Practice Quiz 6B
Complete the following quiz for the lesson: Inventory
The following data represents the beginning inventory and, in order of occurrence, the purchases and sales of Simpson, Inc., for an operating period. Assuming Simpson Inc. uses the perpetual FIFO inventory cost flow method, the entry to record Sale No.2 would include a debit to cost of goods sold for *
1 point
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The following data represents the beginning inventory and, in order of occurrence, the purchases and sales of Simpson, Inc., for an operating period. Assuming Simpson Inc. uses the perpetual LIFO inventory cost flow method, the entry to record Sale No.2 would include a debit to cost of goods sold for *
1 point
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The following data represents the beginning inventory and, in order of occurrence, the purchases and sales of Simpson, Inc., for an operating period. Assuming Simpson Inc. uses the perpetual moving weighted average inventory cost flow method, the entry to record Sale No.2 would include a debit to cost of goods sold for (round all calculations to the nearest hundredth) *
1 point
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*
1 point
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1 point
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In a period of deflation in the prices of inventory purchases throughout the period, which inventory costing method will yield the lowest income tax liability assuming there is a balance of inventory on hand at the end of the period? *
1 point
In a period of inflation in the prices of inventory purchases throughout the period, which inventory costing method will yield the lowest net income assuming there is a balance of inventory on hand at the end of the period? *
1 point
In a period of inflation in the prices of inventory purchases throughout the period, which inventory costing method will yield the lowest ending inventory balance at the end of the period? *
1 point
In a period of stable prices for inventory purchases throughout the period, which inventory costing method will yield the highest income tax liability assuming there is a balance of inventory on hand at the end of the period? *
1 point
The primary reason behind a periodic physical inventory is to determine the accuracy of company's perpetual inventory records and adjust those records if necessary. *
1 point
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