The following solution is suggested to handle the subject “Generally, which inventory costing method approximates most closely the current cost for each of the following?…“. Let’s keep an eye on the content below! Generally, which inventory
costing method approximates most 1. 2. Lifo Lifo 3. Fifo Fifio 4. Fifo Lifo Marsh Company had 150 units of product A on hand at January 1, Units Unit cost Jan. 10 18 28 A physical count on January 31, year 2, shows 250 units of product 1. $5,850 2. $5,550 3. $5,350 4. $5,250 Max’s Co.’s inventory on December 31, 2005 was $1,500,000, based What amount should Max report as inventory in its December 31, 1.$1,500,000 2.$1,590,000Question “Generally, which inventory costing method approximates most closely the current cost for each of the following?…”
closely the current cost for each of the following?Cost of goods sold
Ending inventory
LIFO
FIFO
year 2, costing $21 each. Purchases of product A during the month
of January were as follows:
200
$22
250
23
100
24
A on hand. The cost of the inventory at January 31, year 2, under
the LIFO method is
on a physical count priced at cost, and before any necessary
adjustment for the following:• Merchandise costing $90,000, shipped FOB shipping point from
a vendor on December 30, 2005, was received and recorded on January
5, 2006.
• Goods in the shipping area were excluded from inventory
although shipment was not made until January 4, 2006. The goods,
billed to the customer FOB shipping point on December 30, 2005, had
a cost of $120,000.
2005, balance sheet?
3.$1,620,000
4.$1,710,000
On October 20, 2005, Heavy Co. consigned 40 freezers to Holden
Co. for sale at $1,000 each and paid $800 in transportation costs.
On December 30, 2005, Holden reported the sale of 10 freezers and
remitted $8,500. The remittance was net of the agreed 15%
commission.
What amount
should Heavy recognize as consignment sales revenue for
2005?
1.$7,700
2.$8,500
3.$9,800
4.$10,000
Answer
According to HOMEWORKLIB RULES, there are 3 parts.
Conclusion
Above is the solution for “Generally, which inventory costing method approximates most closely the current cost for each of the following?…“. We hope that you find a good answer and gain the knowledge about this topic of business.
A] Nội dung chính
Ending Inventory
Cost of Goods Sold
FIFO
FIFO
B]
Ending Inventory
Cost of Goods Sold
LIFO
LIFO
C]
Ending Inventory
Cost of Goods Sold
FIFO
LIFO
D]
Ending Inventory
Cost of Goods Sold
LIFO
FIFO
Answer: C
60.Which inventory costing method most closely approximates current cost for eachof the following:Ending InventoryCost of Goods Solda.FIFOFIFOb.FIFOLIFOc.LIFOFIFOd.LIFOLIFO 45.Which inventory costing method most closely approximates current cost for each of thefollowing:Ending InventoryCost of Goods Solda.FIFOFIFOb.FIFOLIFOc.LIFOFIFOd.LIFOLIFO
Cost of Goods Sold Ending inventory
a] LIFO FIFO
b] LIFO LIFO
c] FIFO FIFO
d] FIFO LIFO
Accounting Financial Accounting
A] Ending Inventory Cost of Goods Sold FIFO
FIFO
B] Ending Inventory Cost of Goods Sold LIFO
LIFO
C] Ending Inventory Cost of Goods Sold FIFO
LIFO
D] Ending Inventory Cost of Goods Sold LIFO
FIFO
Answer: C
45.Which inventory costing method most closely approximates current cost for each of thefollowing:Ending InventoryCost of Goods Solda.FIFOFIFOb.FIFOLIFOc.LIFOFIFOd.LIFOLIFO
Cost of Goods Sold Ending inventory
a] LIFO FIFO
b] LIFO LIFO
c] FIFO FIFO
d] FIFO LIFO
Accounting Financial Accounting
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Test Bank for Intermediate Accounting, Twelfth Edition8 - 1250.Assuming no beginning inventory, what can be said about the trend of inventory prices ifcost of goods sold computed when inventory is valued using the FIFO method exceedscost of goods sold when inventory is valued using the LIFO method?
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51.In a period of rising prices, the inventory method which tends to give the highest reportednet income is
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52.In a period of rising prices, the inventory method which tends to give the highest reportedinventory is
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53.Quayle Corporation's inventory cost on its balance sheet was lower using first-in, first-outthan it would have been using last-in, first-out.Assuming no beginning inventory, in whatdirection did the cost of purchases move during the period?a. Upb. Downc. Steadyd. Cannot be determined
54.In a period of rising prices, the inventory method which tends to give the highest reportedcost of goods sold is
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55.Which of the following statements isnotvalid as it applies to inventory costing methods?
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Which inventory method is closest to current cost?
[a] First-in, First-out [FIFO]: Under FIFO, the cost of goods sold is based upon the cost of material bought earliest in the period, while the cost of inventory is based upon the cost of material bought later in the year. This results in inventory being valued close to current replacement cost.
Which inventory costing method provides the most current?
LIFO gives the most realistic net income value because it matches the most current costs to the most current revenues. Since costs normally rise over time, LIFOs can result in the lowest net income and taxes.
Which inventory method best matches current costs with current revenues?
The inventory costing method that best matches current costs with current revenues is the: LIFO method.
How do you find the LIFO of cost of goods sold?
To calculate FIFO [First-In, First Out] determine the cost of your oldest inventory and multiply that cost by the amount of inventory sold, whereas to calculate LIFO [Last-in, First-Out] determine the cost of your most recent inventory and multiply it by the amount of inventory sold.