Homework Answers
| 1 | Assigns the lowest amount to cost of goods sold | FIFO |
| 2 | Mimics the actual flow of inventory | FIFO |
| 3 | Yields the lowest gross profit | LIFO |
| 4 | Tends to smooth out the erratic changes in costs | Weighted Average |
| 5 | Matches the cost of items exactly with the revenues they generate. | Specific identification |
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Identify the inventory costing method best described by each of the following separate statements. Assume a...
9 QS 5-18 Contrasting inventory costing methods LO A1 Identify the inventory costing method best described...
9 QS 5-18 Contrasting inventory costing methods LO A1 Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs pints eBook 1 2. 3. 4. 5 Tends to smooth out the erratic changes in costs. Inventory on the balance sheet approximates its current cost. Precisely matches the costs of items with the revenues they generate. Cost of goods sold approximates its current cost. Better matches current costs with revenues. Ask...
Help Save & Exit Submit Identify the inventory costing method best described by each of the...
Help Save & Exit Submit Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs. 1. Yields a balance sheet inventory amount often markedly less than its replacement cost 2. Results in a balance sheet inventory amount approximating replacement ou 3. Provides a tax advantage (deferral) to a corporation when costs are rising 4. Recognizes (matches) recent costs against net sales 5. The preferred method when each unit of product...
Required: Choose the method of inventory valuation that corresponds to each of the statements that follow:...
Required: Choose the method of inventory valuation that corresponds to each of the statements that follow: 1. FIFO 2. LIFO 3. Weighted average. 4. Specific identification Matches actual flow of goods with actual flow of costs in most cases Matches old costs with new sales prices Results in the lowest net income in periods of falling prices Matches recent costs with new sales prices Does not assume any particular flow of goods Best suited for situations in which inventory consists...
FIFO First in, first out LIFO Last in, first out WA Weighted average SI Specific identification...
FIFO First in, first out LIFO Last in, first out WA Weighted average SI Specific identification The method that is used if each inventory item can be matched with a specific purchase and invoice. The method that will cause the company to have the lowest income taxes. The method that will cause the company to have the lowest cost of goods sold. The method that will assign a value to inventory that approximates current cost. The method that will tend...
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)
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....
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
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
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 19 2 pts When merchandised costs are increasing, which inventory method will produce the lowest...
Question 19 2 pts When merchandised costs are increasing, which inventory method will produce the lowest gross profit? Weighted Average LIFO FIFO Not able to determine
9 QS 5-18 Contrasting inventory costing methods LO A1 Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs pints eBook 1 2. 3. 4. 5 Tends to smooth out the erratic changes in costs. Inventory on the balance sheet approximates its current cost. Precisely matches the costs of items with the revenues they generate. Cost of goods sold approximates its current cost. Better matches current costs with revenues. Ask...
Help Save & Exit Submit Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs. 1. Yields a balance sheet inventory amount often markedly less than its replacement cost 2. Results in a balance sheet inventory amount approximating replacement ou 3. Provides a tax advantage (deferral) to a corporation when costs are rising 4. Recognizes (matches) recent costs against net sales 5. The preferred method when each unit of product...
Required: Choose the method of inventory valuation that corresponds to each of the statements that follow: 1. FIFO 2. LIFO 3. Weighted average. 4. Specific identification Matches actual flow of goods with actual flow of costs in most cases Matches old costs with new sales prices Results in the lowest net income in periods of falling prices Matches recent costs with new sales prices Does not assume any particular flow of goods Best suited for situations in which inventory consists...
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....
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
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......
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