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Which of the following methods is appropriate for a business whose inventory consists of a...

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Question

Accounting

Which of the following methods is appropriate for a business whose inventory consists of a relatively small number of unique, high-cost items?

a) specific identification

b) average

c) FIFO

d) LIFO

Consider the following information taken from the cash account. Assume cash payments were 80% of collections.

Cash
?? Beg. balance
$115,375 Collections
?? Disbursements
$80,275 End balance

How much was the beginning balance of the cash account?

a.$92,300

b.$103,350

c.$57,200

d.$35,100

No allowance account is used with the direct write-off method.

True

False

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