ACC 556 STR Course Great Wisdom / tutorialrank.com ACC 556 STR Course Great Wisdom / tutorialrank.com | Page 20

What is Howell‘s correct ending inventory balance at December 31,
2014?
Question 9
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