题目内容

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

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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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The ending inventory of Cape Harbor Co. is $46,000. If beginning inventory was $64,000 and goods available (cost of goods available for sale) totaled $117,000, the cost of goods sold is

A. $71,000
B. $135,000
C. $64,000
D. $53,000

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Chime Company had cost of goods sold of $150,000. The beginning and ending inventories were $13,000 and $28,000, respectively. Purchases for the period must have been

A. $178,000
B. $165,000
C. $163,000
D. $135,000

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Beginning inventory is $110,000, purchases are $220,000, and sales total $500,000. The normal gross profit percentage is 35%. Using the gross profit method, how much is ending inventory?

A. $175,000
B. $215,000
C. $5,000
D. $280,000

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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?

The ending inventory of Cape Harbor Co. is $46,000. If beginning inventory was $64,000 and goods available (cost of goods available for sale) totaled $117,000, the cost of goods sold is

Chime Company had cost of goods sold of $150,000. The beginning and ending inventories were $13,000 and $28,000, respectively. Purchases for the period must have been

Beginning inventory is $110,000, purchases are $220,000, and sales total $500,000. The normal gross profit percentage is 35%. Using the gross profit method, how much is ending inventory?

A. specific identification
B. average cost
C. LIFO
D. FIFO