11. Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods were on hand. In addition, Bell, Inc. detemined that $60,000 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had S90,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year? A) S780,000. B) $860,000. C) $870,000. D) $930,000. 12. In a period of rising prices, the inventory method which tends to give the highest reported cost of goods sold is A) FIFO. B) average cost. C) LIFO. D) None of these choices are correct. 13. Chess Top uses the periodic inventory system. For the current month, the beginning imventory consisted of 480 units that cost $65 each. During the month, the company made two purchases: 720 units at S68 cach and 360 units at S70 each. Chess Top also sold 1,200 units during the month. Using the LIFO method, what is the amount of cost of goods sold for the month? A) S81,048. B) S78,000. C) $81,960. D) S80,160. 14. Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Inventory at Current Prices S1,284,000 1,450,000 1,625,000 Current Price Index 107 125 130 Date December 31, 2020 December 31, 2021 December 31, 2022 What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO? A) $1,160,000. B) S1,157,000. C) $1,164,200. D) $1,200,000. 15. Which of the following accounts is credited in the loss method of writing-down of inventory to its net realizable value if no allowance account is used? A) Allowance to Reduce Inventory to NRV B) Loss Due to Decline of Inventory to NRV C) Cost of Goods Sold D) Inventory