ABC Auto Sales sells new Lexus vehicles. ABC will most likely use the ________ method to cost its ending inventory.
A. Last-in,first-out
B. Specific-unit-cost
C. Weighted-average
D. First-in,first-out
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Thespecific-unit-costmethod:
A. willproducethehighestnetincome.
B. isalsoknownasthespecificidentificationmethod.
C. willproducethesameendinginventoryastheaveragecostmethod.
D. isalsoknownasthecost-of-goodssoldmodel.
Ifthecosttopurchaseaunitofinventorydoesnotchange,endinginventory:
A. willbethehighestunderFIFO.
B. willbethehighestunderLIFO.
C. cannotbecomputedusingtheaverage-costmethod.
D. willbethesameunderLIFOandFIFO.
Decidingonwhichinventorymethodacompanyshoulduseaffects:
A. theprofitstobereported.
B. theincometaxestobepaid.
C. thevaluesofratiosreportedfromthebalancesheet.
D. alloftheabove.
TodeterminecostofgoodssoldundertheFIFOmethod:
A. thefirstcostsintoinventoryarethefirstcostsassignedtocostofgoodssold.
B. thelastcostsintoinventoryarethefirstcostsassignedtocostofgoodssold.
C. theaveragecostoftheinventorymustbedetermined.
D. thecompanymustfirstdeterminethespecificunitssold.
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