Cost of goods sold will appear on which financial statement?
A. statement of retained earnings
B. balance sheet
C. statement of cash flows
D. income statement
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How is inventory classified in the financial statements?
A. as an expense
B. as a contra account to cost of goods sold
C. as an asset
D. as a revenue
When applying the lower-of-cost-or-market rule to inventory, “market” generally means
A. original cost, less physical deterioration.
B. original cost.
C. resale value.
D. current replacement cost.
During a period of rising prices, the inventory method that will yield the highest net income and asset value is
A. specific identification
B. average cost
C. LIFO
D. FIFO
Which statement is true?
An error overstating ending inventory in 2016 will understate 2016 net income.
B. Application of the lower-of-cost-or-market rule often results in a lower inventory value.
C. When prices are rising, the inventory method that results in the lowest ending inventory value is FIFO.
D. The inventory method that best matches current expense with current revenue is FIFO.
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