Which of the following methods is appropriate for a

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Which of the following methods is appropriate for a business whose inventory consists of a relatively small number of unique, high-cost items?LIFOspecific identificationFIFOaverage
During a period of falling prices, which of the following inventory methods generally results in the lowest balance sheet amount for inventory?
On the basis of the following data, what is the estimated cost of the merchandise inventory on May 31 using the retail method?CostRetailMay 1Merchandise inventory$125,000$166,667May 1-31Purchases235,000313,333May 1-31Sales230,000$250,000$187,500$360,000$172,500If a company mistakenly counts less items during a physical inventory than actually exist, how will the error affect the cost of merchandise sold?
If merchandise inventory is being valued at cost and the purchase price is steadily falling, which method of costing will yield the largest net income?
LIFOFIFOaverage costweighted averageThe following lots of a particular commodity were available for sale during the year:Beginning inventory10 units at $30First purchase25 units at $32Second purchase30 units at $34Third purchase10 units at $35The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the FIFO method?
The following lots of a particular commodity were available for sale during the year:Beginning inventory10 units at $30

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