a. If R uses FIFO inventory accounting, what would be the gross profit for the period? Gross profit $ b. If R uses FIFO inventory accounting, What is the value of ending inventory? Ending inventory $

4. What would be the net income if the perpetual inventory system had been used?

Inventory should be measured at lower of fair value and net realizable value of the inventory. Select one: True O False

2. When Inventory is sold, how is the cost of goods sold account affected? Briefly explain

B2.

1.Which of the following may not result to the amount of cost of sales? a.Net purchases less net increase in inventory b.Net decrease in inventory plus net purchases c.Total goods available for sale less beginning inventory d.Total goods available for sale less ending inventory

What is the effect on the cost of goods sold, gross profit, and net income if ending merchandise inventory is understated?

The inventory costinf method that best matches current costs with the current revenues is the 1) specific identificarion method 2) fifo method 3) lifo method 4) weighted average method 5) net method

The answer is d, ex In a period of rising prices, the inventory method which tends to report the lowest inventory is a. FIFO. b. LISH. c. Specific identification. d. Average - cost.

On the basis of the data shown below:   Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) A13Y   144 $22 $27 TX24 274   11   7 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.