INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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Calculate the value of ending inventory and cost of goods sold
To determine the cost of ending inventory using the LIFO method:
A.
the average cost of the inventory is used.
B.
the beginning inventory and earliest purchase costs are used.
C.
the specific unit cost of the inventory is used.
D.
the latest purchase costs are used.
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Describe the backflushing or post-deduct system of inventory recordkeeping
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- When is ending inventory written down below its acquisition cost on the balance sheet? Select one: A. When units are damaged, physically deteriorated, or obsolete B. When the inventory's replacement cost exceeds its acquisition cost C. When the inventory's replacement cost is below its acquisition cost D. Both A and Carrow_forwardDefine inventory shrinkage.arrow_forward1. On which of the following instances is cost estimation not permitted? A. Estimating the cost of inventory destroyed by fire or other natural calamities. B. Presenting the value of inventory in an interim financial statement. C. Reporting of inventory at the Statement of Financial Position at year-end. D. Estimating the value of inventory missing because of theft. 2. Under the gross profit method, if the gross profit rate is based on cost, the cost of sales is computed as A. Gross sales times cost ratio B. Net sales divided by sales ratio C. Net sales times cost ratio D. Gross sales divided by sales ratio 3. In computing cost ratio, the conservative/conventional retail method should A. Exclude mark-up but not markdown B. Include mark-up and markdown C. Exclude mark-up and markdown D. Include mark-up but not markdownarrow_forward
- Inventory cost is least likely to include:A. production-related storage costs.B. costs incurred as a result of normal waste of materials.C. transportation costs of shipping inventory to customersarrow_forwardDifferentiate between the specific identification, FIFO, LIFO, and average cost methods used to determine the cost of ending inventory and cost of goods sold.arrow_forwardAs inventoriable costs expire, they become a. sales b. cost of goods sold c. operating expenses d. gross profitarrow_forward
- Which of the following statements about FIFO is true? Select one: a. All of the statements are correct b. Cost of goods sold is calculated using the costs of the earliest purchased inventory. c. The value of merchandise inventory is made up of the costs of the most recently purchased inventory. d. Under FIFO, a schedule is used to track the different costs of purchased inventory.arrow_forwardProvide an explanation of how losses on damaged intangible assets should be recorded in income.arrow_forwardWhat effect would an underestimated degree of completion of ending inventory have on a.) production cost per unit, b.) equivalent units, and c.) costs transferred outarrow_forward
- This cost includes the purchase price of goods and the related expenses incurred to prepare the goods for sale a. Cost of goods sold and operating expenses b. Cost of goods sold c. Cost of purchases d. Cost of goods sold available for salearrow_forwardExplain an example how to calculate net cost of inventory.arrow_forwardExamine the impact on turnover ratios of various inventory cost flow assumptions and depreciation methodologies, among other things.arrow_forward
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