The inventory method that assigns the most recent costs to Cost of Goods Sold is: A. FIFO

Fantastic news! We've Found the answer you've been seeking!

Question:

The inventory method that assigns the most recent costs to Cost of Goods Sold is:

A. FIFO

B. LIFO

C. average

D. specific identification

Related Book For answer-question

Financial Accounting A Critical Approach

ISBN: 978-1259066528

4th edition

Authors: John Friedlan

See More Books

Posted Date: Feb 14, 2022 02:44 AM

See More Questions

Cost of Goods Sold is reported as an asset on the balance sheet. as a direct reduction of equity on the statement of changes in stockholders\' equity. as an addition to Sales Revenue on the income...
Inventory and cost of goods sold information for Lafleche Inc. is provided below: Required: a. Calculate the inventory turnover ratio and average number of days in inventory under the two cost...
Inventory turnover is calculated as cost of goods sold divided by ending inventory . 1. True 2. False
Identify each of the following items relating to sections of a balance sheet as Current Assets (CA), Property and Equipment (PE), Current Liabilities (CL), Long-Term Liabilities (LTL), or Owners...
An insurance company offers two policies that cover the cost of repairs from driving accidents. A policy costing $1,000 annually has a $1,000 deductible (meaning the driver is responsible for paying...
For the given of Problem 11, indicate: (a) How much would an interest arbitrageur earn if the foreign currency were at a forward premium of 1 percent per year? (b) What would happen if the foreign...
Assume that $y$ is normally distributed with mean $\mu$ and variance $\sigma^{2}$. Let $\phi(\cdot)$ and $\Phi(\cdot)$ be the standard normal density and distribution functions,...
Match the qualitative characteristics below with the following statements. 1. Relevance 2. Faithful representation 3. Predictive value 4. Confirmatory value 5. Comparability 6. Completeness 7....
The salesman at the lot of Smiles Pre-Owned Vehicles told the woman buying the car that it was in "mint condition." Is this an express warranty? Why or why not?
A company makes a range of products with total budgeted manufacturing overheads of 973 560 incurred in three production departments (A, B and C) and one service department. Department A has 10 direct...
Basic arranging is an expert arranging discipline that blueprints with the game plan, progression, and upkeep of the physical and normally made climate, including public works like streets, ranges,...
A twin-engine jet aircraft requires a total net propulsive thrust of $6000 \mathrm{lbf}$. Each engine consumes air at the rate of $120 \mathrm{lbm} / \mathrm{sec}$ when traveling at \(650...
While converting a list of degrees Celsius temperatures to degree Fahrenheit, you notice that both scales have the same numerical value at a certain reading. What is this number?
The air flow through a jet engine is $30 \mathrm{~kg} / \mathrm{s}$, and the fuel flow is $1 \mathrm{~kg} / \mathrm{s}$. The exhaust gases leave with a relative velocity of \(610 \mathrm{~m} /...
It is proposed to power a monorail car by a pulsejet. A net propulsive thrust of $5350 \mathrm{~N}$ is required when traveling at a speed of $210 \mathrm{~km} / \mathrm{h}$. The gases leave the...
When a certain ideal glass thermometer is at room with a temperature of $25^{\circ} \mathrm{C}$, the mercury level in the right arm is $245 \mathrm{~mm}$ above the reference mark. When the...
which change approaches should have been used by Carly Fiorina and why do you think this approach would be successful?
Chicago Company sold merchandise to a customer for $1,500 cash in a state with a 6% sales tax rate. The total amount of cash collected from the customer was $558. $600. $642. $636. Nevada Company...
Fatima is a second-year university student. Last year she lived in residence, but this year she has rented a room in a house with a number of friends. As of the end of September, Fatima has $8,000 in...
You have obtained the following information about Rossburn Inc. (Rossburn) from its 2017 annual report: i. Rossburn's year-end is September 30. ii. Sales for the year ended September 30, 2017 were...
Explain why net income results in an increase in owners' equity.
Net profit is calculated in the (A) Trading account (B) Profit and loss account (C) Trial balance (D) Statement of financial position
To find the value of closing inventory at the end of a period we (A) Do this by physically counting the inventory (i.e. stocktaking) (B) Look in the inventory account (C) Deduct opening inventory...
Gross profit is (A) Excess of sales over cost of goods sold (B) Sales less purchases (C) Cost of goods sold + opening inventory (D) Net profit less expenses of the period

The inventory method that assigns the most recent costs to Cost of Goods Sold is: A. FIFO

Question:

Expert Answer:

Last in first out LIFO is a method used to account for inve... View the full answer

Financial Accounting A Critical Approach

Students also viewed these accounting questions