A. $85,500. B. $86,500. C. $87,000. D. $90,500.
A. $10,000and$9,625. B. $40,000and$28,875. C. $28,875and$1,125. D. $28,875and$10,000.
A. purchaseprice. B. sumofallthecostsincurredtobringtheinventorytoitsintendeduse. C. sumofallthecostsincurredtobringtheinventorytoitsintendeduse,plusanydiscountsandallowances. D. sumofallthecostsincurredtobringtheinventorytoitsintendeduse,lessanydiscountsandallowances.
A. Last-in,first-out B. Specific-unit-cost C. Weighted-average D. First-in,first-out
A. willproducethehighestnetincome. B. isalsoknownasthespecificidentificationmethod. C. willproducethesameendinginventoryastheaveragecostmethod. D. isalsoknownasthecost-of-goodssoldmodel.
A. willbethehighestunderFIFO. B. willbethehighestunderLIFO. C. cannotbecomputedusingtheaverage-costmethod. D. willbethesameunderLIFOandFIFO.
A. theprofitstobereported. B. theincometaxestobepaid. C. thevaluesofratiosreportedfromthebalancesheet. D. alloftheabove.
A. thefirstcostsintoinventoryarethefirstcostsassignedtocostofgoodssold. B. thelastcostsintoinventoryarethefirstcostsassignedtocostofgoodssold. C. theaveragecostoftheinventorymustbedetermined. D. thecompanymustfirstdeterminethespecificunitssold.
A. whenpricesareconstant. B. whenpricesaredeclining. C. whenpricesareincreasing. D. underallcircumstances.
AcompanycanuseLIFOfortaxpurposesandFIFOforfinancialreportingpurposes. B. VeryfewU.S.companiesusetheLIFOmethod. C. IfaLIFOliquidationoccurs,incometaxexpensewilldecrease. D. Whenpricesarerising,incometaxesarethelowestwhentheLIFOmethodisused.
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