit method.
a 95. Estimating ending inventory using gross profit method.
d 96. Calculate cost of goods sold given a markup on cost.
d 97. Calculate merchandise purchases given a markup on cost.
a 98. Calculate total sales from cost information.
a 99. Markup on cost equivalent to a markup on selling price.
b 100. Estimate ending inventory using gross profit method.
c 101. Calculate ending inventory using gross profit method
. b 102. Calculate ending inventory using gross profit method.
a 103. Estimate cost of inventory destroyed by fire.
a 104. Determine items to be included in inventory.
c 105. Determine gross profit as percentage of cost.
c