Question 1

What is Nueva's net income if it elects FIFO?

Accepted Answer

A) $440. 
B) $264. 
C) $620. 
D) $372. 
A) $440. 
B) $264. 
C) $620. 
D) $372.

Question 2

On January 1, 2012, RAY Co. adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $300 million. The 12/31/12 inventory valued at year-end costs was $385 million. The 12/31/12 inventory, using dollar-value LIFO was $355 million.
Required:
Calculate 2012 cost index for RAY's inventory.

Accepted Answer

The answer of On January 1, 2012, RAY Co. adopted...

Question 3

The ending inventory assuming LIFO and a perpetual inventory system is:

Accepted Answer

A) $1,545. 
B) $1,470. 
C) $1,580. 
D) $1,510. 
A) $1,545. 
B) $1,470. 
C) $1,580. 
D) $1,510.

Question 4

Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2013, when it had an inventory of $700,000. Its inventory as of December 31, 2013, was $777,000 at year-end costs and the cost index was 1.05. What was DVL inventory on December 31, 2013?

Accepted Answer

A) $735,000. 
B) $740,000. 
C) $742,000. 
D) $777,000. 
A) $735,000. 
B) $740,000. 
C) $742,000. 
D) $777,000.

Question 5

Included.
2. Excluded.
3. Excluded.
4. Included.
5. Excluded.
6. Included.

Accepted Answer

The answer of Included.
2. Excluded.
3. Excluded.
4. Included.
5. Excluded.
6. Included....

Question 6

Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.

Accepted Answer

The answer of Required:
Compute the January 31 ending inventory and...

What is Nueva's net income if it elects FIFO?

The ending inventory assuming LIFO and a perpetual inventory system is:

Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2013, when it had an inventory of $700,000. Its inventory as of December 31, 2013, was $777,000 at year-end costs and the cost index was 1.05. What was DVL inventory on December 31, 2013?

Included. 2. Excluded. 3. Excluded. 4. Included. 5. Excluded. 6. Included.

Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.

Environment and Theoretical Structure of Financial Accounting

Review of the Accounting Process

The Balance Sheet and Financial Disclosures

The Income Statement, Comprehensive Income, and the Statement of Cash Flows

Income Measurement and Profitability Analysis

Time Value of Money Concepts

Cash and Receivables

Property, Plant, and Equipment and Intangible Assets: Acquisition and Disposition

Property, Plant, and Equipment and Intangible Assets: Acquisition and Disposition

Property, Plant, and Equipment and Intangible Assets: Utilization and Impairment

Investments

Current Liabilities and Contingencies

Bonds and Long-Term Notes

Leases

Accounting for Income Taxes

Pensions and Other Postretirement Benefits

Shareholders Equity Key

Share-Based Compensation and Earnings Per Share

Accounting Changes and Error Corrections

The Statement of Cash Flows Revisited

Filters

Exam 8: Inventories: Measurement

What is Nueva's net income if it elects FIFO?

The ending inventory assuming LIFO and a perpetual inventory system is:

Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2013, when it had an inventory of $700,000. Its inventory as of December 31, 2013, was $777,000 at year-end costs and the cost index was 1.05. What was DVL inventory on December 31, 2013?

Included. 2. Excluded. 3. Excluded. 4. Included. 5. Excluded. 6. Included.

Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.

Environment and Theoretical Structure of Financial Accounting

Review of the Accounting Process

The Balance Sheet and Financial Disclosures

The Income Statement, Comprehensive Income, and the Statement of Cash Flows

Income Measurement and Profitability Analysis

Time Value of Money Concepts

Cash and Receivables

Property, Plant, and Equipment and Intangible Assets: Acquisition and Disposition

Property, Plant, and Equipment and Intangible Assets: Acquisition and Disposition

Property, Plant, and Equipment and Intangible Assets: Utilization and Impairment

Investments

Current Liabilities and Contingencies

Bonds and Long-Term Notes

Leases

Accounting for Income Taxes

Pensions and Other Postretirement Benefits

Shareholders Equity Key

Share-Based Compensation and Earnings Per Share

Accounting Changes and Error Corrections

The Statement of Cash Flows Revisited

Filters