Hi Man! Can you help me tonight? I have a lot of problems to solve. Thanks!

LIFO tends to decrease taxes when_______. (Points : 1)

costs are declining costs are constant costs are increasing LIFO will always yield the lowest possible taxes

Question 2.2.Which of the following inventory costing methods requires a company to keep track of the actual movement of individual inventory items? (Points : 1)

LIFO average cost FIFO specific unit cost

Question 3.3.Under the ________ inventory costing method, ending inventory and cost of goods sold are based on the same cost per unit that is adjusted after each new purchase. (Points : 1)

FIFO LIFO average-cost specific identification

Question 4.4.Using the lower-of-cost-or-market rule of valuing inventory allows the accountant to attain_______. (Points : 1)

consistency matching conservatism full disclosure

Question 5.5.Danbury Inc. uses the periodic inventory accounting method. Information related to Danburys inventory is as follows for January 20X1:

Jan 1st - Beginning Balance	10 units at $200
Jan 7th - Purchase	8 units at $215
Jan 22nd Purchase	12 units at $228
Jan 31st Ending Inventory	7 units

Danburys ending inventory balance using the LIFO inventory costing method is ________. (Points : 1)

$5056.00 $1400.00 $4949.60 $1506.40

Question 6.6.Table 5

January 1 inventory balance	90 units at $10 per unit
March 2 purchase	50 units at $11 per unit
July 8 purchase	80 units at $10 per unit
November 15 purchase	30 units at $12 per unit
December 31 inventory balance	75 units

Referring to Table 5, assuming all goods are sold throughout the year for $19 per unit, gross profit calculated under the periodic LIFO method would be_______. (Points : 1)

$1,465 $1,510 $1,260 $1,570

Question 7.7.An error occurred in ABC Companys accounting system that caused inventory to be reported at $65,000 instead of its correct value of $61,000. Overstating inventory also caused ________. (Points : 1)

gross profit to be understated cost of goods sold to be overstated net income to be overstated total assets to be understated

Question 8.8.Two separate errors affected Computer Sales in 20X7. The beginning inventory was overstated by $12,000 and the ending inventory was overstated by $18,000. Net income in 20X7 will be_______. (Points : 1)

overstated by $30,000 overstated by $12,000 understated by $6,000 overstated by $6,000

Question 9.9.Table 4

Austin Company uses a periodic inventory system. Assume the following data for 20X5:
Beginning inventory	10 units at $7 each
March 18 purchase	15 units at $9 each
June 10 purchase	20 units at $10 each
October 30 purchase	12 units at $11 each
On December 31, a physical count reveals 15 units in ending inventory.

Referring to Table 4, under the average cost method, cost of goods sold on the income statement would be_______. (Points : 1)

$420 $294 $389 $396

Question 10.10.Samson Company had the following balances and transactions during 20X3.

Beginning inventory	10 units at $70
March 10	Sold 8 units
June 10	Purchased 20 units at $80
October 30	Sold 15 units

What would the company's inventory amount be on the December 31, 20X3 balance sheet if the perpetual First-In, First-Out costing method is used? (Answers are rounded to the nearest dollar.) (Points : 1)

$490 $540 $560 $554

Question 11.11.Lisas clothing store burned down on May20^th, 20X1. All inventory was destroyed. She did not keep a perpetual inventory system and did not know the value of her inventory to report to the insurance company. Beginning inventory was $13,000. She had purchases of $30,000 and sales of $29,500 from May 1^stthrough May20^th. Her gross profit margin is 35% of total sales. Lisa could estimate that her ending inventory on May20^thwas ________. (Points : 1)

$32,500 $32,675 $13,500 $23,825

Question 12.12.Garry Corp uses a perpetual inventory accounting system. Garry Corp has a beginning inventory of 12 units at $15 each on January 1, 20X1. The following inventory transactions occurred during the month of January:

	January 2nd- purchased 20 units at $16.50 each
	January 10th sold 7 units
	January 17th purchased 15 units at $17.25 each
	January 22nd sold 25 units
	January 30th purchased 5 units at $17.50 each

Garry Corp will report ________ for cost of goods sold in January using the FIFO inventory costing method. (Points : 1)

$539.25 $317.00 $510.00 $346.25

Question 13.13.Table 1

Assume the following data for Burnette Company for 20X5:
Beginning inventory	10 units at $7 each
March 18 purchase	15 units at $9 each
April 5 sale	12 units
June 10 purchase	20 units at $10 each
September 15 sale	30 units
October 30 purchase	12 units at $11 each

Refer to Table 1. Under the perpetual LIFO method, ending inventory would be valued at_______. (Points : 1)

$165 $105 $153 $135

Question 14.14.Marshall Corp uses a perpetual inventory accounting system. Marshall Corp has a beginning inventory of 10 units at $20 each on May 1, 20X1. The following inventory transactions occurred during the month of May:

	May 2nd- purchased 20 units at $22 each
	May 9th sold 18 units
	May 15th purchased 15 units at $24 each

Marshall Corp will report ________ (rounded) for ending inventory on May 31^stusing the average-cost inventory costing method.(Points : 1)

$400.00 $600.00 $384.00 $616.00

Question 15.15.Which of the following statements is correct? (Points : 1)

US GAAP allows companies to change their inventory method each year as it makes sense to do so. There are only two different inventory costing methods used when companies follow international reporting standards. The concept of net realizable value is only used under accounting standards for private enterprises and not under international financial reporting standards. Inventory cost determination is the same under accounting standards for private enterprises as for international financial reporting standards.