bP60.Method approximating current cost.a61.Average cost inventory valuation.b62.Weighted-average inventory method.a63.Nature of FIFO valuation of inventory.b64.Flow of costs in a manufacturing situation.a65.FIFO and decreasing prices.b66.FIFO and increasing prices.a67.FIFO and increasing prices.b68.FIFO and LIFO inventory assumptions.c69.LIFO and increasing prices.d70.Knowledge of inventory valuation methods.d71.Periodic and perpetual inventory methods.c72.Appropriateness of specific identification method.b73.FIFO and rising prices.c74.LIFO and falling prices.a75.LIFO reserve definition.d76.LIFO reserve account classification.c77.Identify LIFO liquidation.d78.Obtaining price index under dollar-value LIFO.d79.Description of LIFO layer.aS80.Dollar-value LIFO method.
Valuation of Inventories: A Cost-Basis Approach8 - 3MULTIPLE CHOICE—Conceptual (cont.)AnswerNo.DescriptionaS81.Identifying advantages of LIFO.d82.LIFO for tax purposes and external reporting.c83.LIFO advantages.PThese questions also appear in the Problem-Solving Survival Guide.SThese questions also appear in the Study Guide.MULTIPLE CHOICE—ComputationalAnswerNo.Descriptionc84.Classification as inventory.c85.Classification as inventory.d86.Perpetual inventory method.d87.Perpetual inventory method.d88.Calculate ending inventory.c89.Calculate ending inventory.b90.Calculate total assets and net income.c91.Calculate total assets and net income.d92.Effect of inventory and depreciation errors on income.a93.Effect of inventory and depreciation errors on retained earnings.a94.Effect of inventory errors on working capital.d95.Calculate cost of goods available for sale.d96.Accounting for a purchase return (net method).d97.Adjust Accounts Payable using the net method.b98.Calculate ending inventory using weighted-average.d99.Calculate ending inventory using moving average.b100.Calculate ending inventory using LIFO.d101.Calculate cost of goods sold using FIFO.a102.Effect of using LIFO or FIFO.a103.Perpetual inventory—LIFO valuation.c104.Perpetual inventory—LIFO valuation.d105.Perpetual inventory—FIFO valuation.b106.Perpetual inventory—average cost valuation.c107.Cost flow assumptions.b108.Cost flow assumptions.c109.Calculate units in ending inventory.b110.Calculate cost of goods sold.a111.Calculate cost of goods sold using average cost.d112.Calculate ending inventory using average cost.c113.Calculate ending inventory using FIFO.d114.Calculate cost of goods sold using FIFO.d115.Calculate ending inventory using LIFO.c116.Calculate cost of goods sold using LIFO.c117.LIFO reserve.c118.LIFO reserve.b119.LIFO liquidation.b120.LIFO liquidationc121.Dollar-value LIFO.
Test Bank for Intermediate Accounting, Thirteenth Edition8 - 4MULTIPLE CHOICE—Computational (cont.)AnswerNo.Descriptionb122.Dollar-value LIFO.
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