You are watching: When using the periodic lifo inventory cost method, which of the following statements is correct?
Purchased inventory received is added to the inventory documents after all of the following are reconciled, except thea. receiving report.b. purchase order.c. vendor"s invoice.d. sales invoice.
Several controls are provided to safeguard inventory excepta. hiring defense guards.b. allowing all employees access to the materials wareresidence.c. keeping high-priced inventory behind lock and essential.d. installing sensors at all exits.
Inventory price flow assumptions deal with accounting issues other than whena. a things is marketed and it is important to determine its price.b. the same systems of merchandise are acquired at different unit costs throughout the period.c. both of these selections address inventory accountancy problems.d. neither of these choices addresses inventory bookkeeping concerns.
The specific identification inventory strategy deserve to be useda. when the unit sold is identified through a details purchase.b. as soon as each inventory unit deserve to be particularly established.c. by an vehicle dealer where automobiles have distinctive serial numbers.d. All of these choices are correct.
Determine the gross profit making use of the weighted average price flow technique, assuming that just one item was marketed on March 24 for $14. Date Item Units Cost TotalMarch 3 Acquisition 1 $4 $ 4March 8 Acquisition 1 6 6March 22 Purchase 1 8 8 Total 3 $18 a. $6b. $4c. $14d. $8
When making use of the regular LIFO inventory price technique, which of the complying with statements is true?a. The physical count determines the inventory on hand.b. The expense of inventory on hand is made up of the the majority of current purchases.c. The expense of products marketed is consisted of of the earlier purchases.d. None of these choices are correct.
When utilizing the regular FIFO inventory price strategy, which of the following statements is true?a. The physical count determines the inventory on hand also.b. The expense of products sold is made up of the earliest purchases.c. The price of inventory on hand is comprised of the most recent expenses.d. All of these choices are correct.
When a periodic inventory mechanism is supplied,a. only the reduction of inventory is recorded each time a sale is made.b. only revenue is videotaped each time a sale is made.c. only the expense of products marketed is recorded each time a sale is made.d. None of these options are correct.
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Which inventory price technique offers earnings taxes savings in the time of durations of rising prices?a. Weighted average inventory price methodb. FIFO inventory expense methodc. LIFO inventory price methodd. Specific identification inventory cost method
The cost method that will certainly yield an finishing inventory that is closer to present prices is thea. LIFO inventory price method.b. certain identification inventory price strategy.c. FIFO inventory cost strategy.d. weighted average inventory price method
The lower-of-cost-or-industry method deserve to be used toa. inventory in its entirety.b. each item in the inventory.c. each significant class or category of inventory.d. All of these selections are correct.
Determine the value of the inventory at the lower of price or sector, assuming LCM is used individually to each item. Item Inventory Quantity Cost per Unit Market Value per Unit(Net Realizable Value)S 3 $34 $30T 2 28 30a. $146b. $158c. $150d. $102
Financial Accounting plus MyAccountingLab through Pearboy eText, Global Editionnine EditionCharles T. Horngren, Wchange T Harrison