题目内容

Under the ________ method, ending inventory is based on the costs of the most recent purchases.

A. average-cost
B. FIFO
C. LIFO
D. specific-identification

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When comparing the results of LIFO and FIFO when inventory costs are decreasing:

A. cost of goods sold will be the lowest using FIFO.
B. ending inventory will be the highest using FIFO.
C. cost of goods sold will be the highest using LIFO.
D. ending inventory will be the highest using LIFO.

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Marian Company has the following items for the month of July:Sales revenue$476,300Cost of goods sold$330,000Beginning inventory$67,400Endinginventory$78,200Inventoryturnoveris:

A. 3.96.
B. 4.22.
C. 4.53.
D. 4.90.

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OceanviewSoftwarebeganJanuarywith$3,200ofmerchandiseinventory.DuringJanuary,Oceanviewmadethefollowingentriesforitsinventorytransactions:Inventory6,400AccountsPayable6,400AccountsReceivable7,400SalesRevenue7,400CostofGoods5,400SoldInventory5,400HowmuchwasOceanviewsinventoryattheendofJanuary?

A. $5,200
B. $4,200
C. Zero
D. $4,700

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When does the cost of inventory become an expense?

A. When inventory is purchased from the supplier.
B. When cash is collected from the customer.
C. When payment is made to the supplier.
D. When inventory is delivered to a customer.

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Under the ________ method, ending inventory is based on the costs of the most recent purchases.

A. average-cost B. FIFO C. LIFO D. specific-identification

When comparing the results of LIFO and FIFO when inventory costs are decreasing:

Marian Company has the following items for the month of July:Sales revenue$476,300Cost of goods sold$330,000Beginning inventory$67,400Endinginventory$78,200Inventoryturnoveris:

OceanviewSoftwarebeganJanuarywith$3,200ofmerchandiseinventory.DuringJanuary,Oceanviewmadethefollowingentriesforitsinventorytransactions:Inventory6,400AccountsPayable6,400AccountsReceivable7,400SalesRevenue7,400CostofGoods5,400SoldInventory5,400HowmuchwasOceanviewsinventoryattheendofJanuary?

When does the cost of inventory become an expense?

A. average-cost
B. FIFO
C. LIFO
D. specific-identification