题目内容

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.

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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

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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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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

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

A. original cost, less physical deterioration.
B. original cost.
C. resale value.
D. current replacement cost.