Question 1

Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September:

What was the value of ending inventory of Algo, using the moving weighted average assumption and a perpetual inventory system?

Accepted Answer

A)   $1460
B)   $1480
C)   $1540
D)   $1590

Question 2

Which of the following statements about the last-in, first-out (LIFO)  assumption is true?

Accepted Answer

A)   LIFO assumes that inventory on hand consists of the oldest units.
B)   LIFO results in newer costs appearing in the balance sheet.
C)   LIFO assumes the items sold are those purchased first.
D)   None of the answers provided.

Question 3

The following lots of a particular commodity were available for sale during the year:

The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year, according to the first-in, first-out method?

Accepted Answer

A)   $1200
B)   $1230
C)   $1370
D)   $1400

Exam 9: Inventory

The following lots of a particular commodity were available for sale during the year: The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year, according to the first-in, first-out method?

Correct Answer
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Which of the following statements about the last-in, first-out (LIFO) assumption is true?

Correct Answer
verified

Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September: What was the value of ending inventory of Algo, using the moving weighted average assumption and a perpetual inventory system?

Correct Answer
verified

Exam 9: Inventory

The following lots of a particular commodity were available for sale during the year: The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year, according to the first-in, first-out method?

Correct AnswerverifiedShow Answer

Which of the following statements about the last-in, first-out (LIFO) assumption is true?

Correct AnswerverifiedShow Answer

Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September: What was the value of ending inventory of Algo, using the moving weighted average assumption and a perpetual inventory system?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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