Question: The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred

The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is:

a. FIFO.

b. LIFO.

c. weighted average cost.

d. perpetual inventory.

Step by Step Solution

★★★★★

3.36 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a The FIFO method answer a is based on the assumption that costs are charged again... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Managerial Accounting Questions!

Calculating Average Payables Period (L03) For 2015. Hartney Inc. had a cost of goods sold of $43.821. At the end of the year, the account payable balance was $7.843. How long on average did it take...

Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 $138 July 17 Purchase 1 $142 July 26 Purchase 1 $146 Total 3 $426 Average cost per...

re Regular Languages and Finite Automata (a) Let L be the set of all strings over the alphabet {a, b} that end in a and do not contain the substring bb. Describe a deterministic finite automaton...

Question 4 If the costs of goods are falling throughout an accounting period, the inventory cost flow assumption that would lead to the highest cost of goods sold is: FO Weighted average cost OLIFO...

Speak The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is: O A. fifo O B. lifo O C. average cost OD....

The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is: A. . perpetual inventory B. . average cost C. ....

The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is: A. fifo C. average cost B. lifo D. perpetual...

The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is: A. FIFO. C. average cost. B. LIFO. D. perpetual...

The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is: a. FIFO. b. LIFO. c. weighted average cost. d....

= cos A sin A %3D (tan A + cot A)

Cost cut purchased machinery for its manufacturing process in early March. The machinery cost $600 000, excluding installation costs of $50 000. Cost cut estimates that the machinery has a useful...

The effective annual rate ( EAR ) for a savings account with a stated APR of 4 % compounded daily ( use 3 6 5 minus day year ) is closest to: Question content area bottom Part 1 A . 4 . 0 8 % . B . 1...

6. How can the firm create competitive advantage by the use of resources and competences in the firm?

Compute the missing amounts for each of the followingnotes. Total Interest Annual Time Principal Interest Rate 120 days 3 years $ 600 ? 9% (b) $30,000 (c) $60,000 (d) $45.000 10% ? 5 months $2.000 8%...

In determining interest revenue, some financial institutions use 365 days per year and others use 360 days. Why might a financial institution use 360 days?

General Motors Corporation has accounts receivable and notes receivable. How should the receivables be reported on the balance sheet?

Plan of Cash Distribution to Partners (Cash Priority Program)" Cash priority program A cash distribution plan for the Folger, Glover, and Hale partnership was as follows: Priority Creditors Folger...

In your own words, and without replicating or paraphrasing the sentences or ideas from the textbook or from an online website, please answer the following questions: What is the subject and purpose...

1 def foo ( seq ) : 2 pos = bar ( seq ) 3 a = seq [ :pos ] 4 b = seq [ pos + 1 : ] 5 return a + b 6 7 def bar ( sub ) : 8 return sub [ 0 ] 9 1 0 p = [ 2 , 0 , - 1 , 4 ] 1 1 p = foo ( p ) 1 2 print (...