# Referring to table 5 the cost of ending inventory

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Chapter 2 / Exercise 27
Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach
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62.Referring to Table 5, the cost of ending inventory using the periodic LIFO method would be:a)\$1,910b)\$860c)\$750d)\$850
63.Referring to Table 5, cost of goods sold calculated under the periodic FIFO method would be:
64.Referring to Table 5, assuming all goods are sold throughout the year for \$17 per unit, gross profit calculated under the periodic FIFO method would be:
65.Referring to Table 5, assuming all goods are sold throughout the year for \$19 per unit, gross profit calculated under the periodic LIFO method would be:
66.Which statement addresses the consistency principle?a)Businesses should generally use the same accounting methods and procedures from oneperiod to the next.b)Financial reporting practices in one country should be consistent with those in other countries.c)Companies in the same industry must use the same inventory costing method to facilitate comparison of results.d)Once a company selects an inventory costing method, it must always use that method.
67.Which of the following statements is true about a company making an accounting change inits financial statements?
68.LIFO tends to decrease taxes when:
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Chapter 2 / Exercise 27
Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach
Tan
Expert Verified
CHAPTER 6Accounting
69.An item is considered material if:
70.If a company uses LIFO and prices are rising, large purchases of inventory near the end of the year will:a)reduce cost of goods soldb)increase income taxes paid c)reduce the gross profitd)have no effect on the amount of cost of goods sold
71.Using the lower-of-cost-or-market rule of valuing inventory allows the accountant to attain: