The company reports cost of goods sold of $16,000. Which inventory cost method is the company using?
A) FIFO.
B) LIFO.
C) Weighted-average.
D) The answer cannot be determined with the information given.
Answer: FIFO.
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Financial Accounting
- Which inventory method is better described as having an income-statement focus and why is it considered as such?
- LIFO is considered an income-statement approach for reporting inventory because it:
- Which inventory method is better described as having a balance-sheet focus and why is it considered as such?
- FIFO is considered a balance-sheet approach for reporting inventory because it:
- For the month of September, the company sold 35 units. What is cost of goods sold under the weighted-average cost method? (Round weighted-average unit cost to 4 decimals)
- What is the cost of goods sold for Julia & Company assuming it uses LIFO?
- What is the ending inventory balance for Julia & Company assuming that it uses FIFO?
- Marvin sold 2,300 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be: (Round weighted-average unit cost to 4 decimals)
- Marvin sold 2,300 units of inventory during the month. Ending inventory assuming weighted-average cost would be: (Round weighted-average unit cost to 4 decimals)
- Marvin sold 2,300 units of inventory during the month. Cost of goods sold assuming LIFO would be:
- Marvin sold 2,300 units of inventory during the month. Ending inventory assuming LIFO would be:
- Marvin sold 2,300 units of inventory during the month. Cost of goods sold assuming FIFO would be:
- Marvin sold 2,300 units of inventory during the month. Ending inventory assuming FIFO would be:
- Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be: (Round weighted-average unit cost to 4 decimals)
- Dunbar sold 700 units of inventory during the month. Ending inventory assuming weighted-average cost would be: (Round weighted-average unit cost to 4 decimals)
- Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming LIFO would be:
- Dunbar sold 700 units of inventory during the month. Ending inventory assuming LIFO would be:
- Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO would be:
- Dunbar sold 700 units of inventory during the month. Ending inventory assuming FIFO would be:
- At what amount would Shoeless report cost of goods sold using the weighted-average cost flow assumption?
- At what amount would Shoeless report gross profit using LIFO cost flow assumptions?
- At what amount would Shoeless report ending inventory using FIFO cost flow assumptions?
- The inventory cost flow assumption that is least likely to match the physical flow of inventory for most companies is:
- The inventory cost flow assumption that results in a random mixture of goods being included in the balance of inventory and cost of goods sold is:
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.