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Question 1: Which of the following statements about the FIFO cost formula is true?
a) The same costs per unit are assigned to the ending inventory and the cost of goods sold.
b) Companies prefer to use FIFO because it lowers their tax liability.
c) In times of rising prices FIFO will produce a higher net income than weighted-average.
d) In time of rising prices FIFO produces an inventory cost per unit that is lower than the cost per unit of cost of goods sold.
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The Werner Corporation uses the weighted-average method in its process costing system. The company recorded 24,400 equivalent units for conversion costs.
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On January 1, 2017, River Company's inventory was $400,000. What is the inventory turnover for 2017
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2 Sales on account were $410,000. Sales returns and allowances were $20,000. 3. Cost of goods sold was $198,000.
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