ACC 304 help A Guide to career/Snaptutorial ACC 304 help A Guide to career/Snaptutorial | Page 95

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
Peterson Company purchased machinery for $800,000 on January 1,
2011. Straight-line depreciation has been recorded based on a