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Inventory quiz

Authored by Lee Sin Cheng

Inventory quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following shall be included in the cost of inventories

Selling costs

Freight charge on goods sold

Abnormal amount of wasted material, labour or other production costs

Storage costs that are necessary to a further production process

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following inventory costing methods reports closely the current cost of inventory on the statement of financial position?

FIFO

LIFO

Specific identification

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a period of rising prices, the inventory cost formula that tends to result in the Highway profit is?

FIFO

LIFO

Specific identification

Weighted average method

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What amount should Mari company report as inventories in its statement of financial position?

RM72k

RM76k

RM158k

RM162k

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Using FIFO inventory method the amount allocated to cost of sales for June is ?

RM3,500

RM4,659

RM4,200

RM4,770

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Using the weighted average cost method the amount allocated to the runding inventory on 30 June is

RM185

RM226

RM261

RM196

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement is correct with respect to inventories?

the FIFO method assumes that the earliest goods acquired are the last to be sold

it is generally good business management to sell the most recently acquired goods first

Under FIFO the ending inventory is based on the latest units purchase

FIFO seldom coincides with actual physical flow of inventory

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