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
Manufactured inventory that has begun the production process but is not yet completed is Question 7
Which of the following should not be included in the physical inventory of a company? Question 8
At December 31, 2014 Howell Company‘ s inventory records indicated a balance of $ 858,000. Upon further investigation it was determined that this amount included the following: $ 168,000 in inventory purchases made by Howell shipped from the seller 12 / 27 / 14 terms FOB destination, but not due to be received until January 2nd $ 111,000 in goods sold by Howell with terms FOB destination on December 27 th. The goods are not expected to reach their destination until January 6 th. $ 9,000 of goods received on consignment from Westwood Company
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 |