Page 316 - Accounting Principles (A Business Perspective)

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Cost of ending inventory using FIFO is:
a. USD 104,400.
b. USD 122,400.

c. USD 120,000.
d. USD 147,600.
e. None of the above.
Cost of goods sold using FIFO is:
a. USD 165,600.
b. USD 150,000.
c. USD 147,600.

d. USD 122,400.
e. None of the above.
Cost of ending inventory using LIFO is:
a. USD 104,400.
b. USD 114,750.
c. USD 156,000.
d. USD 122,400.
e. None of the above.
Cost of goods sold using LIFO is:

a. USD 155,250.
b. USD 114,000.
c. USD 147,600.
d. USD 165,600.
e. None of the above.
Cost of ending inventory using weighted-average is:
a. USD 114,750.

b. USD 157,600.
c. USD 122,400.
d. USD 109,650.
e. None of the above.
Cost of goods sold using weighted-average is:
a. USD 147,200.
b. USD 160,350.
c. USD 155,250.
d. USD 114,000.

e. None of the above.
During a period of rising prices, which inventory method might be expected to give the highest net income?
a. Weighted-average.
b. FIFO.
c. LIFO.

Accounting Principles: A Business Perspective 317 A Global Text