Inventory Issues: Intermediate Accounting
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422. During periods of inflation this cost flow assumption will generally
mean less reported profits and less taxable income.
FIFO LIFO
423. The cost flow assumption that results in the recent costs being
reported on the balance sheet is
FIFO LIFO
424. The cost flow assumption where costs are expensed in the reverse
order of when the goods were purchased is
FIFO LIFO
425. The inventory account will be credited with the cost of each product
sold under which inventory system?
periodic perpetual
426. If the periodic inventory at December 31, 2009 is overstated, the
profit in the year 2010 will
be overstated be understated not be affected
427. If the costs of items held in inventory continues to decline, which cost
flow assumption provides the greatest tax advantage?
FIFO LIFO Average
428. You would not expect to find a general ledger account Cost of
Goods Sold under this inventory system.
periodic perpetual
429. Susie's Crafts has some of its items out on consignment at Smith's
Pharmacy. The cost of these items should be reported as Inventory
on the balance sheet of
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The inventory issues for intermediate accounting.
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DEAR STUDENT,
422. During periods of inflation this cost flow assumption will generally
mean less reported profits and less taxable income.
FIFO LIFO
ANS:LIFO
423. The cost flow assumption that results in the recent costs being
reported on the balance sheet is
FIFO LIFO
Ans: LIFO
424. The ...
Purchase this Solution
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