One advantage of the LIFO method is that:
A) an equal cost is assigned to each unit,so net income does not fluctuate as much as with other methods.
B) flow of goods and flow of costs are the same.
C) it matches current selling prices and current costs.
D) ending inventory is valued at very old costs.
Correct Answer:
Verified
Q26: Paid for merchandise after the discount period
Q48: Sold merchandise on account.- Perpetual
Debit _ &
Q51: The inventory method where the cost flows
Q52: Given the following accounts:
[1] Cash
[2] Accounts receivable
[3] Merchandise inventory
[4] Supplies
[5] Accounts payable
[6] Sales
[7] Sales
Q53: Given the following accounts:
[1] Cash
[2] Accounts receivable
[3] Merchandise inventory
[4] Supplies
[5] Accounts
Q54: This method assumes that the most recently
Q57: The weighted-average method:
A)calculates an average unit cost
Q58: The inventory method that matches old costs
Q60: An entry to record the payment to
Q80: Goods on consignment to another company:
A)belong to
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