Homework Answers
Option 4 - Specific Identification
Since inventory is high value items like cars and houses, it is possible to go for the most accurate method to value inventory.
Specific Identification method means that all inventory items are tracked separately and individually. So, this is the most accurate and specific method to value inventory.
As opposed to FIFO, LIFO and weighted average which is a generic way of valuing inventory when specific Identification is not practically possible to do.
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Which of the following methods for valuing inventory would most likely be used for high value...
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
Which of the following inventory valuation method produces values that most closely reflect inventory sold and...
Which of the following inventory valuation method produces values that most closely reflect inventory sold and remaining? Select one: a. Specific Identification method b. Perpetual LIFO method c. Periodic LIFO method d. Periodic FIFO method e. Moving Average method
Manufacturing companies can choose from several methods of valuing its inventory such as normal cost, weighted...
Manufacturing companies can choose from several methods of valuing its inventory such as normal cost, weighted average and FIFO. This is true for financial reporting. However, for taxes purposes, they may also elect the LIFO method. Why/when do you think choosing LIFO would be an advantage on their tax return?
1. Which of the following inventories carried by a manufacturer is similar to the merchandise inventory...
1. Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer? Raw materials. Work-in-process. Finished goods. d. Supplies. b. 2. Where should raw materials be classified on the statement of financial position? Prepaid expenses. b. Inventory. Equipment. Not on the statement of financial position. d. Which of the following accounts is not reported in inventory? a. Raw materials. b. Equipment. c. Finished goods. d. Supplies 4. In a period of rising prices,...
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 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
Which inventory costing method provides the most realistic measure of net income? Question 20 options: A)...
Which inventory costing method provides the most realistic measure of net income? Question 20 options: A) FIFO B) LIFO C) average cost D) specific identification
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)
When inventory prices are increasing, which inventory valuation method would give you the lowest cost of...
When inventory prices are increasing, which inventory valuation method would give you the lowest cost of goods sold? B. FIFO LIFO Weighted Average Specific Identification D. The net method of recording sales violates the: A. Matching Principle Cost Principle Revenue Principle De here] D. None of the Above The formula for calculating the COGS when using the periodic inventory system is COGS=COST-SALVAGE VALUE/LIFE COGS=SALES LESS EXPENSES COGS=BI+NP-EI COGSEBEGING INVENTORY-ENDING INVENTORY-GAFS D.
There are four methods for inventory costing: LIFO, FIFO, weighted average and specific identification. What are...
There are four methods for inventory costing: LIFO, FIFO, weighted average and specific identification. What are the differences between each method? How does each method affect the balance sheet and the income statement? What do I mean when I say that inventory costing methods are not related to the physical flow of inventory? Please give an example.
1. Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer? Raw materials. Work-in-process. Finished goods. d. Supplies. b. 2. Where should raw materials be classified on the statement of financial position? Prepaid expenses. b. Inventory. Equipment. Not on the statement of financial position. d. Which of the following accounts is not reported in inventory? a. Raw materials. b. Equipment. c. Finished goods. d. Supplies 4. In a period of rising prices,...
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
When inventory prices are increasing, which inventory valuation method would give you the lowest cost of goods sold? B. FIFO LIFO Weighted Average Specific Identification D. The net method of recording sales violates the: A. Matching Principle Cost Principle Revenue Principle De here] D. None of the Above The formula for calculating the COGS when using the periodic inventory system is COGS=COST-SALVAGE VALUE/LIFE COGS=SALES LESS EXPENSES COGS=BI+NP-EI COGSEBEGING INVENTORY-ENDING INVENTORY-GAFS D.
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