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ACC 556 Chapter 6 Quiz (100% Score)
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Chapter 6 Quiz
Question 1
Raw materials inventories are the goods that a manufacturing
company has completed and are ready to be sold to customers.
Question 2
Goods held on consignment should be included in the consignor‘s
ending inventory
Question 3
If a company has no beginning inventory and the unit cost of
inventory items does not change during the year, the value assigned to
the ending inventory will be the same under LIFO and average cost
flow assumptions
Question 4
The LIFO method is rarely used because most companies do not sell
the last goods they purchase first.
Question 5
The FIFO reserve is a required disclosure for companies that use
FIFO.
Question 6