3,4,& 5

A E E Times New. 11 A A Aa BI U NabxX ALA ABCDE ABCDE ABCDE U Caption Normal No Spacing Style must be included in this inventory count? A) Goods in transit to Reeves, FOB destination B) Goods that Reeves is holding on consignment for Parker Company C) Goods in transit that Reeves has sold to Smith Company, FOB shipping point D) Goods that Reeves is holding in inventory on March 31 for which the related Accounts Payable is 15 days past due 10 3. Atom Company just began business and made the following four inventory purchases in June: June 150 units $ 990 June 200 units 1,344 June 200 units 1,368 June 150 units 1,062 $4,764 28 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is A) $1,326. B) $1,320. C) $1,362 D) $1,404. 4. Using the data in #3 above the ending inventory at end of June using the FIFO method would be: A) S1326 B) $1320 C) $1362 D) $1404 5. Using the data in #3 above the ending inventory atyend of June using the WEIGHTED AVERAGE method would be: A) $1326 B) $1320 C) S1362 D) $1464 6. Which of the following terms best describes the assumption made in applying the four inventory methods? A) Goods flow B) Cost flow C) Asset flow D) Physical flow 7. Which of the following statements is correct with respect to inventories? A) The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold. B) It is generally good business management to sell the Page 1 of 3 1196 words English (United States) Focus 34. What is an advantage of using the multiple-step income statement? A) It highlights the components of net income. B) of 3 35 of 1514 words English (United States) Focus E D - 2 of 3 9196 words English (United States) Focus