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11,12 following: 11. Which inventory costing method most closely approximates current...

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Accounting

11,12
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following: 11. Which inventory costing method most closely approximates current cost for each of the Cost of goods sold Ending inventory a. LIFO; LIFO b. LIFO; FIFO c. FIFO; LIFO d. FIFO; FIFO 12. Given the historical cost of product A is $29, the selling price of product A is $35, costs to sell product A are $4, the replacement cost for productes is 1928and the normal profit margin is 20% of sales price , what is the proper per unit inventory price for product A applying lower-of-cost- or-market (LCM)? a. $24 b. $28 c. $29 d. $31 13. Which statement is TRUE about the gross profit method of inventory valuation? a. It eliminates the need for physical inventories. b. When calculated on selling price, it will always be more than the related percentage based on cost. c. It may be used to estimate inventories for annual statements. d. It may be used to estimate inventories for interim statements

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