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WhichofthefollowingistrueregardingtheLIFOmethodofinventorycosting?

AcompanycanuseLIFOfortaxpurposesandFIFOforfinancialreportingpurposes.
B. VeryfewU.S.companiesusetheLIFOmethod.
C. IfaLIFOliquidationoccurs,incometaxexpensewilldecrease.
D. Whenpricesarerising,incometaxesarethelowestwhentheLIFOmethodisused.

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WhencomparingtheFIFOandLIFOinventorymethods:

A. LIFOvaluesinventoryatthenewestcosts.
B. LIFOreportsthemostup-to-dateinventorycostonthebalancesheet.
C. FIFOresultsinthemostrealisticnetincomefigure.
D. FIFOmatchesoldinventorycostsagainstrevenue.

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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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Acompanyhasabeginninginventoryof$40,000andpurchasesduringtheyearof$110,000.Thebeginninginventoryconsistedof3,000unitsand7,000unitswerepurchasedduringtheyear.Theaveragecostperunitis:

A. $11.00.
B. $13.33.
C. $15.00.
D. $15.71.

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Acompanyhasabeginninginventoryof$40,000andpurchasesduringtheyearof$110,000.Thebeginninginventoryconsistedof3,000unitsand7,000unitswerepurchasedduringtheyear.3,480unitsremaininendinginventory.Thevalueoftheendinginventoryusingtheaverage-costmethodwillbe:

A. $38,280.
B. $46,389.
C. $52,200.
D. $97,800.

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WhichofthefollowingistrueregardingtheLIFOmethodofinventorycosting?

AcompanycanuseLIFOfortaxpurposesandFIFOforfinancialreportingpurposes. B. VeryfewU.S.companiesusetheLIFOmethod. C. IfaLIFOliquidationoccurs,incometaxexpensewilldecrease. D. Whenpricesarerising,incometaxesarethelowestwhentheLIFOmethodisused.

WhencomparingtheFIFOandLIFOinventorymethods:

TheBiosCompanypurchasedinventoryfor$75,000.Italsopaidfreight-inof$750,salestaxof$3,750andinsurancewhiletheinventorywasintransitof$210.Thecostoftheinventoryis:

Acompanyhasabeginninginventoryof$40,000andpurchasesduringtheyearof$110,000.Thebeginninginventoryconsistedof3,000unitsand7,000unitswerepurchasedduringtheyear.Theaveragecostperunitis:

Acompanyhasabeginninginventoryof$40,000andpurchasesduringtheyearof$110,000.Thebeginninginventoryconsistedof3,000unitsand7,000unitswerepurchasedduringtheyear.3,480unitsremaininendinginventory.Thevalueoftheendinginventoryusingtheaverage-costmethodwillbe:

AcompanycanuseLIFOfortaxpurposesandFIFOforfinancialreportingpurposes.
B. VeryfewU.S.companiesusetheLIFOmethod.
C. IfaLIFOliquidationoccurs,incometaxexpensewilldecrease.
D. Whenpricesarerising,incometaxesarethelowestwhentheLIFOmethodisused.