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Question CorrectMark 1.00 out of 1.00(T / F) When ending inventory is misstated in the current year, companies carry that misstatementforward into the next year.2Select one:True FalseThe correct answer is 'True'.Question CorrectMark 1.00 out of 1.00(T / F) Specific identification attaches actual cost of each unit of product to units in ending inventoryand cost of goods sold.3
9/19/2018Weekly Quiz 43/6Question CorrectMark 1.00 out of 1.00(T / F) FIFO assumes that the costs of the first goods purchased are those charged to cost ofgoods sold when goods are sold. During periods of rising prices, FIFO creates higher net incomesince the costs charged to cost of goods sold are lower.4Question CorrectMark 1.00 out of 1.00(T / F) LIFO (last-in, first-out): Ending inventory consists of the oldest costs.5
9/19/2018Weekly Quiz 44/6Question CorrectMark 1.00 out of 1.00(T / F) Perpetual inventory procedure requires an entry to Merchandise Inventory whenever goodsare purchased, returned, sold, or otherwise adjusted, so that inventory records reflect actual unitson hand at all times. Thus, an entry is required to record cost of goods sold for each sale.6Select one:True FalseThe correct answer is 'True'.