Homework Answers
| As HOMEWORKLIB RULES's policy I can answer only the 1st question. For answers of other question please post the questions separately : |
| Answer : Option A [ LIFO will result in lower net income and a lower inventory valuation than FIFO ] |
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QUESTION 16 16. What happens when prices are rising? A. LIFO will result in lower net...
In a period of rising prices, FIFO will result in lower net income than LIFO. lower...
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.
In periods with rising prices and increasing quantities of inventories, which of the following relationships among...
In periods with rising prices and increasing quantities of inventories, which of the following relationships among inventory valuation methods is generally correct? O FIFO has a higher inventory balance and a lower net income than LIFO. O FIFO has a higher inventory balance and a higher net income than LIFO. OLIFO has a higher inventory balance and a higher net income than FIFO. OLIFO has a higher inventory balance and a lower net income than FIFO. All of the following...
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
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....
kam III 5.In a period of rising prices, FIFO will have OOO 10 ibnsdora a. lower...
kam III 5.In a period of rising prices, FIFO will have OOO 10 ibnsdora a. lower net income than LIFO. b. lower cost of goods sold than LIFO. c. lower income tax expense than LIFO. d. lower net purchases than LIFO. 16.The inventory turnover is computed by dividing cost of goods sold by a. beginning inventory. b. ending inventory. c. average inventory. d. 365 days. 17. Barley Company developed the following information about its inventories realizable value (LCNRV) basis in...
Exam 15.1n a period of rising prices, FIFO will have aower ne income than LIFO 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...
Comparing Inventory Methods Assume that a firm separately determined inventory under FIFO and LIFO and then...
Comparing Inventory Methods Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results. a. In each dropdown that follows, select the correct sign [less than (<), greater than (>), or equal (=)] for each comparison, assuming periods of rising prices. 1. FIFO inventory LIFO inventory 2. FIFO cost of merchandise sold LIFO cost of merchandise soldd 3. FIFO net income LIFO net income 4. FIFO income taxes LIFO income taxes b. Why would management...
#1 Croder Inc. purchases inventory for $5000 and incurs shipping costs of $100. To record this...
#1 Croder Inc. purchases inventory for $5000 and incurs shipping costs of $100. To record this transaction, Croder debits Inventory for $5000, debits selling expenses for $100 and credits cash for $5,100. Which of the following statements is correct? A) Net Income is understated B) All accounts are accurately stated C) Revenues are understated D) Assets are overstated #2 Which of the following statements is incorrect regarding LIFO and LIFO? A) In a period of increasing costs, assets will be...
When costs to purchase inventory are falling over time, using LIFO leads to reporting ______ cost...
When costs to purchase inventory are falling over time, using LIFO leads to reporting ______ cost of goods sold and ______ net income than FIFO. Multiple Choice lower, lower higher; higher
Respond to the following questions: Is Golf Challenge's change from LIFO to FIFO ethical? Consider whether...
Respond to the following questions: Is Golf Challenge's change from LIFO to FIFO ethical? Consider whether such a change would be misleading to investors. Under what type of circumstance should a company be permitted to change inventory costing methods? Feel free to share a personal experience with the class. Hint: The Ethics Challenge assumes inventory costs are rising. As you learned in the chapter, FIFO results in the higher cost of the most recent inventory purchases remaining on the balance...
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.
In periods with rising prices and increasing quantities of inventories, which of the following relationships among inventory valuation methods is generally correct? O FIFO has a higher inventory balance and a lower net income than LIFO. O FIFO has a higher inventory balance and a higher net income than LIFO. OLIFO has a higher inventory balance and a higher net income than FIFO. OLIFO has a higher inventory balance and a lower net income than FIFO. All of the following...
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....
kam III 5.In a period of rising prices, FIFO will have OOO 10 ibnsdora a. lower net income than LIFO. b. lower cost of goods sold than LIFO. c. lower income tax expense than LIFO. d. lower net purchases than LIFO. 16.The inventory turnover is computed by dividing cost of goods sold by a. beginning inventory. b. ending inventory. c. average inventory. d. 365 days. 17. Barley Company developed the following information about its inventories realizable value (LCNRV) basis in...
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...
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