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- 1.Which of the following may not result to the amount of cost of sales? a.Net purchases less net increase in inventory b.Net decrease in inventory plus net purchases c.Total goods available for sale less beginning inventory d.Total goods available for sale less ending inventoryQUESTION 4 Which of the following is used to analyze the efficiency and effectiveness of inventory management? a. inventory turnover only b. number of days' sales in inventory only c. both inventory turnover and number of days' sales in inventory d. neither inventory turnover or number of days' sales in inventoryquestion 7 In a period of rising prices, the inventory method which tends to give the highest reported cost of goods sold and the lowest net income is Group of answer choices 1)LIFO 2)Average cost 3)FIFO 4)None of these answer choices are correct.
- QUESTION 9 Which of the following statements is NOT true of Economic Order Quantity? O A. The economic order quantity mathematically determines the minimum total inventory cost O B. The EOQ is directly proportional to the sales per period OC. The optìmal order size is determined by the EOQ model O D. The EOQ ignores inventory reorder costs and inventory carrying costsShow Attempt History Current Attempt in Progress * In a period of rising prices, cost of goods sold will be less under FIFO than LIFO since the company is selling the older, less costly goods. In a period of rising prices, FIFO will result in O lower net income than LIFO. O lower net purchases than LIFO. O lower cost of goods sold than LIFO. O lower income tax expense than LIFO. eTextbook and Media Save for Later Attempts: 1 of 2 used Submit Answer םיב W S d bUnder the LIFO cost flow assumption during a period ofinflation, which of the following is false? A. Cost of goods sold will be lower than under FIFO B. Gross margin will be lower than under FIFO C. Income tax expense will be lower than under FIFO D. Ending inventory will be lower than under FIFO
- 22.Which inventory costing method has a stabilizing effect on profit, such that during a period of rising prices its use produces a not so high cost of goods sold and not so low profit as the earlier lower costs tend to stabilize the effect of increasing prices on both cost of goods sold and ending inventory? a. First-in, first-out method b. Last-in, first-out method c. Specific identification method d. Average methodQUESTION 33 Under generally accepted accounting principles, a company can choose among different cost flow assumptions for valuing cost of goods sold that can result in different income reporting. However, a company cannot frequently change the cost flow assumption adopted in order to measure the highest income possible because of the: conservatism principle. going concern principle. stable-dollar principle. consistency principle.2. Which of the following may not result to the amount of cost of sales? a. Net purchases less net increase in inventory. b. Net decrease in inventory plus net purchases. c. Total goods available for sale less beginning inventory. d. Total goods available for sale less ending inventory. 3. Which of the following is equal to the cost of goods sold? a. net purchases plus the excess of ending inventory over beginning inventory. b. total goods available for sale plus ending inventory. c. net purchases minus the increase in inventory. d. net purchases minus the decrease in inventory.
- In a period of rising prices,a. cost of goods sold under LIFO will be less than under FIFO.b. gross profit under FIFO will be higher than under LIFO.c. LIFO inventory will be greater than FIFO inventory.d. net income under LIFO will be higher than under FIFO.14. Which of the following is most likely to be a symptom of overtrading? A Static levels of inventory turnover B Rapid increase in profits C Increase in the level of the current ratio D Rapid increase in sales