题目内容

Whichstatementistrue?

A. Theinventorymethodthatbestmatchescurrentexpensewithcurrentrevenue isFIFO.
B. Applicationofthelower-of-cost-or-marketruleoftenresultsinalower inventoryvalue.
C. Anerroroverstatingendinginventoryin20X1willunderstate20X1netincome.
D. Whenpricesarerising,theinventorymethodthatresultsinthelowestendinginventoryvalueisFIFO.

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TheendinginventoryofBarHarborCo.is$44,000.Ifbeginninginventorywas$50,000andgoodsavailabletotaled$104,000,thecostofgoodssoldis:

A. $112,000
B. $198,000
C. $60,000
D. $50,000

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BellCompanyhadcostofgoodssoldof$130,000.Thebeginningandendinginventories were$10,000and$20,000,respectively.Purchasesfortheperiodmusthavebeen:

A. $82,000
B. $94,000
C. $132,000
D. $140,000

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Beginninginventoryis$60,000,purchasesare$180,000andsalestotal$300,000.The normalgrossprofitis30%.Usingthegrossprofitmethod,howmuchisendinginventory?

A. $120,000
B. $106,400
C. $244,000
D. $30,000

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An overstatementofendinginventoryinoneperiodresultsin:

A. noeffectonnetincomeofthenextperiod
B. anunderstatementofnetincomeofthenextperiod
C. anoverstatementofnetincomeofthenextperiod
D. anunderstatementofthebeginninginventoryofthenextperiod

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