ACC 556 ASSIST Great Stories /acc556assist.com ACC 556 ASSIST Great Stories /acc556assist.com | Page 17

In periods of rising prices, which is an advantage of using the
LIFO inventory costing method?
Question 14
Jenks 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
$57,000
$60,000
B
40,000
38,000
C
80,000
81,000
If Jenks applies the LCM basis, the value of the inventory
reported on the balance sheet would be
Question 15
Selection of an inventory costing method by management does not
usually depend on
Question 16
Which statement concerning lower of cost or market (LCM) is
incorrect?
Question 17
Use the following information regarding Black Company and Red
Company to answer the question ―Which of the following is Red
Company's "cost of goods sold" for 2014 (to the closest dollar)?‖
Question 18
A low number of days in inventory may indicate all of the
following except
Question 19
The LIFO reserve is
Question 20