Switzer , Inc . has 5 computers which have been part of the inventory for over two years . Each computer cost $ 600 and originally retailed for $ 900 . At the statement date , each computer has a current replacement cost of $ 400 . How much loss should Switzer , Inc ., record for the year ?
$ 2,000 . $ 2,500 . $ 1,000 . $ 1,500 . 11- Multiple Choice Question 72
Which one of the following inventory methods is often impractical to use ?
LIFO FIFO Specific identification Average cost 12 - Multiple Choice Question 132 Overstating ending inventory will overstate all of the following except net income . owner ’ s equity . assets .