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17. When inventory prices are steadily rising, which inventory cost flow method will result in the greatest amount of net income to a business? a.
17. When inventory prices are steadily rising, which inventory cost flow method will result in the greatest amount of net income to a business? a. FIFO. b. LIFO. c. Weighted Average. d. Periodic Method 18. Which of the following is a purpose of taking a physical inventory? a To check the accuracy of the inventory records. b. To determine cost of goods sold for the accounting period. c. To compute inventory ratios. d All of the above 20. Last year, Rocker Company's financial statements showed the following: Beginning inventory $40,825 Average inventory $24,825 Cost of goods sold $184,325 Assuming 365 days in a year, what is Rocker's average days' sales in inventory for 2019? a. 45 days b. 65 days c. 107 days d. 83 days
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