Question

Part A.

Multiple Choice Question 104

Delightful Discs has the following inventory data:

Nov. 1		Inventory		25 units @ $4.90 each
8		Purchase		98 units @ $5.30 each
17		Purchase		49 units @ $5.15 each
25		Purchase		74 units @ $5.40 each

A physical count of merchandise inventory on November 30 reveals that there are 82 units on hand. Ending inventory under LIFO is

$425

$441

$869

853

Multiple Choice Question 91

Clear Clarinets has the following inventory data:

July   1		Beginning inventory		47 units at $113
5		Purchases		282 units at $105
14		Sale		188 units
21		Purchases		141 units at $108
30		Sale		132 units

Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis?

A.34023

B.16026

C.33976

D.16173

Multiple Choice Question 113

Dole Industries had the following inventory transactions occur during 2017:

				Units		Cost/unit
Feb. 1, 2017		Purchase		112.0		$112.0
Mar. 14, 2017		Purchase		192.0		$117.0
May 1, 2017		Purchase		136.0		$122.0

A. $5412

B. $8544

C. $5981

D. $7731

Multiple Choice Question 96

Which of the following is not a common cost flow assumption used in costing inventory?

A.Middle-in, first-out

B.Last-in, first-out

C.Average cost

D.First-in, frist-out

Multiple Choice Question 125

In periods of rising prices, the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the

A.Tax method.

B.Average-cost method.

C.FIFO method.

D.LIFO method.

Answer 1