The drop down menu option for each of these isHomework Answers
1. Lifo
2. Lifo
3. Fifo
4. Consistency concept
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The drop down menu option for each of these is
A)LIFO
B)FIFO
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During a period of regularly rising purchase costs, the method yields the highest reported cost of...
During a period of regularly rising purchase costs, the method yields the highest reported cost of goods sold amount on the income statement. During a period of regularly rising purchase costs, the method yields the lowest income tax expense. select During a period of steadily rising costs, the method results in the highest amount of inventory reported on the balance sheet. The prescribes that a company use the same accounting methods period after period so that financial statements are comparable...
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......
In a period of rising prices, which inventory valuation method (LIFO or FIFO) tends to result...
In a period of rising prices, which inventory valuation method (LIFO or FIFO) tends to result in the following? a. Highest cost of goods sold b. Lowest inventory valuation c. Highest income taxes
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost of Goods Sold account is used. c. two entries are required to record a sale. d) All of these answer choices are correct sold for 2017, net income for 2017, and assets at December 31, 2018, respectively, are a. overstatement, understatement, overstatement. 32. If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods overstatement, understatement, no effect....
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted...
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted average 5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system 6. Rarely used with a perpetual inventory system 7. Produces results that are similar to the specific identification method 8. Widely used for tax purposes 9. Never results in either the highest or lowest possible net income 10. Produces the highest gross profit when costs are...
QUESTION 4 8 points Save Answer Company A uses LIFO and Company B uses FIFO. Assume rising prices. In analyzing li...
QUESTION 4 8 points Save Answer Company A uses LIFO and Company B uses FIFO. Assume rising prices. In analyzing liquidity and profitability of the two firms, which of the following statements is true? Company B will have higher owners' equity. Company A will have lower cost of goods sold Company A will have higher liabilities. Company B will have lower income tax payments. It is impossible to say anything about the two firms since they use different inventory methods....
Laker Company reported the following January purchases and sales data for its only product. Date Activities...
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 240 units @ $ 16.50 = $ 3,960 Jan. 10 Sales 190 units @ $ 25.50 Jan. 20 Purchase 170 units @ $ 15.50 = 2,635 Jan. 25 Sales 190 units @ $ 25.50 Jan. 30 Purchase 380 units @ $ 15.00 = 5,700 Totals 790 units $ 12,295 380 units The...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary under the perpetual system. R. Are meressary to adjust the loventory account to the actual inventory Must be taken at least once a month. D. Requires the use of hand-held portable computers. Are a necessary under the cost to benefit constraint. 22. During a period of steadily rising costs, the inventory valuation method that yields lowest reported net income is: A. Specific identification method....
Chapter 05 Homework Saved Required information [The following information applies to the questions displayed below.] Pa...
Chapter 05 Homework Saved Required information [The following information applies to the questions displayed below.] Part 2 of 2 Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 200 units @ $12.50 - $2,500 Units sold at Retail points 160 units @ $21.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units @ $11.50 = 1,495 140 units @...
Exercise 5-6A Income tax effect of shifting from FIFO to LIFO LO 5-1 [The following information...
Exercise 5-6A Income tax effect of shifting from FIFO to LIFO LO 5-1 [The following information applies to the questions displayed below.] The following information pertains to the inventory of Parvin Company during Year 2: Jan. 1 Beginning Inventory 750 units @ $ 33 Apr. 1 Purchased 2,700 units @ $ 38 Oct. 1 Purchased 950 units @ $ 41 During Year 2, Parvin sold 4,000 units of inventory at $90 per unit and incurred $45,000 of operating expenses....
During a period of regularly rising purchase costs, the method yields the highest reported cost of goods sold amount on the income statement. During a period of regularly rising purchase costs, the method yields the lowest income tax expense. select During a period of steadily rising costs, the method results in the highest amount of inventory reported on the balance sheet. The prescribes that a company use the same accounting methods period after period so that financial statements are comparable...
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......
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost of Goods Sold account is used. c. two entries are required to record a sale. d) All of these answer choices are correct sold for 2017, net income for 2017, and assets at December 31, 2018, respectively, are a. overstatement, understatement, overstatement. 32. If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods overstatement, understatement, no effect....
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted average 5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system 6. Rarely used with a perpetual inventory system 7. Produces results that are similar to the specific identification method 8. Widely used for tax purposes 9. Never results in either the highest or lowest possible net income 10. Produces the highest gross profit when costs are...
QUESTION 4 8 points Save Answer Company A uses LIFO and Company B uses FIFO. Assume rising prices. In analyzing liquidity and profitability of the two firms, which of the following statements is true? Company B will have higher owners' equity. Company A will have lower cost of goods sold Company A will have higher liabilities. Company B will have lower income tax payments. It is impossible to say anything about the two firms since they use different inventory methods....
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary under the perpetual system. R. Are meressary to adjust the loventory account to the actual inventory Must be taken at least once a month. D. Requires the use of hand-held portable computers. Are a necessary under the cost to benefit constraint. 22. During a period of steadily rising costs, the inventory valuation method that yields lowest reported net income is: A. Specific identification method....
Chapter 05 Homework Saved Required information [The following information applies to the questions displayed below.] Part 2 of 2 Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 200 units @ $12.50 - $2,500 Units sold at Retail points 160 units @ $21.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units @ $11.50 = 1,495 140 units @...
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