Which of the following inventory costing methods will always result in the same values for ending inventory and cost of goods sold regardless of whether a perpetual or periodic inventory system is used?
A. LIFO and weighted-average cost
B. FIFO and weighted-average cost
C. LIFO and specific identification
D. FIFO and LIFO
E. Specific identification and FIFO
Answer: E
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Martin files a suit against Nichelle in a state court over payment due on a short-term employment contract. The case proceeds to trial, after which the court renders a verdict. The case is appealed to an appellate court. After the state's highest court's review of Martinv. Nichelle, a party can appeal the decision to the United States Supreme Court if
a. a federal question is involved. b. a question of state law remains unresolved. c. the party is unsatisfied with the result. d. the state trial and appellate court rulings are different.
If a firm is planning an expansion or changes in how it manages its inventory, long term financial planning can help determine the impact on the firm's ________
A) debt financing B) capital investment C) free cash flows D) all of the above
Singleton Company's perpetual inventory records included the following information: Date Number of units and unit costTotal costJanuary 1Beginning inventory260 units @ $10$2,600? March 4Purchase210 units @ $14$2,940? September 28Purchase470 units @ $12$5,640? ??????Number of units sold during the year: 700If Singleton uses the LIFO cost flow method, its ending inventory would be $2,400.
Answer the following statement true (T) or false (F)
Inventory
a. is held against uncertain usage so that a supply of items is available if needed. b. constitutes a small part of the cost of doing business. c. is not something that can be managed effectively. d. All of these are correct.