Need typed answer only.Please give answer within 45 minutes 10. Which method of inventory assumes the last units purchased will remain in ending inventoryon the balance sheet?a. FIFO.b. LIFO.c. Average cost.d. LIFO and FIFO.11. Describe the relationship between the FASB and the SEC.

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Answered: 10. Which method of inventory assumes…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 17GI

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Similar questions

Which inventory costing method is almost always done on a perpetual basis? A. specific identification B. first-in, first-out C. last-in, first-out D. weighted average
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Based on the data in Exercise 6-15 part (a) and assuming that cost was determined by the FIFO method, show how the inventory would appear on the balance sheet.
Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was determined by the FIR0 method, show how the inventory would appear on the balance sheet.
0. The inventory evaluation method which does not represent the actual ending inventory value is? a. standard cost b. first-in, first-out (FIFO) c. weighted average d. last-in, first-out (LIFO)
Which of the following inventory cost flow assumptions produces the same ending inventory values under both the periodic and perpetual system? a. FIFO b. LIFO c. Average d. Dollar-value LIFO
Which inventory cost flow assumption does IFRS not allow? a. Specific identification. b. FIFO. c. LIFO. d. Average cost.
Under which inventory cost flow assumption is the oldest cost of inventory items likely to remain on the balance sheet? Select one: A. Weighted average B. FIFO C. FIFO
Which inventory method is being used when the natural flow of goods is followed? a.) Specific ID b.) LIFO O C.) FIFO o d.) Weighted average
1a The inventory cost flow method that reports the earliest costs in ending inventory is a. LIFO b. weighted average cost c. FIFO d. specific identification
9. The length of time between the acquisition of inventory and payment for it is called the a. Operating cycle. b. Inventory conversion period. c. Accounts receivable period. d. Accounts payable deferral period.
Required: Compute the ending inventory cost using a. Moving average method b. FIFO method

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10. Which method of inventory assumes the last units purchased will remain in ending inventory on the balance sheet? a. FIFO. b. LIFO. c. Average cost. d. LIFO and FIFO.