TodeterminecostofgoodssoldundertheFIFOmethod:
A. thefirstcostsintoinventoryarethefirstcostsassignedtocostofgoodssold.
B. thelastcostsintoinventoryarethefirstcostsassignedtocostofgoodssold.
C. theaveragecostoftheinventorymustbedetermined.
D. thecompanymustfirstdeterminethespecificunitssold.
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TheuseoftheFIFOmethodgenerallyincreasestaxableincome:
A. whenpricesareconstant.
B. whenpricesaredeclining.
C. whenpricesareincreasing.
D. underallcircumstances.
WhichofthefollowingistrueregardingtheLIFOmethodofinventorycosting?
AcompanycanuseLIFOfortaxpurposesandFIFOforfinancialreportingpurposes.
B. VeryfewU.S.companiesusetheLIFOmethod.
C. IfaLIFOliquidationoccurs,incometaxexpensewilldecrease.
D. Whenpricesarerising,incometaxesarethelowestwhentheLIFOmethodisused.
WhencomparingtheFIFOandLIFOinventorymethods:
A. LIFOvaluesinventoryatthenewestcosts.
B. LIFOreportsthemostup-to-dateinventorycostonthebalancesheet.
C. FIFOresultsinthemostrealisticnetincomefigure.
D. FIFOmatchesoldinventorycostsagainstrevenue.
TheBiosCompanypurchasedinventoryfor$75,000.Italsopaidfreight-inof$750,salestaxof$3,750andinsurancewhiletheinventorywasintransitof$210.Thecostoftheinventoryis:
A. $75,000.
B. $75,750.
C. $78,750.
D. $79,710.
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