Which inventory costing method provides the most realistic measure of net income? Question 20 options: A)...
Which inventory costing method provides the most realistic measure of net income?
Question 20 options:
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Homework Answers
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Option B is the answer Lifo |
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| Last in first out method provides the most accurate net income as under this method current revenues can be matched with the current costs. |
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Which inventory costing method provides the most realistic
measure of net income?
Question 20 options:
A)...
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)
Which of the following inventory valuation method produces values that most closely reflect inventory sold and...
Which of the following inventory valuation method produces values that most closely reflect inventory sold and remaining? Select one: a. Specific Identification method b. Perpetual LIFO method c. Periodic LIFO method d. Periodic FIFO method e. Moving Average method
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
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
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,...
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...
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....
34) A company has net sales of $638,100 and cost of goods sold of $465,813. What...
34) A company has net sales of $638,100 and cost of goods sold of $465,813. What is the company's gross profit percentage? (Round final percentage amount to 1 decimal place.) A) 3.7% B) .4%. C) 73%. D) 27%. 35) The inventory costing method (specific identification, FIFO, LIFO, or weighted average) selected by a company will affect amounts on: A) only the income statement. B) both the balance sheet and the income statement. C) neither the balance sheet nor the income...
Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow (AP7-2) At the end of...
Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow (AP7-2) At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $16 per unit: Amount Units Transactions $2.365 500 Inventory, January 1 Purchase, January 12 Purchase, January 26 3,600 600 1,280 160 (370) Sale (250) Sale Required 1. Assuming the use of a periodic inventory system, prepare a summarized income statement through gross profit for...
In order to pay the least income tax possible in periods of decreasing inventory costs, the...
In order to pay the least income tax possible in periods of decreasing inventory costs, the company should use which of the following inventory costing methods? O A LIFO O B. Specific identification OC. FIFO OD. Average cost
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
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...
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....
34) A company has net sales of $638,100 and cost of goods sold of $465,813. What is the company's gross profit percentage? (Round final percentage amount to 1 decimal place.) A) 3.7% B) .4%. C) 73%. D) 27%. 35) The inventory costing method (specific identification, FIFO, LIFO, or weighted average) selected by a company will affect amounts on: A) only the income statement. B) both the balance sheet and the income statement. C) neither the balance sheet nor the income...
Evaluating Four Alternative Inventory Methods Based on Income and Cash Flow (AP7-2) At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $16 per unit: Amount Units Transactions $2.365 500 Inventory, January 1 Purchase, January 12 Purchase, January 26 3,600 600 1,280 160 (370) Sale (250) Sale Required 1. Assuming the use of a periodic inventory system, prepare a summarized income statement through gross profit for...
In order to pay the least income tax possible in periods of decreasing inventory costs, the company should use which of the following inventory costing methods? O A LIFO O B. Specific identification OC. FIFO OD. Average cost
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