Duringaperiodofrisingprices,theinventorymethodthatwillyieldthehighestnetincomeandassetvalueis:
A. Specificidentification
B. Averagecost
C. LIFO
D. FIFO
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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.
TheendinginventoryofBarHarborCo.is$44,000.Ifbeginninginventorywas$50,000andgoodsavailabletotaled$104,000,thecostofgoodssoldis:
A. $112,000
B. $198,000
C. $60,000
D. $50,000
BellCompanyhadcostofgoodssoldof$130,000.Thebeginningandendinginventories were$10,000and$20,000,respectively.Purchasesfortheperiodmusthavebeen:
A. $82,000
B. $94,000
C. $132,000
D. $140,000