Which of the following should not be included inthe physical inventory of a company?a. Goods held on consignment from anothercompany.b.Goods in transit from another company shippedFOB shipping point.c. Goods shipped on consignment to anothercompany.d.All of these answer choices should be included.Charlene Cosmetics Company just beganbusiness and made the following four inventorypurchases in June:June1 150 units $ 780June10 200 units 1,170June15 200 units 1,260June28 150 units 990$4,200A physical count of merchandise inventory onJune 30 reveals that there are 210 units on hand.Using the average cost method, the amountallocated to the ending inventory on June 30 isa. $1,229.b.$1,368.c. $1,323.d.$1,260.Two companies report the same cost of goodsavailable for sale but each employs a differentinventory costing method. If the price of goodshas increased during the period, then thecompany usinga. LIFO will have the highest ending inventory.b.FIFO will have the highest cost of goods sold.c. FIFO will have the highest ending inventory.d.LIFO will have the lowest cost of goods
View Full Document
Unlocking...