24．Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted.
An analyst gathered the following information about a company for a fiscal year:
Quarter | Purchases in Units | Cost per Unit | Purchases in Dollars | 1 | 200 | $22 | $4,400 | 2 | 300 | $24 | $7,200 | 3 | 300 | $26 | $7,800 | 4 | 200 | $28 | $5,600 | Total | 1000 |
| $25,000 |
Sales for the fiscal year were 800 units. Inventory remaining at the end of the fourth quarter was 600 units. Inventory at the beginning of the first quarter was 400 units at $20 per unit. Reported inventory at the end of the fourth quarter using LIFO and FIFO, respectively, would be closest to:
| Reported inventory using LIFO | Reported inventory using FIFO | A | $12,400 | $14,200 | B | $12,400 | $15,800 | C | $14,200 | $15,800 | D | $15,800 | $14,200 |
Select exactly 1 answers from the following: A. B. C. D.
答案和详解如下！
Feedback: Correct answer: B The Analysis and Use of Financial Statements, 3rd edition, Gerald I. White, Ashwinpaul C. Sondhi, and Dov Fried (Wiley, 2003), pp. 194?95 2006 Modular Level I, Vol. II, pp. 752-753 Study Session 9-39-a compute ending inventory balances and cost of goods sold using the LIFO, FIFO, and average cost methods to account for product inventory and explain the relationship among and the usefulness of inventory and cost-of-goods-sold data provided by the LIFO, FIFO, and average cost methods when prices are 1) stable or 2) changing
LIFO inventory: 400 units @ $20 + 200 units @ $22 = $12,400. FIFO inventory: 200 units @ $28 + 300 units @ $26 + 100 units @ $24 = $15,800.
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发表于 2006-11-22 10:59
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