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Accounting FITB

Chapter 20

QuestionAnswer
When the FIFO method is used, the cost of merchandise sold is priced at the earliest price.
Stock records do not reflect the cost of merchandise.
In periods of rising prices the inventory method which gives the lowest cost of merchandise sold is FIFO method.
In periods of rising prices the inventory method which gives the lowest possible ending inventory is the LIFO method.
The actual flow of inventory in a company does not have to match the inventory cost method a company chooses.
When the LIFO method is used, ending inventory units are priced at the earliest price.
When using the perpetual inventory method a physical inventory should be taken at the end of the fiscal year.
Calculating an accurate inventory cost to assure that gross profit and net income are reported correctly on the income statement is an application of the accounting concept of adequate disclosure.
Companies that use a product UPC code and a point of sale terminal should take a physical inventory at least once each fiscal year.
Created by: 214719
 

 



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