Fundamental Accounting Principles Study Set 5
Quiz 6: Inventories and Cost of Sales
Use the Following Information for Razor Company to Compute Days
Use the following information for Razor Company to compute days' sales in inventory for 2011. A) 73.0 B) 80.3 C) 43.8 D) 70.0 E) 49.8
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Match each of the following terms a through j with the appropriate definition.
Match the following terms a through j with the appropriate definition.
Identify the inventory valuation method that is being described for each situation below. In all cases, assume a period of rising prices. Use the following to identify the inventory valuation method: a. The method that can only be used if each inventory item can be matched with a specific purchase and its invoice. b. The method that will cause the company to have the lowest income taxes. c. The method that will cause the company to have the lowest cost of goods sold. d. The method that will assign a value to inventory that approximates its current cost. e. The method that will tend to smooth out erratic changes in costs.
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