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what is the ending inventory under... please answer all of them 45) What is ending inventory under the average cost method of inventory costing? a)
what is the ending inventory under...
please answer all of them
45) What is ending inventory under the average cost method of inventory costing? a) $1,000 b) $ 600 c) $ 500 d) $ 550 46) In periods of inflation / rising prices, which of the following methods of inventory costing reports the lowest net income? a) LIFO b) FIFO c) average cost d) all three methods report the same net income 47) In periods of inflation / rising prices, which of the following methods will show an amount for ending inventory on the balance sheet that approximates current costs? a) LIFO b) FIFO c) average cost d) all three methods report the same net income 48) According to the Lower of Cost or Net Realizable Value Rule, if 100 items were originally purchased for $30 but are now only valued at $10, what is the amount at which they should be shown in inventory? a) $3,000 b) $2,000 c) $1,000 d) either (a) or (c) above 49) If cost of goods sold is $100,000, beginning inventory is $18,000 and ending inventory is $22,000, what is the inventory turnover ratio? a) 0.40 b) 2.50 c) 4.00 d) 5.00 50) Using 365 days for the year and an inventory turnover ratio of 10, what is the number of days in inventory? a) 3650 b) 365 c) 36.5 d) 10Step by Step Solution
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