Inventory Management, Finance And Accounting

Question: During periods of rising prices, which of the following cost flow assumptions produces the highest reported net income?
A
FIFO method

B
LIFO method

C
Weighted average method

D
All methods produce the same net result.

Note: Answer not sure
1. Report
Question: Stored materials that will eventually become part of the goods to be produced are called _______.
A
raw materials

B
finished goods

C
WIP

D
COGS

Note: Answer not sure
1. Report
Question: The amount a firm would have to pay to acquire a replacement for an inventory item at a particular time is called the _______.
A
cost of goods sold

B
replacement cost

C
actual cost

D
average cost

Note: Answer not sure
1. Report
Question: The _______ is the estimated selling price of the inventory less any estimated costs for making the item ready for sale and actually selling it.
A
replacement cost

B
standard cost

C
net realizable value

D
market selling value

Note: Answer not sure
1. Report
Question: Which of the following is NOT a characteristic of the use of current value bases to determine inventory values and cost of goods sold?
A
Current value basis shows current information that can be more useful.

B
The information is generally easier to obtain.

C
The information may be difficult to audit.

D
None of these

Note: Answer not sure
1. Report
Question: Partially completed products in the factory are called _______.
A
work in process

B
finished goods

C
cost of goods sold

D
raw materials

Note: Answer not sure
1. Report
Question: Which of the following cost flow assumptions conforms to most actual physical inventory flows?
A
FIFO method

B
LIFO method

C
Weighted average method

D
Replacement cost method

Note: Answer not sure
1. Report
Question: Which of the following is not a product cost?
A
Depreciation on plant machinery

B
Salary of the vice president of production

C
Insurance associated with the delivery equipment

D
Property taxes associated with the factory building

Note: Answer not sure
1. Report
Question: Goods held for sale by a manufacturing concern are called _______.
A
WIP

B
cost of goods sold

C
finished goods

D
raw materials

Note: Answer not sure
1. Report
Question: Which of the following is NOT a valid characteristic of variable costing (direct costing) for inventories for manufacturing firms?
A
Production costs are classified into variable manufacturing costs and fixed manufacturing costs.

B
The use of the owner's financial and income tax statements is generally accepted.

C
Product costs contain only variable costs.

D
Unusual patterns of income do not result because the number of units produced differs from the number of units sold.

Note: Answer not sure
1. Report

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Question: During periods of rising prices, which of the following cost flow assumptions produces the highest reported net income?

Question: Stored materials that will eventually become part of the goods to be produced are called _______.

Question: The amount a firm would have to pay to acquire a replacement for an inventory item at a particular time is called the _______.

Question: The _______ is the estimated selling price of the inventory less any estimated costs for making the item ready for sale and actually selling it.

Question: Which of the following is NOT a characteristic of the use of current value bases to determine inventory values and cost of goods sold?

Question: Partially completed products in the factory are called _______.

Question: Which of the following cost flow assumptions conforms to most actual physical inventory flows?

Question: Which of the following is not a product cost?

Question: Goods held for sale by a manufacturing concern are called _______.

Question: Which of the following is NOT a valid characteristic of variable costing (direct costing) for inventories for manufacturing firms?