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Noise Makers Inc has the following inventory data :
July 1
Beginning inventory
20 units at $ 19
$ 380
7
Purchases
70 units at $ 20
1,400
22
Purchases
10 units at $ 22
220 $ 2,000
A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand . Using the average cost method , the value of ending inventory is Question 10
Inventory costing methods place primary reliance on assumptions about the flow of Question 11
Many companies use just-in-time inventory methods . Which of the following is not an advantage of this method ? Question 12
Which of the following statements is correct with respect to inventories ? Question 13
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