A) Its reported cost of goods for 2013 would have been $14 million less if it had used FIFO rather than LIFO for its financial statements.
B) Its reported cost of goods for 2013 would have been $20 million less if it had used FIFO rather than LIFO for its financial statements.
C) Its reported cost of goods sold for 2013 would have been $14 million higher if it had used FIFO rather than LIFO for its financial statements.
D) Its reported cost of goods sold for 2013 would have been $20 million higher if it had used FIFO rather than LIFO for its financial statements.
Correct Answer
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True/False
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Multiple Choice
A) $357,600.
B) $350,000.
C) $351,600.
D) None of the above.
Correct Answer
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Multiple Choice
A) Its reported cost of goods sold for 2013 would have been $9 million higher if it had used FIFO rather than LIFO for its financial statements.
B) Its reported cost of goods sold for 2013 would have been $15 million higher if it had used FIFO rather than LIFO for its financial statements.
C) Its reported net income for 2013 would have been $9 million higher if it had used FIFO rather than LIFO for its financial statements.
D) Its reported net income for 2013 would have been $15 million higher if it had used FIFO rather than LIFO for its financial statements.
Correct Answer
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Essay
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View Answer
True/False
Correct Answer
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Essay
Correct Answer
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Essay
Correct Answer
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Multiple Choice
A) $126,000.
B) $200,000.
C) $120,000.
D) $210,000.
Correct Answer
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Multiple Choice
A) Usually matches the physical flow of goods through the business.
B) Is usually used for internal management purposes.
C) Usually provides a better match of expenses with revenues.
D) None of the above is correct.
Correct Answer
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Multiple Choice
A) Debited to accounts receivable.
B) Credited to cost of goods sold.
C) Debited to cost of goods sold.
D) Not recorded at the time goods are sold.
Correct Answer
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Multiple Choice
A) $650.
B) $1,000.
C) $707.
D) $600.
Correct Answer
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Multiple Choice
A) $480.
B) $288.
C) $1,360.
D) $144.
Correct Answer
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True/False
Correct Answer
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Multiple Choice
A) Higher under FIFO than LIFO.
B) Higher under FIFO than average cost.
C) Lower under average cost than LIFO.
D) Lower under LIFO than FIFO.
Correct Answer
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Multiple Choice
A) Its 2013 net income would have been $30 million lower because inventory purchase prices were rising.
B) Its 2013 net income would have been $30 million lower because inventory purchase prices were declining.
C) Its 2013 net income would have been $30 million higher because inventory purchase prices were rising.
D) Its 2013 net income would have been $30 million higher because inventory purchase prices were declining.
Correct Answer
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Essay
Correct Answer
verified
View Answer
Essay
Correct Answer
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View Answer
Multiple Choice
A) $5,040.
B) $5,055.
C) $5,075.
D) $5,135.
Correct Answer
verified
Multiple Choice
A) $410,800.
B) $374,400.
C) $379,808.
D) $380,600.
Correct Answer
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