Paper Topic:
FINANCIAL ACCOUNTING 1
MCQ -1 - Financial Accounting Under the FIFO cost flow assumption during a period of inflation , which of the following is false ? WHICH OF THE FOLLOWING IS NOT TRUE (Hint One way to answer this is to look at examples of lifo and fifo Choose one answer e . All of the above are true 2 Marks : 1 Yoakum Company reported the following information related to inventory and sales Units Unit Cost Beginning inventory 1 ,000 20 Purchase No . 1 7 ,000 22 Purchase No . 2 2 ,000
23 Sales - 7 ,000 units at 38 per unit
Compute the following amounts assuming a periodic inventory Inventory Costing Method Revenue Cost of Goods Sold Gross Margin Balance Sheet Inventory FIFO 7000 X 38 LIFO Answer 3 Marks : 1 Inventory Costing Method Revenue Cost of Goods Sold Gross Margin Balance Sheet Inventory FIFO (1000 X 20 (6000 X 22
LIFO Answer 4 Marks : 1 Inventory Costing Method Revenue Cost of Goods Sold Gross Margin Balance Sheet Inventory FIFO 266000 - 152000 LIFO Answer 5 Marks : 1 Inventory Costing Method Revenue Cost of Goods Sold Gross Margin Balance Sheet Inventory FIFO (1000 X 22 (2000 X 23
LIFO Answer 6 Marks : 1 Inventory Costing Method Revenue Cost of Goods Sold Gross Margin Balance Sheet Inventory FIFO LIFO 7000 X 38 Answer 7 Marks : 1 Inventory Costing Method Revenue Cost of Goods Sold Gross Margin Balance Sheet Inventory FIFO LIFO (2000 X 23 (5000 X 22
Answer 8 Marks : 1 Inventory Costing Method Revenue Cost of...
Not the Essay You're looking for? Get a custom essay (only for $12.99)
