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WorksheetsAcctg. 2-Chapter 5- Inventory
Total questions: 10
Worksheet time: 19mins
Name
Class
Date
1.
Using the chart, calculate the ending inventory using FIFO.
a)
105.28
b)
111.33
c)
108.36
d)
102.58
2.
Using the chart, calculate the ending inventory using LIFO.
a)
105.28
b)
111.33
c)
108.36
d)
102.58
3.
Using the chart, calculate the ending inventory using WAVCO.
a)
105.28
b)
111.33
c)
108.36
d)
109.59
4.
During times of increasing prices, which method yields the lowest ending inventory?
a)
LIFO
b)
FIFO
c)
WAVCO
d)
SPID
5.
The following are all methods of inventory valuation except:
a)
Specific Identification Method
b)
FIFO
c)
FILO
d)
LIFO
6.
During times of increasing prices, which method produces the lowest Cost of Merchandise Sold?
a)
FIFO
b)
LIFO
c)
WAVCO
d)
SPID
7.
During times of decreasing prices, which method produces the lowest net income?
a)
FIFO
b)
LIFO
c)
WAVCO
d)
SPID
8.
During times of increasing prices, which method yields the highest ending inventory.
a)
FIFO
b)
LIFO
c)
WAVCO
d)
SPID
9.
Why do you need to know how to estimate interim inventory valuations?
a)
In the event of a natural catastrophe to get reimbursed from your insurance company for the loss of inventory.
b)
In the event of theft to get reimbursed from your insurance company.
c)
To create interim financial statements.
d)
All of the above.
10.
A physical inventory must be conducted at least one a year.
a)
False
b)
True
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