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Category > Accounting Posted 11 Aug 2017 My Price 15.00

inventory cost flow method

Select the following sentences to the inventory cost flow method they describe.

Answers: net income for the year will be overstated, net income for the year will be understated or net income for the year will not be affected.

 

1. Merchandise was purchased FOB shipping point on the last day of the year. The cost of the merchandise purchased was not included in ending inventory. Select Net income for the current year will be overstated. Net income for the current year will be understated. Net income for the current year will not be affected. Item 1
2. Merchandise was purchased FOB destination on the last day of the year. The cost of the merchandise purchased was not included in ending inventory. Select Net income for the current year will be overstated. Net income for the current year will be understated. Net income for the current year will not be affected. Item 2
3. Merchandise held on consignment was included in the count of ending inventory. Select Net income for the current year will be overstated. Net income for the current year will be understated. Net income for the current year will not be affected. Item 3
4. A consignor included merchandise in the hands of the consignee in ending inventory. Select Net income for the current year will be overstated. Net income for the current year will be understated. Net income for the current year will not be affected. Item 4
5. Beginning inventory was understated due to an error in last year's inventory count. Select Net income for the current year will be overstated. Net income for the current year will be understated. Net income for the current year will not be affected. Item 5
6. Merchandise that was sold and shipped FOB destination on the last day of the year was not included in the seller's ending inventory.. Select Net income for the current year will be overstated. Net income for the current year will be understated. Net income for the current year will not be affected. Item 6
7. Merchandise that was sold and shipped FOB shipping point on the last day of the year was not included in the seller's ending inventory. Select Net income for the current year will be overstated. Net income for the current year will be understated. Net income for the current year will not be affected. Item 7
8. Last year's ending inventory was recorded as $10,000. The actual inventory on hand the end of last year was $12,000.

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Maurice Tutor
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Status NEW Posted 11 Aug 2017 04:08 PM My Price 15.00

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