Podcast
Questions and Answers
What is the total Cost of Sales based on the FIFO inventory costing method?
What is the total Cost of Sales based on the FIFO inventory costing method?
- $6,000
- $20,000
- $8,040
- $15,760 (correct)
How many units were in the Ending Inventory using the FIFO inventory costing method?
How many units were in the Ending Inventory using the FIFO inventory costing method?
- 6 units
- 4 units (correct)
- 5 units
- 3 units
What was the cost per unit for the purchases made on 3 March using the FIFO method?
What was the cost per unit for the purchases made on 3 March using the FIFO method?
- $1,608 (correct)
- $1,620
- $1,680
- $1,500
What was the total cost of goods sold for all transactions using the FIFO method?
What was the total cost of goods sold for all transactions using the FIFO method?
Why are the Cost of Sales and Ending Inventory figures different for the two methods?
Why are the Cost of Sales and Ending Inventory figures different for the two methods?
What is the impact of using FIFO on Ending Inventory and Cost of Sales?
What is the impact of using FIFO on Ending Inventory and Cost of Sales?
Which costing method is determined by factors such as the nature of inventory and management objectives?
Which costing method is determined by factors such as the nature of inventory and management objectives?
In the context of the text, what would LIFO method focus on?
In the context of the text, what would LIFO method focus on?
What does Average Cost method calculate to determine inventory valuation?
What does Average Cost method calculate to determine inventory valuation?
Which inventory costing method gives the highest profit for April according to the text?
Which inventory costing method gives the highest profit for April according to the text?
