b. the first units acquired are the last units to be sold c. the last units acquired are the last units
9.
In the first-in, first-out (FIFO) method:
a. the last units acquired are the first units to be sold
b. the first units acquired are the last units to be sold
c. the last units acquired are the last units to be sold
d. the first units acquired are the first units to be sold
10.
The inventory evaluation method which does not represent the actual ending inventory value is?
a.
b. first-in, first-out (FIFO)
c. weighted average
d. last-in, first-out (LIFO)
11.
Cost of goods sold is equal to?
a. Beginning inventory - Purchases + Ending Inventory
b. Purchases + Beginning inventory - Ending Inventory
c. Beginning inventory + Sales - Ending Inventory
d. Ending Inventory + Purchases - Beginning inventory
12.
The costs of ending inventory is similar under both periodic and perpetual inventory system if _________________ method is used.
a. first-in, first-out (FIFO)
b. standard cost
c. weighted average
d. last-in, first-out (LIFO)
13.
If a company is experiencing continuous cost increases for the merchandise that it purchases, which costing method assumption will result in the least amount of profit and the least amount of income tax expense?
a. Weighted Average
b. FIFO
c. LIFO
14.-21.
14.
Find the ending inventory units when the company is using periodic inventory system.
ANSWER: _____
15.
Find the ending inventory cost when the company is using periodic inventory system and FIFO method.
ANSWER: _____
16.
Find the ending inventory cost when the company is using perpetual inventory system and FIFO method.
ANSWER: _____
17.
Find the cost of goods sold for the transaction on June, 21 when the company is using perpetual inventory system and FIFO method.
ANSWER: _____
18.
Find the ending inventory unit as at June, 21 when the company is using periodic inventory system.
ANSWER: _____
19.
Find the ending inventory costs as at June, 21 when the company is using periodic inventory system and FIFO method.
ANSWER: _____
20.
Find the average costs for the inventory as at June, 16 when the company is using perpetual inventory system and moving-average method.
Round-off your answer into 2 decimals.
ANSWER: _____
21.
Find the average costs per unit when the company is using periodic inventory system and weighted-average method
Round-off your answer into 2 decimals.
ANSWER: _____
Step by step
Solved in 2 steps
