Question: Under which method of cost flows is the ending inventory assumed to be composed of the most recent purchases? O A. Average cost B.

Under which method of cost flows is the ending inventory assumed to

Under which method of cost flows is the ending inventory assumed to be composed of the most recent purchases? O A. Average cost B. Last-in, first-out OC. First-in, first-out OD. Weighted average

Step by Step Solution

★★★★★

3.42 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Solution Option bis correct which is last in first out Explanation LIFO ... 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 Accounting Questions!

On July 1, 2022, the first day of its 2023 fiscal year, the Town of Bear Creek issued at par $2,000,000 of 2 percent term bonds to renovate a historic wing of its main administrative building. The...

Which method of cost estimation does not rely primarily on historical cost data? What are the drawbacks of this method?

Which method of cost estimation is not usually based primarily on company accounting records?

Slater Co manufactures slate floor tiles and is considering a proposal to purchase a new piece of machinery that will clean and polish the tiles before they are packaged. This task currently requires...

Klumb Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. InstructionsCalculate the ending inventory at May 31 using the (a) FIFO,...

Zambia Co. uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Instructions Compute the ending inventory at May 31 using the FIFO and...

Under which method of cost flow are (a) the earliest costs assigned to inventory, Q-8 (b) the latest costs assigned to inventor}', and (c) the average costs assigned to inventory?

Catlet Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. InstructionsCompute the ending inventory at May 31 and cost of goods...

Fionnula Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Fionnula Co. uses a periodic inventory system. Its records show the...

Interactive.com just started business and is trying to decide which inventory cost method-FIFO or average cost-to use. Assuming prices are falling, as they oft en do in the information technology...

Peppermint Patty Inc. acquired 80% of the stock of Spike Company, its subsidiary, on January 1, 2015, for $360,000. On this date, the balances of Spikes stockholders equity accounts were, Common...

1. What are the steps in completing the accounting cycle? 2. What is the effect on the financial statements of missing a step when completing the accounting cycle?

Write A Sequence Of MOV Instructions That Will Exchange The Upper word and lower words in the double word variable name three?

Human Resource Development or HDR is best defined as: a . a fancy name for being a Personnel Manager. b . a set of systematic and planned activities designed by an organization to provide its members...

6. If a Gompers and a Lewis could emerge to rescue unionism at critical times in the past, cannot a case be made that there is nothing basically wrong with

5. One scholar of labor history has offered as his opinion that "even with the New Deal. .. union development experi- enced, not a marked mutation, but a partial alteration and expansion in...

7. An elderly woman with dementia is receiving haloperidol. What adverse effect is this woman at increased risk for developing? A. anorexia B. increased temperature C. infection D. tardive dyskinesia

8. A patient is receiving haloperidol decanoate 100 mg intramuscularly. What assessment should the nurse make before and after the administration of the medication? A. pulse rate B. respiratory rate...

according to housing nsw guidelines How does anti-discrimination law protect diversity and people with a disability? Select one: a. By creating standards of acceptable behaviour to support diversity...

8:27 Tue, Jul 23 2 0. OK S. 649% Expanding the Net Present Value Method LO2 . Know CCB: Prepare an NPV analysis of two competing projects using either the total cost approach or the incremental cost...

Beauville Furniture Corporation produces sofas, recliners, and lounge chairs. Beauville is located in a medium-sized community in the southeastern part of the United States. It is a major employer in...

Equivalent Units, No Beginning Work in Process Hromas Manufacturing produces cylinders used in internal combustion engines. During June, Hromas' welding department had the following data: Units in...

QUESTION 1 Managerial Accounting focuses primarily on providing data primarily for internal use and decision making by managers. preparation of tax returns for the IRS. preparation of financial...

Please show the calculation processes The Watson Company operates a simple chemical process to convert a single material into three separate items, referred to here as X, Y, and Z. All three end...

Assume an outlet of The Runner's Store has the following data: Ang Biglane 40 S40 Sale 16 Purchase 11 Sale 19 Sale 24Sale 10 10 Purchase Requirements: a) Calculate the cost of Goods Sold and Ending...