Finance And Accounting

Question: The portion of merchandise that is available for sale or use and that is allocated to the current period's usage is called the ________.
A
total inventory

B
raw materials

C
cost of goods sold

D
finished goods

Note: Answer not sure
1. Report
Question: At which of the following levels are indirect costs added to inventory?
A
Raw materials

B
Finished goods

C
LIFO

D
FIFO

Note: Answer not sure
1. Report
Question: Which of the following is NOT an acceptable method for determining the cost of inventory?
A
FIFO method

B
LIFO method

C
Specific identification method

D
All of these acceptable methods for determining the cost of inventory.

Note: Answer not sure
1. Report
Question: Which of the following inventory methods typically results in a lower net income?
A
LIFO

B
Average cost

C
FIFO

D
Standard cost

Note: Answer not sure
1. Report
Question: Which of the following is NOT an example of distressed inventory?
A
Food with an expiration date that has passed

B
Two-year-old cell phones

C
Automobile tires

D
Daily newspaper

Note: Answer not sure
1. Report
Question: The Cost of Goods Sold can be defined as ________.
A
Beginning Inventory + Inventory Purchases + Costs of Production - Ending Inventory = COGS

B
Ending Inventory = COGS

C
Beginning Inventory = COGS

D
Inventory Purchases = COGS

Note: Answer not sure
1. Report
Question: The excess of FIFO or current cost over LIFO cost of inventories is called _______.
A
inventory valuation allowance

B
cost of goods sold

C
net income

D
profit margin

Note: Answer not sure
1. Report
Question: Under which of the following cost flow assumptions are the costs assigned to the ending inventory the same as the costs of the earliest units acquired?
A
FIFO method

B
LIFO method

C
Weighted average method

D
Replacement cost method

Note: Answer not sure
1. Report
Question: The difference between the selling price of an item and its replacement cost at the time of sale is the _______________.
A
net income

B
cost of goods sold

C
operating expense

D
operating margin

Note: Answer not sure
1. Report
Question: The term "cycle counting" refers to ________.
A
the inventory count performed by a bicycle store

B
a once-per-year inventory count

C
consistently counting selected inventory items throughout the year

D
a type of inventory counting performed only by auto manufacturers

Note: Answer not sure
1. Report

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Question: The portion of merchandise that is available for sale or use and that is allocated to the current period's usage is called the ________.

Question: At which of the following levels are indirect costs added to inventory?

Question: Which of the following is NOT an acceptable method for determining the cost of inventory?

Question: Which of the following inventory methods typically results in a lower net income?

Question: Which of the following is NOT an example of distressed inventory?

Question: The Cost of Goods Sold can be defined as ________.

Question: The excess of FIFO or current cost over LIFO cost of inventories is called _______.

Question: Under which of the following cost flow assumptions are the costs assigned to the ending inventory the same as the costs of the earliest units acquired?

Question: The difference between the selling price of an item and its replacement cost at the time of sale is the _______________.

Question: The term "cycle counting" refers to ________.