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Assume your organization has the following inventory changes during the fiscal year: Beginning Inventory 1,000 units valued at $10 each April purchases 600 units at $15 each August purchases 2,100 units at $17 each Total Units Remaining 500 Calculate the value of the ending inventory and the value of the inventory used (the inventory expense) for the year using both the FIFO and the LIFO method of cost-flow.

Correct Answer

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FIFO:
3,200 Units Used
1,000 units @ $10...

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Match the inventory valuation methods with their descriptions. -__ specific identification


A) Assumes that newest inventory is used prior to previously acquired inventory.
B) Assumes inventory is commingled and value is based on mean costs.
C) Inventory is matched with items of inventory with its specific cost.
D) Assumes oldest inventory is used before newer inventory.

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Match the inventory valuation methods with their descriptions. -__ last-in-first-out (LIFO)


A) Assumes that newest inventory is used prior to previously acquired inventory.
B) Assumes inventory is commingled and value is based on mean costs.
C) Inventory is matched with items of inventory with its specific cost.
D) Assumes oldest inventory is used before newer inventory.

E) All of the above
F) None of the above

Correct Answer

verifed

verified

A

What equation describes the periodic inventory system?

Correct Answer

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verified

Beginning Inventory + Units Purchased - Units Sold = Ending Inventory

Match the inventory valuation methods with their descriptions. -__ weighted average


A) Assumes that newest inventory is used prior to previously acquired inventory.
B) Assumes inventory is commingled and value is based on mean costs.
C) Inventory is matched with items of inventory with its specific cost.
D) Assumes oldest inventory is used before newer inventory.

E) A) and B)
F) A) and D)

Correct Answer

verifed

verified

B

Match the inventory valuation methods with their descriptions. -__ first-in-first out (FIFO)


A) Assumes that newest inventory is used prior to previously acquired inventory.
B) Assumes inventory is commingled and value is based on mean costs.
C) Inventory is matched with items of inventory with its specific cost.
D) Assumes oldest inventory is used before newer inventory.

E) None of the above
F) A) and C)

Correct Answer

verifed

verified

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