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Multiple Choice, Question 32

Resolved Question:

Multiple Choice, Question 32

If goods in transit are shipped FOB destination



the seller has legal title to the goods until they are delivered.



the buyer has legal title to the goods until they are delivered.



the transportation company has legal title to the goods while the goods are in transit.



no one has legal title to the goods until they are delivered.








Multiple Choice, Question 33

An auto manufacturer would classify vehicles in various stages of production as



merchandise inventory.



finished goods.



work in process.



raw materials.








Multiple Choice, Question 43

Cost of goods sold is computed from the following equation:



sales + gross profit – ending inventory + beginning inventory.



beginning inventory + cost of goods purchased – ending inventory.



beginning inventory – cost of goods purchased + ending inventory.



sales – cost of goods purchased + beginning inventory – ending inventory.








Multiple Choice, Question 53

The cost of goods available for sale is allocated between



beginning inventory and cost of goods on hand.



ending inventory and cost of goods sold.



beginning inventory and cost of goods purchased.



beginning inventory and ending inventory.








Multiple Choice, Question 58

Which one of the following inventory methods is often impractical to use?



LIFO



FIFO



Average cost



Specific identification








Multiple Choice, Question 90

Companies adopt different cost flow methods for each of the following reasons except



balance sheet effects.



income statements effects.



tax effects.



cash flow effects.








Multiple Choice, Question 91

In periods of rising prices, the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the



LIFO method.



FIFO method.



average-cost method.



tax method.








Multiple Choice, Question 97

The managers of Teng Company receive performance bonuses based on the net income of the firm. Which inventory costing method are they likely to favor in periods of declining prices?



Average Cost



FIFO



LIFO



Physical inventory method








Multiple Choice, Question 104

The consistent application of an inventory costing method is essential for



comparability.



accuracy.



conservatism.



efficiency.








Multiple Choice, Question 106

Inventory is reported in the financial statements at



the higher-of-cost-or-market.



cost.



the lower-of-cost-or-market.



market.








Multiple Choice, Question 110

Isaac Company developed the following information about its inventories in applying the lower-of-cost-or-market (LCM) basis in valuing inventories:




Product

Cost





Market




A

$110,000


$120,000




B

80,000


76,000




C

160,000


162,000

If Isaac applies the LCM basis, the value of the inventory reported on the balance sheet would be



$362,000.



$350,000.



$342,000.



$346,000.








Multiple Choice, Question 111

Understating beginning inventory will understate



cost of goods sold.



assets.



owner's equity.



net income.








Multiple Choice, Question 116

Disclosures about inventory should include each of the following except the



major inventory classifications.



quantity of inventory.



costing method.



basis of accounting.








Multiple Choice, Question 126

In a period of rising prices, FIFO will have



lower net purchases than LIFO.



lower net income than LIFO.



lower cost of goods sold than LIFO.



lower income tax expense than LIFO.








Multiple Choice, Question 128

Euler Company made an inventory count on December 31, 2008. During the count, one of the clerks made the error of counting an inventory item twice. For the balance sheet at December 31, 2008, the effects of this error are




Assets





Liabilities





Equity

a.


overstated





understated





overstated

b.


understated





no effect





understated

c.


overstated





no effect





overstated

d.


overstated





overstated





understated



d.



a.



b.



c.
Multiple Choice, Question 32

If goods in transit are shipped FOB destination



the seller has legal title to the goods until they are delivered.



the buyer has legal title to the goods until they are delivered.



the transportation company has legal title to the goods while the goods are in transit.



no one has legal title to the goods until they are delivered.








Multiple Choice, Question 33

An auto manufacturer would classify vehicles in various stages of production as



merchandise inventory.



finished goods.



work in process.



raw materials.








Multiple Choice, Question 43

Cost of goods sold is
Submitted: 3 years ago.
Category: Homework
Expert:  Jabi replied 3 years ago.
Hello dear client,

Thank you for using JustAnswer!

When do you need these questions?

-Jabi
Customer: replied 3 years ago.
Jabi,I don't know which informantion you need.
Expert:  Jabi replied 3 years ago.
Hello dear client,

As i can see that your question has been answered in the other thread please check there.

Let me know if you need more help, i would love to help you if you need more help :)

-Jabi
Expert:  Jabi replied 3 years ago.
Hello dear client,
Here is the answer for question 32.the buyer has legal title to the goods until they are delivered and 33.work in process
Please hit ACCEPT BUTTON so that i get credit for all my efforts and time :)
-Jabi
Jabi, Lecturer
Category: Homework
Satisfied Customers: 1364
Experience: I have done MBA in Finance and Accounting.
Jabi and 8 other Homework Specialists are ready to help you
Expert:  Jabi replied 3 years ago.
Hello dear client,

I have answered your question 32 and 33 here, please let me know if you need help on other remaining questions i would love to help you ELSE hit Accept on this one so that i get credit for all my efforts and time :)

-Jabi
Customer: replied 3 years ago.
Relist: Incomplete answer.
I DIDN'T GET ANSWERS THEY RETURNED BACK THE SAME QUESTION,WHILE THEY ALREADY TAKE MY MONEY.
Expert:  Jabi replied 3 years ago.
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