Financial Accounting Class

USE CHART TO FIND ANSWERS

Question 1

What is the total cost of merchandise inventory available for sale?

Question 2

Under Perpetual System - What is the total cost of goods sold, using FIFO inventory costing method?

Question 3

Using Perpetual System - What is the cost assigned to the ending inventory balance, using FIFO inventory costing method?

Question 4

Under Perpetual System - What is the total cost of goods sold, using LIFO inventory costing method?

Question 5

Under Perpetual System - What is the total cost of goods sold, using Weighted Average inventory costing method?

Question 6

Under Periodic System - What is the cost assigned to the ending inventory balance, using FIFO inventory costing method?

Question 7

Under Periodic System - What is the cost assigned to the ending inventory balance, using LIFO inventory costing method?

Question 8

Under Periodic System - What is the cost assigned to the ending inventory balance, using Weighted Average inventory costing method? Round the average cost per unit to 2 decimal places.

Question 9

Using Periodic system Which inventory costing method produces the highest gross profit?

Group of answer choices

A) FIFO

B) LIFO

C) Weighted Average

Question 10

Using Weighted Average method, which system has the higher gross profit?

Group of answer choices

A) Perpetual

B) Periodic