FIFO periodic and FIFO perpetual always produce the same dollar amounts for

Fifo periodic and fifo perpetual always produce the

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4.FIFO periodic and FIFO perpetual always produce the same dollar amounts for cost of goods sold. AACSB: Reflective ThinkingAICPA: BB Critical ThinkingAICPA: FN MeasurementAccessibility: Keyboard NavigationBlooms: UnderstandLearning Objective: 08-04 Differentiate between the specific identification; FIFO; LIFO; and average cost methods used to determine the cost of ending inventory and cost of goods sold.Level of Difficulty: 1 EasySpiceland - Chapter 08 #4Topic Area: Cost flow methods-FIFO5.Cost of goods on consignment is included in the consignee's inventory until sold. AACSB: Reflective ThinkingAICPA: BB Critical ThinkingAICPA: FN MeasurementAccessibility: Keyboard NavigationBlooms: RememberLearning Objective: 08-02 Explain which physical quantities of goods should be included in inventory.Level of Difficulty: 1 EasySpiceland - Chapter 08 #5Topic Area: Included in inventory-Consignment
6.Shipping charges on outgoing goods are included in either cost of goods sold or selling expenses. AACSB: Reflective ThinkingAICPA: BB Critical ThinkingAICPA: FN MeasurementAccessibility: Keyboard NavigationBlooms: RememberLearning Objective: 08-03 Determine the expenditures that should be included in the cost of inventory.Level of Difficulty: 1 EasySpiceland - Chapter 08 #6Topic Area: Included in inventory-Expenditures7.Net purchases are reduced for discounts taken whether the net method is used or the gross method is used. AACSB: Reflective ThinkingAICPA: FN MeasurementAccessibility: Keyboard NavigationBlooms: RememberLearning Objective: 08-03 Determine the expenditures that should be included in the cost of inventory.Level of Difficulty: 1 EasySpiceland - Chapter 08 #7Topic Area: Included in inventory-Expenditures8.The choice of cost flow assumption (FIFO, LIFO, or average) does not depend on the actual physical flow of the product. AACSB: Reflective ThinkingAICPA: BB Critical ThinkingAICPA: FN MeasurementAccessibility: Keyboard NavigationBlooms: RememberLearning Objective: 08-05 Discuss the factors affecting a companys choice of inventory method.Level of Difficulty: 1 EasySpiceland - Chapter 08 #8Topic Area: Factors influencing method choice9.Inventory costing methods are merely means by which costs are allocated between ending inventory and cost of goods sold. AACSB: Reflective ThinkingAICPA: FN MeasurementAccessibility: Keyboard NavigationBlooms: RememberLearning Objective: 08-04 Differentiate between the specific identification; FIFO; LIFO; and average cost methods used to determine the cost of ending inventory and cost of goods sold.Level of Difficulty: 1 EasySpiceland - Chapter 08 #9Topic Area: Cost flow methods

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