Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 55

Ace Auto Supply uses a perpetual inventory system.n March 10, the company sells two Shelby four-barrel carburetors.mmediately prior to this sale, the perpetual inventory records indicate three of these carburetors on hand, as follows:

With respect to the sale on March 10: (More than one of the following answers may be correct.)
a.f the average-cost method is used, the cost of goods sold is $460.
b.f these carburetors have identification numbers, Ace must use the specific identification method to determine the cost of goods sold.
c.f the company uses LIFO, the cost of goods sold will be $15 higher than if it were using FIFO.
d.f the company uses LIFO, the carburetor remaining in inventory after the sales will be assumed to have cost $220.