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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. 11Multiple 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.