CH 6. - Inventory

Question 1

LIFO & Retail Method Inventories are valued at the _________________.

Answer 1

Lower of Cost or Market

Question 2

FIFO will result in the ___________ value of inventory and LIFO the ______________ value of inventory.

Answer 2

FIFO = Highest Value of Inventory 
LIFO = Lowest Value of Inventory

Question 3

Dollar-Value LIFO

Answer 3

Ending Inventory @ Current Year Cost / Ending Inventory @ Base Cost

Question 4

What is the Cost of Goods Sold formula?

Answer 4

Beginning Inventory
(Cost of Goods Manufactured)
= Cost of Goods Available
- Ending Inventory
= Cost of Goods Sold