Theinventorymethodusedbyacompanyaffects:
A. netincomeontheincomestatement.
B. theincometaxestobepaid.
C. theendinginventoryonthebalancesheet.
D. allofthe them.
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Summertime had the following data for the month of March:At March 31, 300 units are still on hand. Determine the cost of goods sold for March if Summertime uses the FIFO method.
A. $6,020
B. $7,525
C. $8,804
D. $10,434
Duringaperiodofrisingprices,theinventorymethodthatwillyieldthehighestnetincomeandassetvalueis:
A. Specificidentification
B. Averagecost
C. LIFO
D. FIFO
Whichstatementistrue?
A. TheSalesaccountisusedtorecordonlysalesonaccount.
B. Theinvoiceisthepurchaser’srequestforcollectionfromthecustomer.
C. Grossprofitistheexcessofsalesrevenueovercostofgoodssold.
D. Aservicecompanypurchasesproductsfromsuppliersandthensellsthem.
Whichstatementistrue?
A. Theinventorymethodthatbestmatchescurrentexpensewithcurrentrevenue isFIFO.
B. Applicationofthelower-of-cost-or-marketruleoftenresultsinalower inventoryvalue.
C. Anerroroverstatingendinginventoryin20X1willunderstate20X1netincome.
D. Whenpricesarerising,theinventorymethodthatresultsinthelowestendinginventoryvalueisFIFO.
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