kam III 5.In a period of rising prices, FIFO will have OOO 10 ibnsdora a. lower...
Exam 15.1n a period of rising prices, FIFO will have aower ne income than LIFO lower cost of goods sold than LIFO lower inoome tax expense than LIFO. dlower net purchases than LIFO 16 The inventory tumover is computed by dividing cost of goods sold by a beginning inventory. b ending inventory average inventory. a 365 days. 17. Barley Company developed the following information about its inentories in applying the lower-of-cost-or-et realizable value (LCNRV) basis in valuing inventories Product Net...
A company just starting business made the following four inventory purchases in June cases in June: $ 390 June June June June 1 10 15 28 150 units 200 units 200 units 150 units 598 630 510 $2.128 that there are 200 units on hand. The inventory A physical count of merchandise inventory method which results in the highest gross profit for June is the FIFO method b. the LIFO method. c. the weighted average unit cost method. d. not...
Question #5 continued (4 questio uede questions @ 5 point each total of 20 points. 5c). A company just st any just starting business made the following four inventory purchases in June Total Costs June 1 150 units June 10 200 units June 15 200 units 630 June 28 150 units 510 $2.128 $ 390 598 physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method, the amount allocated to...
1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 1/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? 4,400 4,400 4,356 644 5,000 a. Cash ......... Accounts Receivable........... b. Cash ........... Sales Returns and Allowances............. Accounts Receivable.......... c. Cash.. Sales Returns and Allowances........... Sales Discounts. Accounts Receivable....... d. Cash..............
Bramble Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories. Net realizable Product Cost value A $114000 $128000 B 83000 78000 C 152000 165000 If Bramble applies the LCNRV basis, the value of the inventory reported on the balance sheet would be
Marigold Corp. developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories: Product Cost Market A $89000 $94000 B 62000 59000 C 125000 126000 After Marigold Corp. applies the LCNRV rule, the value of the inventory reported on the balance sheet would be $273000. $282000. $276000. $279000.
In a period of rising prices, FIFO will result in lower net income than LIFO. lower cost of goods sold than LIFO lower income tax expense than LIFO. lower net purchases than LIFO.
QUESTION 4 Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product Cost Market $114,000 $120,000 80,000 76,000 160,000 162,000 If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be O $354,000. $358,000. $350,000. $362,000.
Concord Company developed the following information about its inventories in applying the lower of cost and net realizable value in valuing inventories: Product А Cost $ 69100 49300 100800 NRV $ 75200 47700 103000 B с After Concord Company values its inventory at the lower of cost or net realizable value, the value of the inventory reported on the balance sheet would be O $227500 $219200. $225900. O $217600.
QUESTION 16 16. What happens when prices are rising? A. LIFO will result in lower net income and a lower inventory valuation than will FIFO. B.LIFO will result in lower net income and a higher inventory valuation than will FIFO. C. LIFO will result in higher net income and a higher inventory valuation than will FIFO. D. LIFO will result in higher net income and a lower inventory valuation than will FIFO. QUESTION 17 Rowan Company has four different categories...