An inventory costing procedure in which the oldest costs incurred rarely have an effect on the...
An inventory costing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is...
A. LIFO
B. FIFO
C. Weighted-average
D. Base Stock
Homework Answers
Answer is option B
B. FIFO
Because in FIFO method, the inventory purchased ealier or inventory in the beginning balance are sold first. In this way, the oldest cost incurred are rarely included in the ending inventory.
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An inventory costing procedure in which the oldest costs
incurred rarely have an effect on the...
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....
25. When usinga perpetual inventory system, A) no Purchases account is used. B) a Cost of...
25. When usinga 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. 26. Which of the following is a product cost as it relates to inventory? A) Selling costs. B) Interest costs. C) Raw materials D) Abnormal spoilage 27. An inventory pricing procedure in which the oldest costs incurred rarely have an effect on...
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)
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
During a period of decreasing inventory costs (i.e., assume a period of deflation), which inventory costing...
During a period of decreasing inventory costs (i.e., assume a period of deflation), which inventory costing method will show cost of goods sold on the income statement at the most current acquisition costs? FIFO LIFO weighted average all methods will show the same amount of cost of goods sold
5. In a period of rising prices, which inventory valuation method would generally yield both the...
5. In a period of rising prices, which inventory valuation method would generally yield both the lowest ending inventory value and the lowest net income figure? a. First in, first out (FIFO) b. Last in, first out (LIFo) c. Weighted average d. Standard cost
10. Which inventory costing method generally results in the most recent costs being assigned to ending...
10. Which inventory costing method generally results in the most recent costs being assigned to ending inventory? O A. LIFO. B. FIFO. C. Weighted average cost. D. Simple average cost. E. Specific identification. 11. When a company makes an adjustment in anticipation of future uncollectible debts: - it debits an asset account and credits a liability account. A. B. it debits a revenue account and credits an asset account. C. it debits a revenue account and credits an expense account....
Which of the following inventory costing methods uses the costing methods uses the cost of the...
Which of the following inventory costing methods uses the costing methods uses the cost of the oldest purchases to calculate the value of ending inventory Specific identification Weighted average Last in first out First in last out
Problem 17.1A Computing inventory costs under different valuation methods. LO 17-1 The following data concerns inventory...
Problem 17.1A Computing inventory costs under different valuation methods. LO 17-1 The following data concerns inventory and purchases at Muse Company. 95 units at $108 Inventory, January 1 Purchases: January 6 January 15 January 22 Inventory, January 31 65 units at $107 50 units at $107 40 units at $101 93 units a. Determine the cost of the ending inventory on January 31 under the average cost method. b. Determine the cost of the ending inventory on January 31 under...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
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....
25. When usinga 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. 26. Which of the following is a product cost as it relates to inventory? A) Selling costs. B) Interest costs. C) Raw materials D) Abnormal spoilage 27. An inventory pricing procedure in which the oldest costs incurred rarely have an effect on...
During a period of decreasing inventory costs (i.e., assume a period of deflation), which inventory costing method will show cost of goods sold on the income statement at the most current acquisition costs? FIFO LIFO weighted average all methods will show the same amount of cost of goods sold
5. In a period of rising prices, which inventory valuation method would generally yield both the lowest ending inventory value and the lowest net income figure? a. First in, first out (FIFO) b. Last in, first out (LIFo) c. Weighted average d. Standard cost
10. Which inventory costing method generally results in the most recent costs being assigned to ending inventory? O A. LIFO. B. FIFO. C. Weighted average cost. D. Simple average cost. E. Specific identification. 11. When a company makes an adjustment in anticipation of future uncollectible debts: - it debits an asset account and credits a liability account. A. B. it debits a revenue account and credits an asset account. C. it debits a revenue account and credits an expense account....
Problem 17.1A Computing inventory costs under different valuation methods. LO 17-1 The following data concerns inventory and purchases at Muse Company. 95 units at $108 Inventory, January 1 Purchases: January 6 January 15 January 22 Inventory, January 31 65 units at $107 50 units at $107 40 units at $101 93 units a. Determine the cost of the ending inventory on January 31 under the average cost method. b. Determine the cost of the ending inventory on January 31 under...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
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