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Quiz

Chapter 5

Angelica Vannarath 14 Fragen

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Fragen in diesem Quiz (14)

  1. 1Which of the following inventory cost flow methods would an automobile dealership most likely use for its new car sales?
    1. ASpecific identification
    2. BFIFO
    3. CLIFO
    4. DWeighted-average
  2. 2 What is the cost of goods sold using the FIFO cost flow method?Bild zu Frage 2
    1. A$960
    2. B$1,000
    3. C$990
    4. D$1,120
  3. 3What is the cost of goods sold using the LIFO cost flow method?Bild zu Frage 3
    1. A$980
    2. B$1,000
    3. C$1,120
    4. D$1,040
  4. 4 What is the cost of goods sold using the weighted-average cost flow method?Bild zu Frage 4
    1. A$950
    2. B$1,000
    3. C$1,120
    4. D$995.60
  5. 5What is the ending inventory using the LIFO cost flow method?Bild zu Frage 5
    1. A$500
    2. B$635
    3. C$575
    4. D$650
  6. 6Which of the following is an incorrect statement when comparing the FIFO, LIFO, and weighted average inventory cost flow methods?
    1. AThe Internal Revenue Service requires that companies using LIFO for income tax purposes must use FIFO for financial reporting purposes.
    2. BAlthough gross margins may vary between these three inventory methods, the cash outflow for inventory purchases is the same regardless of which method is used.
    3. CGenerally accepted accounting principles (GAAP) require that financial statements disclose which inventory method is used in the financial statements.
    4. DAll of the above statements are correct.
  7. 7Use the following list to identify which situations refer to the inventory cost flow assumption known as LIFO:

    1. Produces the highest amount of net income in an inflationary environment.
    2. Produces the highest amount of assets in an inflationary environment.
    3. Produces the lowest amount of net income in a deflationary environment.
    4. Produces the same unit cost for assets and cost of goods sold in an inflationary environment.
    5. Produces the lowest amount of net income in an inflationary environment.
    6. Produces an asset value that was the same regardless of whether the environment was inflationary or deflationary.
    7. Produces the lowest amount of assets in an inflationary environment.
    8. Produces the highest amount of assets in a deflationary environment.
    1. A1, 2, 3
    2. B1, 2, 3, 4
    3. C5, 7, 8
    4. D4, 6
  8. 8If Hughes Corporation applies the lower-of-cost-or-market rule to each individual item, what is the amount of inventory that Hughes will show on its books after the adjustment, if any?
    Bild zu Frage 8
    1. A$2,780
    2. B$2,720
    3. C$2,990
    4. DCannot determine from the information provided
  9. 9If Hughes Corporation applies the lower-of-cost-or-market rule to the aggregate inventory, what is the amount of inventory that Hawk will show on its books after the adjustment, if any?Bild zu Frage 9
    1. A$2,780
    2. B$2,720
    3. C$2,990
    4. DCannot determine from the information provided
  10. 10Kincaid Company applies the lower-of-cost-or-market rule to each individual item in its ending inventory. The company determines that it must write down its inventory by $4,000. Which of the following answers reflects how this inventory write-down would affect Kincaid’s financial statements?Bild zu Frage 10
    1. AA
    2. BB
    3. CC
    4. DD

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final
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