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ACC 556 WEEK 3 CHAPTER 6 HOMEWORK

ACC 556 WEEK 3 CHAPTER 6 HOMEWORK

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Author: Christine Farr
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·       QUESTION 1

1 out of 1 points
 
 
 
Raw materials inventories are the goods that a manufacturing company has completed and are ready to be sold to customers.

 
 
 
 
 
 
 
·       QUESTION 2

1 out of 1 points
 
 
 
Goods held on consignment should be included in the consignor’s ending inventory.

 
 
 
 
 
 
 
·       QUESTION 3

1 out of 1 points
 
 
 
If a company has no beginning inventory and the unit cost of inventory items does not change during the year, the value assigned to the ending inventory will be the same under LIFO and average cost flow assumptions.

 
 
 
 
 
 
 
·       QUESTION 4

0 out of 1 points
 
 
 
The LIFO method is rarely used because most companies do not sell the last goods they purchase first.

 
 
 
 
 
 
 
·       QUESTION 5

0 out of 1 points
 
 
 
The FIFO reserve is a required disclosure for companies that use FIFO.

 
 
 
 
 
 
 
·       QUESTION 6

1 out of 1 points
 
 
 
Manufactured inventory that has begun the production process but is not yet completed is

 
 
 
 
 
 
 
·       QUESTION 7

1 out of 1 points
 
 
 
Which of the following should not be included in the physical inventory of a company?

 
 
 
 

 
 
 
·       QUESTION 8

1 out of 1 points
 
 
 
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 27th. The goods are not expected to reach their destination until January 6th.• $9,000 of goods received on consignment from Westwood CompanyWhat is Howell’s correct ending inventory balance at December 31, 2014?

 
 
 
 

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