61. The inventory costing method that reports the earliest costs in ending inventory is
A. FIFO
B. LIFO
C. Average cost
D. Specific identification
62. Which of the following companies would be more likely to use the specific identification inventory costing method?
A. Gordon’s Jewelers
B. Lowe’s
C. Best Buy
D. Wal-Mart
63. Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September:
4Sold10 units
10Purchased30 units at $25
17Sold20 units
30Purchased10 units at $30
64. Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September:
4Sold10 units
10Purchased30 units at $25
17Sold20 units
30Purchased10 units at $30
65. When using a perpetual inventory system, the journal entry to record the cost of merchandise sold is:
A. debit Cost of Merchandise Sold; credit Sales
B. debit Cost of Merchandise Sold; credit Merchandise Inventory
C. debit Merchandise Inventory; credit Cost of Merchandise Sold
D. No journal entry is made to record the cost of merchandise sold.
66. Under the _________ inventory method, accounting records maintain a continuously updated inventory value.
A. retail
B. periodic
C. physical
D. perpetual
67. The inventory data for an item for November are:
4Sold10 units
10Purchased30 units at $20
17Sold20 units
30Purchased10 units at $21
68. The inventory data for an item for November are:
4Sold10 units
10Purchased30 units at $20
17Sold20 units
30Purchased10 units at $21
69. Use the following information to answer the following questions.
The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
70. Use the following information to answer the following questions.
The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.