The specific identification inventory costing method:

Select one:

A. Is more appropriate for a firm selling construction equipment than for a firm selling greeting cards

B. Measures the ending inventory at the actual prices of the specific units sold during the period

C. Uses expected future acquisition costs rather than historical costs to measure the ending inventory

D. Is not a generally accepted method of pricing inventories

E. None of the above

A firm's inventory turnover:

Select one:

A. Is computed by dividing cost of goods sold by the end-of-year inventory

B. Is affected by the inventory costing method used

C. Becomes the days' sales in inventory when multiplied by 365

D. Is generally interpreted as favorable if it is smaller than the industry average

E. None of the above

The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Fiskie, Inc., for an operating period.

	Units	Unit Cost		Total Cost		Units Sold
Beginning Inventory	50	$31		$1,550
Sale no. 1						40
Purchase no. 1	30	25		750
Sale no. 2						32
Purchase no. 2	40	22		880
Totals	120			$3,180		72

Assuming Fiskie, Inc., uses LIFO perpetual inventory procedures, the ending inventory cost is:

Select one:

A. $1,056

B. $1,080

C. $1,488

D. $1,128

E. None of the above