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ID:42999349
大小:148.65 KB
页数:96页
时间:2019-09-23
《Chapter 7--Inventories Cost》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、Chapter7--Inventories:CostMeasurementandFlowAssumptions3copyStudent:___________________________________________________________________________1.Foronlyamerchandiser,thesumofbeginninginventoryandnetpurchases,orproductioncosts,ofinventoryrepresentsthecostofgoo
2、dsavailableforsale. True False 2.Thecostofgoodssoldmodelforamanufactureris:BeginningFinishedGoodsInventory+Purchases(net)=CostofGoodsAvailableforSale-EndingFinishedGoodsInventory=CostofGoodsSold True False 3.Aperpetualinventorysystemprovidesmanagement
3、withvaluabletoolsinwhichtoplanandcontrolinventorylevelsbecausetheamountofinventoryisknownatanypointintime. True False 4.Netpurchasesiscomputedasfollows:NetPurchases=Purchases+Freight-out-PurchaseDiscountsTaken-PurchaseReturnsandAllowances True False 5
4、.WhenshippingFOBshippingpointthebuyerhaseconomiccontroloftheinventoryandmustrecordthegoodsinitsinventoryaccounts. True False 6.WhenshippingFOBshippingpointthesellerstillretainseconomiccontroluntilthegoodsarereceivedbythebuyer,thereforetheyshouldnotberecor
5、dedintoinventorybythebuyeruntilreceipt. True False 7.Inventorycostsincludeallcostsdirectlyorindirectlyassociatedwithbringinganitemtoitsexistingconditionorlocationforsale. True False 8.Thecostsofoperatingapurchasingdepartmentarenecessarytothepurchasing
6、ofinventorythereforethosecostsincurredshouldbeallocatedtoinventory. True False 9.Inaperiodoffallingprices,FIFOproducesthelowestcostofgoodssoldandthehighestgrossprofit. True False 10.InaperiodofrisingpricesLIFOproducesthehighestcostofgoodssoldandthelow
7、estgrossprofit. True False 11.TheLIFOconformityruleallowsacompanytouseFIFOforfinancialreportingandLIFOforincometaxes. True False 12.Acompany’sliquidationofinventoryunderLIFOresultsinhigherincomeduringperiodsofrisingcosts.Managementcanmanipulateearning
8、sbydelayingpurchasesuntilaftertheendofthefiscalyear. True False 13.Theuseofdollar-valueLIFOfollowsthesamemethodologyastheLIFOmethodbutreducestherecordkeeping. True False 14.Theuse
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