LCNRV of inventory Select one: a. Is always either the net realizable value or its cost. b. Should always be equal to net realizable value. c. May sometimes be less than net realizable value. d. Should always be equal to estimated selling price less cost to complete.

LCNRV of inventory Select one: a. Is always either the net realizable value or its cost. b. Should always be equal to net realizable value. c. May sometimes be less than net realizable value. d. Should always be equal to estimated selling price less cost to complete.

Name: LCNRV of inventorySelect one:a. Is always either the net realizable va
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Description: LCNRV of inventorySelect one:a. Is always either the net realizable value or its cost.b. Should always be equal to net realizable value.c. May sometimes be less than net realizable value.d. Should always be equal to estimated selling price less cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which cost flow assumption generally results in the highest reported amount for ending inventory when inventory costs are rising? Explain.
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What is the ending inventory value?
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Which inventory method is least likely to be used under IFRS? A . First in, fi rst out (FIFO).
Under which inventory cost flow assumption is the cost of the most recent purchase matched first with sales revenues? Select one: A. FIFO B. Weighted average cost C. LIFO
When inventory costs rise and inventory quantities are not decreasing, what does the LIFO produces?
What is the dollar-value method of LIFO inventory valuation?What advantage does the dollar-value methodhave over the specific goods approach of LIFO inventoryvaluation? Why will the traditional LIFO inventory costingmethod and the dollar-value LIFO inventory costingmethod produce different inventory valuations if thecomposition of the inventory base changes?
Proponents of the LIFO inventory cost flow assumption argue that this costing method is superior to the alternatives because it results in better matching of revenue and expense. Required: a. Under LIFO, the release of the most recent purchase costs to the Cost of Goods Sold account results in better matching of revenue and expense. b. What is the impact on the carrying value of inventory in the balance sheet when LIFO rather than FIFO is used during periods of inflation? a. b. It understates the value of inventory in the balance sheet. It overstates the value of inventory in the balance sheet.
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The inventory valuation method which assumes that the items purchased first are the first items to be sold is called the _____ method. average costLIFO specific identificationFIFO