81. The following lots of a particular commodity were available for sale during the year:
82. The following lots of a particular commodity were available for sale during the year:
83. The following lots of a particular commodity were available for sale during the year:
84. Under a periodic inventory system
A. accounting records continuously disclose the amount of inventory
B. a separate account for each type of merchandise is maintained in a subsidiary ledger
C. a physical inventory is taken at the end of the period
D. merchandise inventory is debited when goods are returned to vendors
85. The following lots of a particular commodity were available for sale during the year:
86. The following lots of a particular commodity were available for sale during the year:
87. The following lots of a particular commodity were available for sale during the year:
88. If Beginning Inventory (BI) + Purchases (P) - Ending Inventory (EI) = Cost of Goods Sold (COGS), an equivalent equation can be written as?
A. BI + P = COGS - EI
B. BI - P = COGS + EI
C. BI + P = COGS + EI
D. EI + P = COGS - BI
89. During a period of consistently rising prices, the method of inventory that will result in reporting the greatest cost of merchandise sold is
A. FIFO
B. LIFO
C. average cost
D. weighted average
90. During times of rising prices, which of the following is not
an accurate statement?
A. Average costing will yield results that are between those of FIFO and LIFO.
B. LIFO will result in a higher cost of goods sold than FIFO.
C. FIFO will result in a higher net income than LIFO.
D. LIFO will result in higher income taxes than FIFO.