e debited to Ans a b Inventory records are not kept for every item Cost of poods sold is recorded with each sale less the cluage in Ans aSelling costs b Interest costs e Raw materials LIFO Which of the tollowing statements is not rue as t relates to the dollan vai inventory method? Abnormal spoilage ile ona sming doilun valie Li with specific goods pooled Lil O. b. Under the dollar-value LIFO method, it is possible to have the entire ivensory in only one pool. c. Several pools are commonly employed in using the dollar-value LIFO inventory method d. Under dollar-value LIFO, increases and decreases in a pool are determinesd and measured in terms of total dollar value, not physical quantity 47. Lawson Manufacturing Company has the following account balances at year end Office supplies Raw materials Work-in-process Finished goods Prepaid insurance $ 4,000 27,000 9,000 109,000 6,000 What amount should Lawson report as inventories in its balance sheet? Ans. a. $109,000 b. $113,000 S195,000 d. $199,000 48. 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. determined 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 $90,000 of goods out on consignment. What amount should Bell report as inventory at the end of the Ans. a. $780,000 b. $860,000. c. $870,000. d$930,000