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Question 11 The term LCM refers to the process companies use to ensure they are always purchasing lowest cost items. O a rule which requires a company to adjust the cost of its inventory when the market price decreases below the cost the adjustment a company makes for inventory lost or stolen. the repeated calculations necessary to properly record LIFO costs. A Moving to another question will save this response. Question 12 of 54 Save An Question 12 6.5 points Cougar Corp. purchased 200 units of inventory for $15 per item on July 20. On July 31, the items were made obsolete by a newly released product. The effect of this change caused the items purchased on July 20 to only be worth $8. What amount would Cougar Corp, report on its financial statements related to this inventory? $1,600 (200 units x 58 per item) $1,400 (200 units X $7 per item) $3,000 (200 units x $15 per item) No listed item is correct Moving to another question will save this response. Question 12 of 54 Question 13 Which of the following inventory costing methods always uses the oldest costs in ending inventory? LIFO FIFO Weighted average Specific Identification Question 14 Which of the following formulas for ending inventory is most correct? Beginning Inventory + Purchases - Cost of Goods Sold Beginning inventory - Purchases Number of units sold times the unit cost Number of units sold times the unit price Moving to another question will save this response. Question 15 Which of the following is not one of the five components of internal control? Risk assessment Monitoring All listed items are components of internal control Information System Question 16 6.5 points Save Answer You and your roommate have a particular way of paying the rent your roommate writes the check for the rent and it is your job to take the check to your landlord. This is an example of the internal control procedure called Separation of Duties Documents Audits Assignment of Responsibilities Question 17 Which of the following statements regarding the limitations of an internal controls systems is the most accurate? There is no fool-proof system of internal controls. An effective system of internal controls is always affordable. There are no limitations of internal controls. The components of internal controls spell out the acronym THEFT. Question 18 A bank reconciliation should be regularly prepared as an internal control activity related to cash. is a negotiation between the bank and the company regarding outstanding checks. has three sides: the audit side, the bank side, and the internal control side. will sometimes contain permanent differences. Question 19 Which of the following is not an internal control associated with the use of a bank account? All listed items are internal controls associated with a bank account. Bank Statement Checks O Deposit Ticket Question 20 What is the journal entry a company should make to record the fee associated with an NSF check? Debit Bank Fees and Credit Accounts Receivable Debit NSF Checks and Credit Cash Debit Accounts Receivable and Credit Accounts Payable Debit Bank Fees and Credit Cash