Solved

Match Each of the Following Terms with the Descriptions Below

Question 86

Matching

Match each of the following terms with the descriptions below.

Premises:
This costing system assumes the last items in are the first items sold.
The ending inventory represents the most recent purchase.
In periods of inflation this inventory method will result in the lowest income tax.
The cost of goods sold represents the most recent purchases.
A costing system where the actual cost of the item sold is matched with the sale of the item.
This costing system assumes the first item purchased is the first item sold
Responses:
Specific Identification
LIFO
FIFO

Correct Answer:

This costing system assumes the last items in are the first items sold.
The ending inventory represents the most recent purchase.
In periods of inflation this inventory method will result in the lowest income tax.
The cost of goods sold represents the most recent purchases.
A costing system where the actual cost of the item sold is matched with the sale of the item.
This costing system assumes the first item purchased is the first item sold
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