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. FIFO and LIFO
B. LIFO and specific identification
C. Specific identification and FIFO
D. FIFO and weighted-average cost
E. LIFO and weighted-average cost
Answer: C
You might also like to view...
Which of the following provisions is made by the Due Process Clause?
A) No person shall be deprived of life, liberty, or property without due process of the law. B) No state can regulate foreign trade directly or indirectly without due process of the law. C) Motions for amendments to the Constitution cannot be made without a majority in the House of Representatives. D) Violation of freedom of speech makes the violator liable for immediate prosecution with due process of the law.
Indicate whether each of the following statements about treasury stock is true or false. ________ a) One reason for a corporation to buy its own stock is to boost its net income when treasury stock is reissued for a higher price.________ b) Corporations may buy back their own stock (treasury stock) to avoid hostile takeovers.________ c) Purchasing treasury stock reduces the number of issued shares.________ d) The treasury stock account is classified as a contra equity account.________ e) If treasury stock is reissued for an amount lower than its purchase price, retained earnings is increased.
What will be an ideal response?
Civil law regulates the rights and duties between parties
Indicate whether the statement is true or false
New Horizons delivers 20 dozen blankets to its agent, Marketall, for sale by Marketall. Marketall maintains a place of business where it sells bedding under its own name. A creditor of Marketall may obtain possession of New Horizons' blankets:
A) under the Code, since a consignment is regarded as a sale or return. B) but cannot prevail against New Horizons because New Horizons keeps title in a consignment until the goods are sold to a third party. C) and will prevail against New Horizons even if Marketall had a sign, in compliance with state law, evidencing New Horizons' ownership interest in the blankets. D) and will prevail against New Horizons even if Marketall can establish that it is generally known by its creditors to be substantially engaged in selling the goods of others.