Accounting 301 Quizes

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1. | An inventory method that makes it possible to manipulate net income is the: A. | average cost method. | B. | FIFO method. | C. | LIFO method. | D. | specific identification method. | One argument against specific identification is that it makes it possible to manipulate net income. | | 2. | The ending inventory and cost of goods sold will be the same whether a perpetual or periodic system is used under the: A. | weighted-average method. | B. | moving-average method. | C. | LIFO method. | D. | FIFO method. | Under the FIFO method, ending inventory and cost of goods sold is the same whether a perpetual or periodic system is used. | | 3. | In a period of rising prices, the inventory method that produces the lowest ending inventory is the: A. | average cost method. | B. | FIFO perpetual method. | C. | LIFO periodic method. | D. | LIFO perpetual method. | In a period of rising prices, the LIFO method always produces the lowest ending inventory and LIFO periodic results in a lower inventory than LIFO perpetual. | | 4. | Smiley Manufacturing Company has the following account balances at year end: Office supplies $ 3,000 Raw materials 21,000 Work-in-process 32,000 Finished goods 46,000 Prepaid insurance 5,000 What amount should Smiley report as inventories in its balance sheet? A. | $46,000. | B. | $78,000. | C. | $99,000. | D. | $104,000. | | | 5. | A business whose inventory consists of similar items would be most likely to use which of the following cost flow assumptions? A. | Specific identification. | B. | FIFO. | C. | Average. | D. | LIFO. | The average method is used when an inventory consists of similar items. | | 6. | Which cost flow assumption would be most

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