Accounting 100 quiz – need help!! Only 1 hours to complete ( 5 multiple choice)
Question 5 |
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Accounting 100 quiz – need help!! Only 1 hours to complete ( 5 multiple choice)
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In a period of rising prices, FIFO will have
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lower net purchases than LIFO. |
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lower income tax expense than LIFO. |
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lower net income than LIFO. |
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lower cost of goods sold than LIFO.
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Question 6 |
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Nick’s Place recorded the following data:
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Units |
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Unit |
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Date |
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Received |
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Sold |
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On hand |
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Cost |
1/1 Inventory |
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600 |
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$2.50 |
1/8 Purchased |
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1,000 |
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1,600 |
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300 |
1/12 Sold |
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1,200 |
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300 |
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The weighted average unit cost of the inventory at January 31 is:
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$3.400. |
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$2.81. |
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$2.75. |
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$2.50.
Romanoff Industries had the following inventory transactions occur during 2014:
The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s after-tax income using FIFO? (rounded to whole dollars)
Moroni Industries has the following inventory information.
Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis?
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