Chapter 11 Business Math Review

Payment that an employee gets for an excellent job performance is known as what?

• profit sharing

• bonus

• Cost of Living Adjustment (COLA)

• Incentive

The total value of 680 units of beginning inventory and purchases in a quarter is $28,900. What is the value of an ending inventory of 76 units using the weighted average method?

• $3,192

• $3,330.32

• $3,230

• $3,040

The ______________________ method of assigning costs to inventory and cost of goods sold assumes that the most recent purchases are sold first. 

• FIFO 
• LIFO
• Weighted Average
• Specific Identification

Using the chart, calculate the ending inventory using LIFO.

• 105.28

• 111.33

• 108.36

• 102.58

Which inventory method generally results in cost allocated to nding invntory that will approximate their current cost

• LIFO
• FIFO
• average cost method
• whichever cost method which produces the highest ending inventory figure

assigns the average cost to each unit inventory

• first-in, first-out method (FIFO)

• last-in, first-out method (LIFO)

• weighted average cost method

assumes that the first items purchased are the first items sold

• first-in, first-out method (FIFO)

• last-in, first-out method (LIFO)

• weighted average cost method

assumes that the last items purchased are the first items sold

• first-in, first-out method (FIFO)

• last-in, first-out method (LIFO)

• weighted average cost method

Using the chart, calculate the ending inventory using FIFO.

• 105.28

• 111.33

• 108.36

• 102.58

Using the chart, calculate the ending inventory using the weighted average.

• 105.28

• 111.33

• 108.36

• 102.58