R
Rick
Guest
1.Under which method of inventory cost flows is the cost flow assumed to be in the reverse order in which the expenditures were made?
a.weighted average
b.last-in, first-out
c,first-in, first-out
d.average cost
2.Inventory costing methods place primary emphasis on assumptions about
a.flow of goods
b.flow of costs
c.flow of goods or costs depending on the method
d.flow of values
3.(Use the data found in the table below) Using the perpetual system, costing by the first-in, first-out method, what is the cost of the merchandise inventory of 30 units on September 30?
sep.1 inventory 20 units at $20
sep 4 sold 10 units
sep 10 purchased 30 units at $25
sep 17 sold 20 units
sep 30 purchased 10 units at $30
Inventory data
a.$800
b.$650
c.$750
d.$700
a.weighted average
b.last-in, first-out
c,first-in, first-out
d.average cost
2.Inventory costing methods place primary emphasis on assumptions about
a.flow of goods
b.flow of costs
c.flow of goods or costs depending on the method
d.flow of values
3.(Use the data found in the table below) Using the perpetual system, costing by the first-in, first-out method, what is the cost of the merchandise inventory of 30 units on September 30?
sep.1 inventory 20 units at $20
sep 4 sold 10 units
sep 10 purchased 30 units at $25
sep 17 sold 20 units
sep 30 purchased 10 units at $30
Inventory data
a.$800
b.$650
c.$750
d.$700