Under which of the following inventory costing methods is ending inventory based on the cost of the oldest purchases? S

1. Under which of the following inventory costing methods is ending inventory based on the cost of the oldest purchases? • Specific cost unit • Average cost method • First In First Out • Last in First Out

2. Under which of the following inventory costing methods is ending inventory based on the cost of the oldest purchases? • Specific cost unit • Average cost method • First In First Out • Last in First Out

3. Under which of the following inventory costing methods is the cost of goods sold based on the average cost of the purchases during the period? • Specific cost unit • Average cost method • First In First Out • Last in First Out

4. Under which of the following inventory costing methods is the cost of goods sold based on the average cost of the purchases during the period? • Specific cost unit • Average cost method • First In First Out • Last in First Out

5. Under which of the following inventory costing methods is ending inventory based on the cost of the most recent purchases? • Specific cost unit • Average cost method • First In First Out • Last in First Out

6. Under which of the following inventory costing methods is ending inventory based on the cost of the most recent purchases? • Specific cost unit • Average cost method • First In First Out • Last in First Out

7. Which of the following inventory costing methods is often adopted when a company prefers a "middle of the road" approach, receiving moderate income tax benefits while retaining some financial statement benefits? • Specific cost unit • Average cost method • First In First Out • Last in First Out

8. Which of the following inventory costing methods is often adopted when a company prefers a "middle of the road" approach, receiving moderate income tax benefits while retaining some financial statement benefits? • Specific cost unit • Average cost method • First In First Out • Last in First Out

9. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? • Specific cost unit • Average cost method • First In First Out • Last in First Out

10. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? • Specific cost unit • Average cost method • First In First Out • Last in First Out

11. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? • Specific cost unit • Average cost method • First In First Out • All of the above

12. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? • Specific cost unit • Average cost method • First In First Out • All of the above

13. A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the FIFO inventory costing method, which of the following amounts will be the amount of cost of goods sold on the December 31 income statement? • $3,500 • $3,750 • $4,000 • $6,750

14. A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the FIFO inventory costing method, which of the following amounts will be the amount of cost of goods sold on the December 31 income statement? • $3,500 • $3,750 • $4,000 • $6,750

15. A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the LIFO inventory costing method, which of the following amounts will be the amount of inventory on the December 31 balance sheet? • $1,000 • $1,250 • $1,500 • $2,250

16. A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the LIFO inventory costing method, which of the following amounts will be the amount of inventory on the December 31 balance sheet? • $1,000 • $1,250 • $1,500 • $2,250

17. Which of the following assets is generally reported at the lower of cost or market? • Cash • Accounts Receivable • Inventory • Prepaid Insurance

18. Which of the following assets is generally reported at the lower of cost or market? • Cash • Accounts Receivable • Inventory • Prepaid Insurance

19. Quible’s Flower Shop has the following account balances at the end of the current accounting period. Beginning inventory $53,500 Net purchases 75,500 Net sales revenue 93,700 A normal gross profit percent is 30%. What is the estimated ending inventory as determined by the gross profit?

20. Quible’s Flower Shop has the following account balances at the end of the current accounting period. Beginning inventory $53,500 Net purchases 75,500 Net sales revenue 93,700 A normal gross profit percent is 30%. What is the estimated ending inventory as determined by the gross profit? $63,410