A company had inventory on november 1 of 5 units at a cost

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Reference no: EM13570632

1 The assignment of costs to cost of goods sold and to inventory using specific identification is the same for both the perpetual and periodic systems.

2 The inventory valuation method that results in the lowest taxable income in a period of inflation is:

	A. LIFO method
	B. FIFO method
	C. Weighted-average cost method
	D. Specific identification method
	E. Gross profit method

3During a period of steadily rising costs, the inventory valuation method that yields the lowest reported net income is:

	A. Specific identification method
	B. Average cost method
	C. Weighted-average method
	D. FIFO method
	E. LIFO method

4A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the FIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

	A. $304
	B. $296
	C. $288
	D. $280
	E. $276

Reference no: EM13570632

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