Accounting is getting harder, please help! Thank you.

Question: Which of the following inventories would appear on the balance sheet of a manufacturing business? Select one: Work in process Merchandise inventory Direct labor Factory overhead

Question: The inventory method that considers the inventory to be composed of the units of merchandise acquired earliest is called: Select one: first-in, first-out last-in, first-out average cost retail method

Question: Which inventory cost flow assumption allows management to identify which costs are included in cost of merchandise sold? Select one: LIFO FIFO Average Specific Identification

Question: The inventory data for an item for November are: Nov. 1 Inventory 20 units at $20 10 Purchased 30 units at $21 30 Purchased 10 units at $22 Sold 30 units Using the first-in, first-out method, what is the cost of the merchandise inventory of 30 units on November 30? Select one: $640 $610 $620 $630

Question: Use the following data to calculate cost of merchandise sold under FIFO method. September 1 Beginning Inventory 15 units @ $20 September 10 Purchases 20 units @ $25 September 20 Purchases 25 units @ $28 September 30 Ending Inventory 30 units Select one: $825 $750 $675 $600

Question: Use the following data to calculate the cost of ending inventory under LIFO using the method. September 1 Beginning Inventory 15 units @ $20 September 10 Purchases 20 units @ $25 September 20 Purchases 25 units @ $28 September 30 Ending Inventory 30 units Select one: $825 $750 $675 $600

Question: Use the following data to calculate the cost of ending inventory under Average Cost method. September 1 Beginning Inventory 15 units @ $20 September 10 Purchases 20 units @ $25 September 20 Purchases 25 units @ $28 September 30 Ending Inventory 30 units Select one: $825 $750 $675 $600

Question: Calculate the cost of ending inventory using FIFO inventory cost method. 1/1 Beginning inventory 10 units @ $10 per unit 2/28 Purchases 40 units @ $12 per unit 5/10 Purchases 50 units @ $14 per unit 9/20 Purchases 30 units @ $16 per unit 12/31 Ending inventory 50 units Select one: $800 $760 $580 $500

Question: During a period of consistently rising prices, the method of inventory that will result in reporting the greatest cost of merchandise sold is: Select one: FIFO LIFO average cost all methods will generate the same cost of merchandise sold

Question: If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is: Select one: average LIFO FIFO all methods will generate the same net income