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I need help with these questions, please. the help would be greatly appreciated Control of inventory should begin as soon as the inventory is received.
I need help with these questions, please. the help would be greatly appreciated
Control of inventory should begin as soon as the inventory is received. Which of the following internal control steps is not done to meet this goal? Select one: a. check the invoice to the receiving report b. check the invoice to the purchase order c. check the invoice with the person who specifically purchased the item d. check the invoice extensions and totals Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sep. 1 Inventory 4 Sold 10 units 10 Purchased 17 Sold 20 units at $20 30 units at $25 20 units 30 Purchased 10 units at $30 If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is Select one: a. $800 b. $650 c. $750 d. $700 If a company values inventory at the lower of cost or market, which of the following is the value of merchandise inventory on the balance sheet? Apply the lower-of-cost-or-market method to inventory as a whole. Item Inventory Quantity Unit Cost Price Unit Market Price Product C 420 $6 $5 Product D 370 12 14 Select one: a. $6,960 b. $7,700 c. $6,540 d. $7,280 Under a periodic inventory system Select one: a. accounting records continuously disclose the amount of inventory b. a separate account for each type of merchandise is maintained in a subsidiary ledger c. a physical inventory is taken at the end of the period d. merchandise inventory is debited when goods are returned to vendor Under a perpetual inventory system, the amount of each type of merchandise on hand is available in the Select one: a. customer's ledger b. creditor's ledger c. inventory ledger d. purchase ledger If merchandise inventory is being valued at cost and the purchase price is steadily falling, which method of costing will yield the largest net income? Select one: a. average cost b. LIFO c. FIFO d. weighted average During times of rising prices, which of the following is not an accurate statement? Select one: a. Average costing will yield results that are between those of FIFO and LIFO. b. LIFO will result in a higher cost of goods sold than FIFO. c. FIFO will result in a higher net income than LIFO. d. LIFO will result in higher income taxes than FIFO The method of computing inventory that uses records of the selling prices of the merchandise is called Select one: a. retail method b. last-in, first-out c. first-in, first-out d. average cost Too much inventory on hand Select one: a. reduces solvency b. increases the cost to safeguard the assets c. increases the losses due to price declines d. all of the aboveStep by Step Solution
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