c 123 Dollar value LIFO b 124 Dollar value LIFO c 125 Calculate ending

# C 123 dollar value lifo b 124 dollar value lifo c 125

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c 123. Dollar-value LIFO. b 124. Dollar-value LIFO. c 125. Calculate ending inventory using dollar-value LIFO. c 126. Calculate ending inventory using dollar-value LIFO. a 127. Calculate ending inventory using dollar-value LIFO. b 128. Calculate price index using double extension method. b 129. Calculate ending inventory using dollar-value LIFO. d 130. Calculate ending inventory using dollar-value LIFO. a 131. Calculate ending inventory using dollar-value LIFO. c 132. Calculate ending inventory using dollar-value LIFO. MULTIPLE CHOICE—CPA Adapted Answer No. Description d 133. Calculate ending inventory using dollar-value LIFO. a 134. Identification of inventory costs. c 135. Determine cost of purchased inventory. d 136. Determine cost of sales. b 137. Calculate Accounts Payable at year end. d 138. Calculate Accounts Payable at year end. a 139. Calculate Accounts Payable at year end. b 140. Determine cost of purchased inventory. c 141. Determine cost of purchased inventory. c 142. Calculate unit cost using moving-average method. a 143. Periodic and perpetual inventory methods. c 144. FIFO and LIFO with increasing prices. c 145. Calculate ending inventory using LIFO. a 146. Dollar-value LIFO and the double extension approach. b 147. Calculate ending inventory using dollar-value LIFO. EXERCISES Item DescriptionE8-148 Recording purchases at net amounts. E8-149 Recording purchases at net amounts. E8-150 Comparison of FIFO and LIFO. E8-151 FIFO and LIFO inventory methods. E8-152 FIFO and LIFO periodic inventory methods. E8-153 Perpetual LIFO. E8-154 Perpetual LIFO and periodic FIFO. E8-155 Analysis of gross profit. E8-156 Dollar-value LIFO. Valuation of Inventories: A Cost-Basis Approach 8 - 5PROBLEMS Item DescriptionP8-157 Inventory cut-off. P8-158 Analysis of errors. P8-159 Accounting for purchase discounts. P8-160 Inventory methods. P8-161 Dollar-value LIFO. P8-162 Dollar-value LIFO. CHAPTER LEARNING OBJECTIVES 1. Identify major classifications of inventory. 2. Distinguish between perpetual and periodic inventory systems. 3. Identify the effects of inventory errors on the financial statements. 4. Understand the items to include as inventory cost. 5. Describe and compare the cost flow assumptions used to account for inventories. 6. Explain the significance and use of a LIFO reserve. 7. Understand the effect of LIFO liquidations. 8. Explain the dollar-value LIFO method. 9. Identify the major advantages and disadvantages of LIFO. 10. Understand why companies select given inventory methods. Test Bank for Intermediate Accounting, Fourteenth Edition 8 - 6 SUMMARY OF LEARNING OBJECTIVES BY QUESTIONS Item Type Item Type Item Type Item Type Item Type Item Type Item TypeLearning Objective 1 1. TF 2. TF 21. MC 22.MC 23.MC 84. MC 85.MC Learning Objective 2 3. TF 27. MC 32. MC 37.MC 88.MC 137. MC 4. TF 28. MC 33. MC S38.MC 89.MC 138. MC 24. MC 29. MC 34. MC P39.MC 134.MC 139. MC 25. MC 30. MC 35. MC 86.MC 135.MC 157. P 26. MC 31. MC 36. MC 87.MC 136.MC Learning Objective 3 5. TF S41. MC 44. MC 90.MC 93.MC 6. TF 42. MC 45. MC 91.MC 94.MC P40. MC 43. MC 46. MC 92.MC 158.P Learning Objective 4 7. TF 49. MC 53. MC 57.MC 96.MC 141. MC 8. TF 50. MC 54. MC 58.MC 97.MC 148. E 47. MC 51. MC 55. MC S59.MC 137.MC 149. E 48. MC 52. MC 56. MC 95.MC 140.MC 159. P  #### You've reached the end of your free preview.

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• Spring '12
• Coffman
• Fourteenth Edition
• • •  