64)Which of the following statements is correct?

There are only two different inventory costing methods used when companies follow international reporting standards.

Inventory cost determination is the same under accounting standards for private enterprises as for international financial reporting standards.

US GAAP allows companies to change their inventory method each year as it makes sense to do so.

The concept of net realizable value is only used under accounting standards for private enterprises and not under international financial reporting standards.

61)At year end, no adjusting entry was made to the supplies inventory account. The general ledger balance for supplies inventory was $5000. The actual balance in inventory was $3000. The omission of this adjusting entry caused ________.

assets to be overstated and liabilities to be overstated

assets to be overstated and net income to be overstated

assets to be understated and liabilities to be understated

assets to be understated and net income to be understated

58)Delco Inc had the following transactions in June and a beginning inventory of 20 units at $35 each.

June 4th- purchased 15 units at $36.50 each

June 8th- sold 22 units

June 16th- purchased 20 units at $37.75 each

June 27 - sold 25 units

Delco uses the perpetual inventory accounting system. If Delco uses the weighted average inventory costing method, what is their ending inventory at June 30th?

$295

$280

$292

$302

57)Stanley Company manufactures lamps. They provide one-year warranties on all of their products. In 20X2, they had $450,000 in net sales. Stanley Company estimates that 2.5% of net sales will require warranty repairs. The estimated warranty payable account had a balance of $13,500 on January 1, 20X2. Throughout the year, Stanley Company paid $14,100 of warranty claims. What will Stanley Company report for estimated warranty payable on December 31, 20X2?

$14,100

$10,650

$11,250

$24,750

56)When creating a financial statement in order of reverse liquidity, which of the following asset types is listed first?

accounts receivable

current

long-term

disposed