Please correct the asnwer as soon as possible 27 During a period of increasing cost prices, which inventory costing method will yield the lowest cost of goods sold a Any method in which the company uses a periodic inventory system b Weighted Average Cost c LIFO d FIFO 29 A company fails to record one storeroom full of inventory in its year end inventory records As a result, this will cause a an overstatement of cost of goods sold for the current year b an overstatement of inventory on the year end balance sheet c an overstatement of retained earnings at the end of the year d an understatement of gross profit in the following year 30 Hawk Store counted some of its inventory twice As a result, its operating expenses will be a Understated b Correct only if Hawk Store calculates it cost of goods sold correctly c Overstated d Correct since operating expenses are not affected by inventory costs 31 The set of items below was identified in preparing a bank reconciliation for Mars Corp as of August 31, 2016 Bank statement balance $19,500 Marss book balance (before adjustments) Outstanding checks 2,700 Customer's NSF checks 350 Service Charges 100 Deposits in transit 1,000 Interest earned on checking account 60 Mars Corp s balance per books before the reconciliation is a $17,410 b $17,900 c $18,190 d $18,310

Question

Please correct the asnwer as soon as possible 27  During a period of increasing cost prices, which inventory costing method will yield the lowest cost of goods sold  a  Any method in which the company uses a periodic inventory system b  Weighted Average Cost c  LIFO d  FIFO 29  A company fails to record one storeroom full of inventory in its year end inventory records  As a result, this will cause  a  an overstatement of cost of goods sold for the current year  b  an overstatement of inventory on the year end balance sheet  c  an overstatement of retained earnings at the end of the year  d  an understatement of gross profit in the following year  30  Hawk Store counted some of its inventory twice  As a result, its operating expenses will be a  Understated b  Correct only if Hawk Store calculates it cost of goods sold correctly c  Overstated d  Correct since operating expenses are not affected by inventory costs 31  The set of items below was identified in preparing a bank reconciliation for Mars Corp  as of August 31, 2016  Bank statement balance $19,500 Marss book balance (before adjustments)   Outstanding checks 2,700 Customer's NSF checks 350 Service Charges 100 Deposits in transit 1,000 Interest earned on checking account 60 Mars Corp s balance per books before the reconciliation is a  $17,410 b  $17,900 c  $18,190 d  $18,310

Accepted Answer

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	a.	an overstatement of cost of goods sold for the current year.
	b.	an overstatement of inventory on the year-end balance sheet.
	c.	an overstatement of retained earnings at the end of the year.
	d.	an understatement of gross profit in the following year.

Question

Please correct the asnwer as soon as possible 27. During a period of increasing cost prices, which inventory costing method will yield the lowest cost

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	a.	Any method in which the company uses a periodic inventory system
	b.	Weighted Average Cost
	c.	LIFO
	d.	FIFO

Bank statement balance	$19,500
Marss book balance (before adjustments)	?
Outstanding checks	2,700
Customer's NSF checks	350
Service Charges	100
Deposits in transit	1,000
Interest earned on checking account	60