Which inventory costing method results in the lowest ending inventory during a period of rising merchandise...
Which inventory costing method results in the lowest
ending inventory during a period of rising merchandise inventory
cost?
a.) Weighted-average
b.) Specific identification
c.) First-in, first-out (FIFO)
d.) Last-in, first-out (LIFO)
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Which inventory costing method results in the lowest
ending inventory during a period of rising merchandise...
5. In a period of rising prices, which inventory valuation method would generally yield both the...
5. In a period of rising prices, which inventory valuation method would generally yield both the lowest ending inventory value and the lowest net income figure? a. First in, first out (FIFO) b. Last in, first out (LIFo) c. Weighted average d. Standard cost
1. Which of the following inventories carried by a manufacturer is similar to the merchandise inventory...
1. Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer? Raw materials. Work-in-process. Finished goods. d. Supplies. b. 2. Where should raw materials be classified on the statement of financial position? Prepaid expenses. b. Inventory. Equipment. Not on the statement of financial position. d. Which of the following accounts is not reported in inventory? a. Raw materials. b. Equipment. c. Finished goods. d. Supplies 4. In a period of rising prices,...
5) Which of the following inventory costing methods yields the highest income when costs are rising...
5) Which of the following inventory costing methods yields the highest income when costs are rising during the accounting period? A) Specific-unit-cost B) Average-cost C) Last-In, First-Out D) First-In, First-Out Which of the following inventory costing methods yields the lowest income when costs are rising during the accounting period? A) Specific-unit-cost B) Average-cost C) Last-In, First-Out D) First-In, First-Out
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
C debit Merchandise Invencory D debit Accounts Payable; credit Merchandise Inventory 13. MC.06-60 The inventory method...
C debit Merchandise Invencory D debit Accounts Payable; credit Merchandise Inventory 13. MC.06-60 The inventory method that assigns the most recent costs to cost of merchandise sold is FIFO B specific identification LIFO weighted average
C debit Merchandise Invencory D debit Accounts Payable; credit Merchandise Inventory 13. MC.06-60 The inventory method that assigns the most recent costs to cost of merchandise sold is FIFO B specific identification LIFO weighted average
Which of the following inventory costing methods will always result in the same values for ending...
Which of the following inventory costing methods will always result in the same values for ending inventory and cost of goods sold regardless of whether a perpetual or periodic inventory system is used? Multiple Choice FIFO and LIFO LIFO and weighted-average cost Specific identification and FIFO FIFO and weighted-average cost LIFO and specific identification Next Visit question map Question 12 of 25 Total12
10. Which inventory costing method generally results in the most recent costs being assigned to ending...
10. Which inventory costing method generally results in the most recent costs being assigned to ending inventory? O A. LIFO. B. FIFO. C. Weighted average cost. D. Simple average cost. E. Specific identification. 11. When a company makes an adjustment in anticipation of future uncollectible debts: - it debits an asset account and credits a liability account. A. B. it debits a revenue account and credits an asset account. C. it debits a revenue account and credits an expense account....
AutoSave Off second exam.. Zakari, SaluS File Home Insert Design Layout References Mailings Review View Help Gramma...
AutoSave Off second exam.. Zakari, SaluS File Home Insert Design Layout References Mailings Review View Help Grammarly L 6 5 4- 3- 2 21) Which of the following inventory valuation methods should be used for undque items? A) specific identfication C) weighted-average 21) B) last-in, first-out D) first-in, first-out 22) Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of goods sold? A) last-in, first-out first-in, first-out 22) B) specific identification...
When inventory prices are increasing, which inventory valuation method would give you the lowest cost of...
When inventory prices are increasing, which inventory valuation method would give you the lowest cost of goods sold? B. FIFO LIFO Weighted Average Specific Identification D. The net method of recording sales violates the: A. Matching Principle Cost Principle Revenue Principle De here] D. None of the Above The formula for calculating the COGS when using the periodic inventory system is COGS=COST-SALVAGE VALUE/LIFE COGS=SALES LESS EXPENSES COGS=BI+NP-EI COGSEBEGING INVENTORY-ENDING INVENTORY-GAFS D.
Identify the inventory costing method best described by each of the following separate statements. Assume a...
Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs 1. Assigns the lowest amount to cost of goods sold 2. Mimics the actual flow of inventory. 3. |Yields the lowest gross profit. 4. Tends to smooth out the erratic changes in costs. 5. Matches the cost of items exactly with the revenues they generate. FIFO Specific identification Weighted average LIFO
5. In a period of rising prices, which inventory valuation method would generally yield both the lowest ending inventory value and the lowest net income figure? a. First in, first out (FIFO) b. Last in, first out (LIFo) c. Weighted average d. Standard cost
1. Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer? Raw materials. Work-in-process. Finished goods. d. Supplies. b. 2. Where should raw materials be classified on the statement of financial position? Prepaid expenses. b. Inventory. Equipment. Not on the statement of financial position. d. Which of the following accounts is not reported in inventory? a. Raw materials. b. Equipment. c. Finished goods. d. Supplies 4. In a period of rising prices,...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
C debit Merchandise Invencory D debit Accounts Payable; credit Merchandise Inventory 13. MC.06-60 The inventory method that assigns the most recent costs to cost of merchandise sold is FIFO B specific identification LIFO weighted average
C debit Merchandise Invencory D debit Accounts Payable; credit Merchandise Inventory 13. MC.06-60 The inventory method that assigns the most recent costs to cost of merchandise sold is FIFO B specific identification LIFO weighted average
10. Which inventory costing method generally results in the most recent costs being assigned to ending inventory? O A. LIFO. B. FIFO. C. Weighted average cost. D. Simple average cost. E. Specific identification. 11. When a company makes an adjustment in anticipation of future uncollectible debts: - it debits an asset account and credits a liability account. A. B. it debits a revenue account and credits an asset account. C. it debits a revenue account and credits an expense account....
AutoSave Off second exam.. Zakari, SaluS File Home Insert Design Layout References Mailings Review View Help Grammarly L 6 5 4- 3- 2 21) Which of the following inventory valuation methods should be used for undque items? A) specific identfication C) weighted-average 21) B) last-in, first-out D) first-in, first-out 22) Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of goods sold? A) last-in, first-out first-in, first-out 22) B) specific identification...
When inventory prices are increasing, which inventory valuation method would give you the lowest cost of goods sold? B. FIFO LIFO Weighted Average Specific Identification D. The net method of recording sales violates the: A. Matching Principle Cost Principle Revenue Principle De here] D. None of the Above The formula for calculating the COGS when using the periodic inventory system is COGS=COST-SALVAGE VALUE/LIFE COGS=SALES LESS EXPENSES COGS=BI+NP-EI COGSEBEGING INVENTORY-ENDING INVENTORY-GAFS D.
Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs 1. Assigns the lowest amount to cost of goods sold 2. Mimics the actual flow of inventory. 3. |Yields the lowest gross profit. 4. Tends to smooth out the erratic changes in costs. 5. Matches the cost of items exactly with the revenues they generate. FIFO Specific identification Weighted average LIFO
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