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Purchased inventory got is added to the inventory records after all of the complying with are reconciled, except thea. Receiving report.b. Purchase order.c. Vendor"s invoice.d. Sales invoice.
Several controls are offered to safeguard inventory excepta. Hiring security guards.b. Allowing all employees accessibility to the materials warehouse.c. Keeping high-priced inventory behind lock and also key.d. Installing sensors at all exits.
Inventory cost flow assumptions address audit issues except whena. An object is sold and also it is necessary to determine its cost.b. Identical units of was are obtained at different unit expenses during the period.c. Both of these choices resolve inventory audit issues.d. No of these options addresses inventory audit issues.
The details identification inventory method can it is in useda. As soon as the unit offered is determined with a particular purchase.b. Once each perform unit have the right to be specifically identified.c. By an car dealer whereby automobiles have distinct serial numbers.d. Every one of these selections are correct.
Determine the pistol profit using the weighted average cost flow method, assuming that only one item was sold on in march 24 because that $14. Day Item Units price TotalMarch 3 purchase 1 $4 $ 4March 8 purchase 1 6 6March 22 acquisition 1 8 8 total 3 $18 a. $6b. $4c. $14d. $8
When making use of the routine LIFO inventory cost method, i beg your pardon of the adhering to statements is true?a. The physical count determines the perform on hand.b. The cost of list on hand is consisted of of the many recent purchases.c. The cost of goods sold is made up of the earlier purchases.d. Nobody of these choices are correct.
When utilizing the routine FIFO inventory cost method, which of the complying with statements is true?a. The physical count determines the perform on hand.b. The expense of products sold is comprised of the faster purchases.c. The cost of inventory on hand is consisted of of the most recent costs.d. Every one of these selections are correct.
When a routine inventory mechanism is used,a. Only the palliation of list is videotaped each time a sale is made.b. Only revenue is videotaped each time a revenue is made.c. Only the price of products sold is taped each time a sale is made.d. Nobody of these selections are correct.
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Which list cost method offers revenue tax savings throughout periods of increasing prices?a. Weighted mean inventory price methodb. FIFO inventory expense methodc. LIFO inventory cost methodd. Particular identification inventory expense method
The cost an approach that will certainly yield an finishing inventory the is closer to existing prices is thea. LIFO inventory price method.b. Certain identification inventory expense method.c. FIFO inventory cost method.d. Weighted median inventory cost method
The lower-of-cost-or-market an approach can be applied toa. Inventory as a whole.b. Every item in the inventory.c. Each significant class or classification of inventory.d. Every one of these options are correct.
Determine the worth of the inventory in ~ the lower of cost or market, suspect LCM is used individually to every item. Item Inventory Quantity cost per Unit industry Value per Unit(Net Realizable Value)S 3 $34 $30T 2 28 30a. $146b. $158c. $150d. $102
Financial accountancy plus MyAccountingLab v Pearson eText, an international Edition9th EditionCharles T. Horngren, Walter T Harrison