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Inventory Methods

5 Questions  I  By Daniel2
Inventory Methods
Multiple Choice Quiz Inventory Methods

  
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Question Excerpt

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1.  The following units of a particular item were purchased and sold during the period:
Beginning inventory 40 units at P20
First purchase 50 units at P21
Second purchase 50 units at P22
First sale 110 units
Third purchase 50 units at 23
Second sale 45 units
What is the cost of the 35 units on hand at the end of the period as determined under the periodic inventory system by the fifo costing method
A.
B.
C.
D.
2.  The inventory costing method that charges the most recent costs incurred against revenue
A.
B.
C.
3.  If the merchandise inventory is being valued at cost and the price level is steadily rising,the method of costing that will yield the highest net income is:
A.
B.
C.
4.  The following units of a particular item were purchased and sold during the period:What is the cost of the 35 units on hand at the end of the period as determined under the perpetual inventory system by the lifo costing method
Beginning inventory 40 units at P20
First purchase 50 units at P21
Second purchase 50 units at P22
First sale 110 units
Third purchase 50 units at 23
Second sale 45 units
A.
B.
C.
D.
5.  The inventory costing method that is based on the assumption that cost should be charged against revenue in the order in which they were incurred.
A.
B.
C.
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