B fifo c lifo d all of these methods can be used

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Managerial Accounting
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Chapter 10 / Exercise EX10-2
Managerial Accounting
Warren/Tayler
Expert Verified
B. FIFO.C.LIFO.D. All of these methods can be used.AACSB: DiversityAACSB: Reflective ThinkingAICPA: BB GlobalAICPA: FN MeasurementAccessibility: Keyboard NavigationBlooms: RememberLearning Objective: 08-09 Discuss the primary difference between U.S. GAAP and IFRS with respect to determining the cost of inventory.Level of Difficulty: 1 EasySpiceland - Chapter 08 #85Topic Area: IFRS-Inventory cost flow assumptions86.Listed below are 5 terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term.1. Cost of Goods available for sale Adjusts inventory at the end of the period. 32. Finished goods LIFO must be used for financial reporting if elected for taxes. 43. Periodic inventory system Reduced by discounts taken under both gross and net methods. 54. LIFO conformity rule Inventory ready for sale. 25. Net purchases Allocated between ending inventory and cost of goods sold. 1AACSB: Reflective ThinkingAICPA: BB Critical ThinkingAICPA: FN MeasurementBlooms: UnderstandLearning Objective: 08-01 Explain the difference between a perpetual inventory system and a periodic inventory system.Learning Objective: 08-03 Determine the expenditures that should be included in the cost of inventory.Learning Objective: 08-05 Discuss the factors affecting a companys choice of inventory method.Level of Difficulty: 1 EasySpiceland - Chapter 08 #86Topic Area: Factors influencing method choiceTopic Area: Included in inventory-ExpendituresTopic Area: Periodic inventory system
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Managerial Accounting
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Chapter 10 / Exercise EX10-2
Managerial Accounting
Warren/Tayler
Expert Verified
87.Listed below are 5 terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term.1. Physical flow Reduces the quality of current period earnings information. 52. LIFO pools Units grouped according to similarities. 23. Freight-in Continuously records changes in inventory. 44. Perpetual inventory system Considered a product cost. 35. LIFO liquidation Captured by FIFO for perishable products. 1AACSB: Reflective ThinkingAICPA: BB Critical ThinkingAICPA: FN MeasurementBlooms: UnderstandLearning Objective: 08-01 Explain the difference between a perpetual inventory system and a periodic inventory system.Learning Objective: 08-03 Determine the expenditures that should be included in the cost of inventory.Learning Objective: 08-05 Discuss the factors affecting a companys choice of inventory method.Learning Objective: 08-06 Understand supplemental LIFO disclosures and the effect of LIFO liquidations on net income.Level of Difficulty: 1 EasySpiceland - Chapter 08 #87Topic Area: Factors influencing method choiceTopic Area: Included in inventory-ExpendituresTopic Area: LIFO liquidationsTopic Area: Perpetual inventory systemTopic Area: Types of inventory88.

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