Which of the adhering to inventory costing approach is based on the assumption that the last unit of inventory accessible for sale is the first unit sold?Specific IdentificationFIFOLIFOMoving Average
A company purchases 20 units of inventory for $5.50 on January 5 and also 25 units for $6.00 on January 25. It then sells a total of 30 systems on January 31. If the firm is complying with the LIFO method of inventory costing, what is the full expense of the inventory sold?$170$172.50$173.50$177.50
Some examples of defense steps to safeguard inventory includestoring inventory in locations that are limited to just authorized employees.locking high-priced inventory in cabinets.making use of two-way mirrors, camages, security tags, and also guards.All of these options are correct.
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With a perpetual inventory mechanism, when have to a physical count of inventory be taken?Near fiscal year-end, once inventory is at its lowest levelMid-year, once inventory is at its highest levelNever; a physical count is not necessary through a perpetual inventory systemNone of these selections are correct.
When the weighted average cost method is used in a perpetual inventory mechanism, a weighted average unit price for each item is computedeach time a sale is made.at the finish of the year.at the start of each month.each time a purchase is made.
Jacobs Company type of has actually inventory of 15 units at a price of $12 each on June 1. On June 5, Jacobs purchased 10 devices at $13 per unit. On June 12, it purchased 20 systems at $14 per unit. On June 17, it offered 30 devices. Using FIFO, what is the worth of the inventory at June 17 after the sale?$140$160$210$380
The lower-of-cost-or-industry strategy deserve to be applied toeach item of inventory.each major course or category of inventory.total inventory all at once.All of these options are correct.
Merchandise inventory is classified as __________ on the balance sheet.a current asseta existing liabilitya long-term liabilityresidential or commercial property, plant, and also equipment
Inventory turnover is calculated asexpense of merchandise offered split by inventory.cost of merchandise marketed split by average inventory.expense of merchandise offered divided by full assets.None of these choices are correct.
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The variety of days" sales in inventory is calculated asthe average inventory divided by the average daily cost of merchandise marketed.the ending Inventory separated by the price of merchandise sold.net earnings separated by sales.Namong these selections are correct.
Financial Accounting plus MyAccountingLab through Pearkid eText, Global Edition9th EditionCharles T. Horngren, Walter T Harrison
MyAccountingLab through Pearson eText -- Instant Access -- for Financial Accountingnine EditionCharles T. Horngren
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