Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please help me with the following 3 questions.

please help me with the following 3 questions. Choose the cost...

60.1K

Verified Solution

Question

Accounting

please help me with the following 3 questions.

image

image

image

Choose the cost flow assumption in which the costs assigned to the ending inventory are the costs of the earliest units acquired. Multiple Choice None of the other alternatives are correct FIFO method specific identification method LIFO method weighted-average method If for an entire year prices are falling over time for inventory purchases (i.e. a period of deflation), then the inventory costing method that will produce the highest reported profits that year for a firm that started business that year will be: Multiple Choice O FIFO LIFO O O FISH O Weighted Average Cost O Unspecific Identification If a company makes an error in counting its ending inventory such that it is overstated from its true value by $10,000 then: Multiple Choice Net income will be overstated this period O O Cost of sales will be overstated by $10,000 this period Net Income for the period will be understated for this period O The error has no effect on income since inventory is a balance sheet account O O None of the other alternatives are correct

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

Fill in the missing information AMNO APQR M 59 a ZN Z b 20 4...

Basic Math
1.2K views

Marissa and Kendra are 2 years apart in age Their ages are two consecutive even...

Basic Math
1.2K views

If an oxygen bottle delivers 7 cubic feet of oxygen in 4 minutes at 27,000...

Statistics
1.2K views

The measure of dispersion used to compare the relative variability of two data sets of...

Algebra
1.2K views

8 Consider the graph of y x If it is translated 4 units to the...

Accounting
1.2K views

Archie Company purchased a framing machine for $57,000 on January 1, 2024....

Accounting
1.2K views

stedement for the bige pump follows: "Cominon oosts allocated on the tesis of machne hou/s....

Accounting
1.2K views

Marvel Parts, Inc., manufactures auto accessories. One of the companys products is a set of...

Accounting
1.2K views

he standards for product 678V-specify 4.2 direct labor-bours per unit at $12.50 per direct labor-hour,...

Accounting
1.2K views

The records of Grouper Company at the end of the current year show Accounts Receivable...

Accounting
1.2K views

Braverman Company has two manufacturing departments-Finishing and Fabrication. The predetermined overhead rates in Finishing and...

Finance
1.2K views

The sheaf of papers accompanying the journal describes several potential revisions to the Rodosian personal...