Question

Question: “LIFO Reserve” is calculated as __________. Select one: LIFO end of year minus LIFO beginning of the year FIFO inventory plus LIFO inventory FIFO inventory minus LIFO inventory None of the above

Question: If the cost of an item of inventory is $60 and the current replacement cost is $65, the amount included in inventory according to the lower of cost or market is: Select one: $5 $60 $65 $125

Question: If the cost of an item of inventory is $70, the current replacement cost is $65, and the sales price is $85, the amount included in inventory according to the lower of cost or market is: Select one: $85 $70 $65 $160



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *