Question : 110.Use this information to answer the following question. Jan. 1 : 1244403

110.Use this information to answer the following question.

 

 

Jan.

1

 

Inventory

  15 units @ $4.00

 

 

8

 

Purchase

  60 units @ $4.40

 

 

17

 

Purchase

  30 units @ $4.20

 

 

25

 

Purchase

  45 units @ $4.80

 

 

 

 

Total sales

100 units

 

A periodic inventory system is used.

 

Cost of goods sold under the average-cost method is

 

a.

$222.

b.

$333.

c.

$435.

d.

$444.

 

 

 

111.Use this information to answer the following question.

 

 

Jan.

1

 

Inventory

15 units @ $4.00

 

 

8

 

Purchase

  60 units @ $4.40

 

 

17

 

Purchase

  30 units @ $4.20

 

 

25

 

Purchase

  45 units @ $4.80

 

 

 

 

Total sales

100 units

 

Cost of goods sold under FIFO is

 

a.

$426.

b.

$452.

c.

$429.

d.

$237.

 

 

 

112.Use this information to answer the following question.

 

 

Jan.

1

 

Inventory

15 units @ $4.00

 

 

8

 

Purchase

  60 units @ $4.40

 

 

17

 

Purchase

  30 units @ $4.20

 

 

25

 

Purchase

  45 units @ $4.80

 

 

 

 

Total sales

100 units

 

A periodic inventory system is used.

 

Ending inventory under LIFO is

 

a.

$237.

b.

$214.

c.

$452.

d.

$429.

 

 

 

113.Use this information to answer the following question.

 

 

Jan.

1

 

Inventory

15 units @ $4.00

 

 

8

 

Purchase

  60 units @ $4.40

 

 

17

 

Purchase

  30 units @ $4.20

 

 

25

 

Purchase

  45 units @ $4.80

 

 

 

 

Total sales

100 units

 

Assuming that the specific identification method is used and that ending inventory consists of 15 units from each of the three purchases and five units from the January 1 inventory, cost of goods sold is

 

a.

$445.

b.

$221.

c.

$418.

d.

$338.

 

 

 

 

 

114.In a period of declining prices, which of the following inventory methods generally results in the lowest balance sheet figure for inventory?

 

a.

LIFO

b.

FIFO

c.

Cannot tell without more information

d.

Average-cost

 

 

 

115.In a period of rising prices, which of the following inventory methods generally results in the lowest gross margin figure?

 

a.

FIFO

b.

Cannot tell without more information

c.

LIFO

d.

Average-cost

 

 

 

116.Which inventory method generally best follows the matching principle?

 

a.

LIFO

b.

FIFO

c.

Whichever method is used for tax purposes

d.

Average-cost

 

 

 

117.Which inventory method generally results in the most realistic up-to-date inventory figure?

 

a.

LIFO

b.

FIFO

c.

Whichever method produces the highest ending inventory figure

d.

Average-cost

 

 

 

118.In a period of rising prices, which inventory method is best to use to minimize income taxes?

 

a.

LIFO

b.

Average-cost

c.

FIFO

d.

Specific identification

 

 

 

 

119.Given equal circumstances, which inventory method probably would be the most time-consuming?

 

a.

FIFO

b.

LIFO

c.

Average-cost

d.

Specific identification

 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more