Homework Answers
LIFO : LIFO costing method of inventory means goods purchase in last is sold first or Last In First Out.
So in this situation balance in inventory will be always first purchased and last purchases will be shown in Cost of Goods sold
As per above explanation given statement is not correct.
Answer = False
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question #45 Indicate whether the following statement is true or false. The LIFO inventory flow method...
Indicate whether the following statement is true or false. The FIFO cost flow method assumes that...
Indicate whether the following statement is true or false. The FIFO cost flow method assumes that the cost of items purchased last should stay in the ending inventory. If they have not been sold out True or Falso True False
question #39 Indicate whether the following statement is true or false. The cost flow of inventory...
question #39 Indicate whether the following statement is true or false. The cost flow of inventory should be consistent with the physical flow. True or False True False
question #27 Indicate whether the following statement is true or false. Under a perpetual Inventory system....
question #27 Indicate whether the following statement is true or false. Under a perpetual Inventory system. It is not possible to use the FIFO method of cost flow True or False True False
Indicate whether the following statement is true or false. Under the weighted average cost flow method,...
Indicate whether the following statement is true or false. Under the weighted average cost flow method, the average unit cost of the inventory is determined by dividing the total inventory costs by the number of units. True or False False
question #48 Indicate whether the following statement is true or false. Under the FIFO method, each...
question #48 Indicate whether the following statement is true or false. Under the FIFO method, each time units are sold the unit cost contained in the most recent layer is applied to the number of units sold True or False True False
QUESTION 9 The LIFO inventory method assumes that the cost of the latest units purchased are...
QUESTION 9 The LIFO inventory method assumes that the cost of the latest units purchased are the last to be allocated to cost of goods sold. the first to be allocated to ending inventory. the first to be allocated to cost of goods sold. not allocated to cost of goods sold or ending inventory.
question # 41 Indicate whether the following statement regarding internal control is true or false. Computer...
question # 41 Indicate whether the following statement regarding internal control is true or false. Computer systems have eliminated the need for internal controls in business True or False True False
Carolina Company uses the LIFO method for valuing its ending inventory. The following financial statement information...
Carolina Company uses the LIFO method for valuing its ending inventory. The following financial statement information is available for its first year of operation: Carolina Company Income Statement For the year ended December 31 Sales 60,000 Cost of Goods sold 23,000 Gross Profit 37,000 Expenses 13,000 Income before taxes $ 24,000 Carolina's ending inventory using the LIFO method was $8,700. Carolina's accountant determined that had the company used FIFO, the ending inventory would have been $9,100 . a. Determine what...
For each of the following statements, indicate whether the correct answer is FIFO, LIFO, or neither....
For each of the following statements, indicate whether the
correct answer is FIFO, LIFO, or neither. **Pay special attention
to whether prices are rising or declining.
For each of the following statements, indicate whether the correct answer is FIFO, LIFO, or neither. ** Pay special attention to whether prices are rising or declining. When inventory costs are rising, this method yields the lowest income tax expense. Choose... When inventory costs are declining, this method yields the highest gross profit. Choose......
Question 3 Indicate whether the following statement is true or false. The exact solution of the...
Question 3 Indicate whether the following statement is true or false. The exact solution of the recurrence: T(0) = 1 T(1)=0 T(2)=0 T(n)= 4:T(n-3)+3:T(n-1)-8-T(n-2) is T(n) = 4+n.2" True False
Indicate whether the following statement is true or false. The FIFO cost flow method assumes that the cost of items purchased last should stay in the ending inventory. If they have not been sold out True or Falso True False
question #39 Indicate whether the following statement is true or false. The cost flow of inventory should be consistent with the physical flow. True or False True False
question #27 Indicate whether the following statement is true or false. Under a perpetual Inventory system. It is not possible to use the FIFO method of cost flow True or False True False
Indicate whether the following statement is true or false. Under the weighted average cost flow method, the average unit cost of the inventory is determined by dividing the total inventory costs by the number of units. True or False False
question #48 Indicate whether the following statement is true or false. Under the FIFO method, each time units are sold the unit cost contained in the most recent layer is applied to the number of units sold True or False True False
QUESTION 9 The LIFO inventory method assumes that the cost of the latest units purchased are the last to be allocated to cost of goods sold. the first to be allocated to ending inventory. the first to be allocated to cost of goods sold. not allocated to cost of goods sold or ending inventory.
question # 41 Indicate whether the following statement regarding internal control is true or false. Computer systems have eliminated the need for internal controls in business True or False True False
For each of the following statements, indicate whether the
correct answer is FIFO, LIFO, or neither. **Pay special attention
to whether prices are rising or declining.
For each of the following statements, indicate whether the correct answer is FIFO, LIFO, or neither. ** Pay special attention to whether prices are rising or declining. When inventory costs are rising, this method yields the lowest income tax expense. Choose... When inventory costs are declining, this method yields the highest gross profit. Choose......
Question 3 Indicate whether the following statement is true or false. The exact solution of the recurrence: T(0) = 1 T(1)=0 T(2)=0 T(n)= 4:T(n-3)+3:T(n-1)-8-T(n-2) is T(n) = 4+n.2" True False
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