Chapter 6 Flashcards
1
Q
The ending inventory is 75000. If the beginning inventory was 86000 and goods available was 127000 the cost of good sold is A: 41.000 B: 52000 C: 86000 D: 138000
A
B
2
Q
What is highways rate of inventory turnover. 28.000 starting 93.000 purchase and 35000 ending
A
3
Q
The sum of ending inventory and COGS is A: Good avalailbe B: Goods purchased C: Net purchase of inventory D: Groß Profit
A
B
4
Q
A company whose inventory consists of very unique items would probably use which inventory costing method A: FIFO B: lifo C: specific identification D: weighted average or average cost
A
C
5
Q
The use of FIFO method generally increase tax able income: A: When prices are constant B: When prices are declining C: When prices are increasing D: Under all circumstancss
A
C
6
Q
The cost of inventory that is still in hand and has not been sold to customers is called:
A: Cost or goods sold and it appears in the income statement
B: Inventory, Current asset that appears on the income statement
C: Cogs and it appears in the balance sheet
D: Inventiry a current aaset and it appears in the Balance sheet
A
D
