Niles Co. has the following data related to an item of inventory: Inventory, March 1 200 units @ $ 2.10 Purchase, March 7 700 units @ $ 2.20 Purchase, March 16 140 units @ $ 2.25 Inventory, March 31
260 units The value assigned to ending inventory if Niles uses LIFO is Multiple Choice Question 72 Which of the following is a reason why the specific identification method may be considered ideal for assigning costs to inventory and cost of goods sold? The cost flow matches the physical flow. Multiple Choice Question 27 Where should goods in transit that were recently purchased f. o. b. destination be included on the balance sheet? Not on the balance sheet Multiple Choice Question 135 The following information applied to Howe, Inc. for 2014: IFRS Multiple Choice Question 08 Tram Industries, a company who uses IFRS reporting standards, is installing a new plant. The company has incurred the following costs Multiple Choice Question 95 Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $ 36,000 and a fair value of $ 45,000. The asset given up by Armstrong Co. has a book value of $ 60,000 and a fair value of $ 57,000. Boot of $ 12,000 is received by Armstrong Co. What amount should Armstrong Co. record for the asset received? Multiple Choice Question 53 A plant site donated by a township to a manufacturer that plans to open a new factory should be recorded on the manufacturer ' s books at IFRS Multiple Choice Question 10 All of the following are true regarding the revaluation model allowed under IFRS except when an asset is revalued, any increase in carrying amount is reported as miscellaneous revenue. Multiple Choice Question 119