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1.At a time of declining prices, which cost flow assumption will result in the highest ending inventory? A. FIFO B. LIFO C. Weighted average D. Either A or C 2. When the cost of inventory is rising, which inventory cost flow method will produce the lowest amount of cost of goods sold? A. FIFO B. Weighted Average. C. All methods will produce the same amount of cost of goods sold. D. LIFO 200 The inventory records for Raymond Co. reflected the following Beginning Inventory @ May 1 200 units @ $1.00 First Purchase @ May 7 Second Purchase @ May 17 Third Purchase @ May 23 Sales @ May 31 B. $1.15 C. $1.14 D. $1.31 B. $130 C. $324 D. $340 300 units @ $1.10 = 400 units @ $1.20 100 units @ $1.30 = 120 900 units @ $1.50 1350 30 go 3. Determine the weighted average cost per unit for May. A. $1.22 .4.Determine the amount of cost of goods sold assuming the LIFO cost flow method. A. $1,140 B. $1,040 C. $1,000 D. $940 5. Determine the amount of gross margin assuming the FIFO cost flow method. A. $114

Which Inventory Valuation method gives the highest profit when inventory costs are rising? a. Weighted Average b. FIFO c. It is not possible to calculate which methd gives highest profit d. LIFO

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When would using the FIFO inventory costing method produce higher inventory account balancesthan the LIFO method would?A. inflationary timesB. deflationary timesC. alwaysD. never

Match the inventory method with its related characteristic. Assume a period of rising prices in all cases. 1. LIFO 2. FIFO 3. Weighted Average 4. Specific Identification Will result in reporting the highest net [Choose ] income Will result in showing the highest [Choose] reported inventory Tends to smooth out the effects of [Choose] inflation Will result in reporting the highest Cost of Goods Sold [Choose] Used where it is practical to physically separate the different purchases made [Choose] 6. Will result in matching current costs [Choose]

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Problem 2: Multiple choice- Theory 1. Which of the following statements is correct? a.PAS 2 Inventories does not allow the use of inventory estimates. b. If the cost ratio is 80%, the gross profit rate based on cost is 20%. c. If the gross profit based on cost is 25%, the cost ratio is 75%. d. PAS 2 allows the use of estimates if the estimate reasonably approximates the cost.

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PROBLEM 3 (MULTIPLE CHOICE)   pls help me with these

The answer is d, ex In a period of rising prices, the inventory method which tends to report the lowest inventory is a. FIFO. b. LISH. c. Specific identification. d. Average - cost.

Answer questions 11. And 12.