When inventory costs are declining, which of the following inventory costing methods will result in the highest cost of goods sold?
A) first-in, first-out
B) last-in, first-out
C) weighted-average
D) specific identification
A
You might also like to view...
Which of the following is the international body that sets standards for the practice of internal auditing across the world?
a. The Internal Audit Reporting Standards Board. b. The Institute of Internal Auditors. c. The International Accounting Standards Board. d. The Charter of Certified Internal Auditors.
Nadia always completed her work ahead of schedule. She was known as a fast and accurate worker. When group incentives were initiated, the rest of her work team could not keep pace with Nadia. Many members of the team told Nadia to stop making them look bad. Eventually, Nadia matched her work pace to the rest of the team. This illustrates which disadvantage of group incentives?
A. Social loafing may occur. B. Individual output may be discounted. C. Outstanding performers may slacken efforts. D. Group infighting may arise.
During the current year, the Yankton Company purchased 200 shares of in the Sorros Company for $13,000 as a temporary investment. At the end of the year, the market value of the stock was $11,000. The Yankton Company's financial statements for the current year should show
A) a loss of $2,000 on the income statement and temporary investments of $13,000 on the balance sheet B) no loss on the income statement and temporary investments of $13,000 on the balance sheet C) a gain of $2,000 on the income statement and temporary investments of $11,000 on the balance sheet D) a loss of $2,000 on the income statement and temporary investments of $11,000 on the balance sheet
The process of planning, evaluating, selecting, and managing the financing of long-term operating projects of the company is termed ________
A) capital budgeting B) capital structure C) accounts receivable management D) working capital management