Multiple Choice
The average age of inventory is calculated as
A) average inventory divided by 360 days.
B) (cost of goods sold divided by ending inventory) divided by 360 days.
C) 360 days divided by (cost of goods sold divided by average inventory) .
D) 360 days divided by cost of goods sold.
E) none of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q15: When FIFO and LIFO are compared,<br>A) LIFO
Q16: Because FIFO yields lower profits than LIFO
Q17: A cost flow assumption is used when
Q18: Use the following information to answer questions
Q19: In a perpetual inventory system,<br>A) the Inventory
Q21: LL Co. has several retail clothing stores
Q22: Use the following information to answer questions
Q23: The FIFO method of inventory costing<br>A) assumes
Q24: The following information applied to Candy Co.
Q25: FIFO provides a better matching of revenue