Which of the following inventory costing method is based on the assumption that the first unit of inventory available for sale is the first unit sold?Specific IdentificationFIFOLIFOMoving Average
Which of the following inventory costing method is based on the assumption that the last unit of inventory available for sale is the first unit sold?Specific IdentificationFIFOLIFOMoving Average
A company purchases 20 units of inventory for $5.50 on January 5 and 25 units for $6.00 on January 25. It then sells a total of 30 units on January 31. If the company is following the LIFO method of inventory costing, what is the total cost of the inventory sold?$170$172.50$173.50$177.50
Some examples of security measures to safeguard inventory includestoring inventory in areas that are restricted to only authorized employees.locking high-priced inventory in cabinets.using two-way mirrors, cameras, security tags, and guards.All of these choices are correct.

You are watching: Some examples of security measures to safeguard inventory include


With a perpetual inventory system, when should a physical count of inventory be taken?Near fiscal year-end, when inventory is at its lowest levelMid-year, when inventory is at its highest levelNever; a physical count is not needed with a perpetual inventory systemNone of these choices are correct.
When the weighted average cost method is used in a perpetual inventory system, a weighted average unit cost for each item is computedeach time a sale is made.at the end of the year.at the beginning of each month.each time a purchase is made.
Jacobs Company has inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs purchased 10 units at $13 per unit. On June 12, it purchased 20 units at $14 per unit. On June 17, it sold 30 units. Using FIFO, what is the value of the inventory at June 17 after the sale?$140$160$210$380
The lower-of-cost-or-market method can be applied toeach item of inventory.each major class or category of inventory.total inventory as a whole.All of these choices are correct.
Merchandise inventory is classified as __________ on the balance sheet.a current asseta current liabilitya long-term liabilityproperty, plant, and equipment
Inventory turnover is calculated ascost of merchandise sold divided by inventory.cost of merchandise sold divided by average inventory.cost of merchandise sold divided by total assets.None of these choices are correct.

See more: 60+ Tattoos Which Symbolize Freedom Isn T Free Tattoo S, Freedom Isn T Free Tattoos


The number of days" sales in inventory is calculated asthe average inventory divided by the average daily cost of merchandise sold.the ending Inventory divided by the cost of merchandise sold.net income divided by sales.None of these choices are correct.
{}})}else{;window.location.assign("https://jonathanlewisforcongress.com/explanations/textbook-solutions/glencoe-accounting-first-year-course-1st-edition-9780078688294");}">
*

{}})}else{;window.location.assign("https://jonathanlewisforcongress.com/explanations/textbook-solutions/financial-accounting-plus-myaccountinglab-with-pearson-etext-global-edition-9th-edition-9781292166100");}">
Financial Accounting plus MyAccountingLab with Pearson eText, Global Edition9th EditionCharles T. Horngren, Walter T Harrison
{}})}else{;window.location.assign("https://jonathanlewisforcongress.com/explanations/textbook-solutions/financial-accounting-5th-edition-9781260118865");}">
*

{}})}else{;window.location.assign("https://jonathanlewisforcongress.com/explanations/textbook-solutions/myaccountinglab-with-pearson-etext-instant-access-for-financial-accounting-9th-edition-9780132753661");}">
*

MyAccountingLab with Pearson eText -- Instant Access -- for Financial Accounting9th EditionCharles T. Horngren
{window.jonathanlewisforcongress.com<"productClickLinkData"> = <{"name":"Accounting Quiz #3","id":"231172566","price":"","category":"premium content","variant":"study guide","position":"","brand":"cassidybaker7"}>; QLoad("jonathanlewisforcongress.com.productClickLinkData"); return;}})}else{window.jonathanlewisforcongress.com<"productClickLinkData"> = <{"name":"Accounting Quiz #3","id":"231172566","price":"","category":"premium content","variant":"study guide","position":"","brand":"cassidybaker7"}>; QLoad("jonathanlewisforcongress.com.productClickLinkData"); return;;window.location.assign("https://jonathanlewisforcongress.com/231172566/accounting-quiz-3-flash-cards/");}" id="1-231172566">