Chapter 6 Quiz also

When merchandise sold is assumed to be in the order in which the expenditures were made, the inventory costing method is called:

The inventory costing method that assigns the most recent costs to cost of good sold is:

Use the following data to calculate the cost of ending inventory under the FIFO method. September 1 Beginning Inventory 15 units at $20 each September 10 Purchase 20 units at $25 each September 20 Purchase 25 units at $28 each September 30 Ending Inventory 30 units

Use the following data to calculate cost of merchandise sold under FIFO method. September 1 Beginning Inventory 15 units at $20 each September 10 Purchase 20 units at $25 each September 20 Purchase 25 units at $28 each September 30 Ending Inventory 30 units

Use the following data to calculate the cost of ending inventory using the LIFO method. September 1 Beginning Inventory 15 units at $20 each September 10 Purchase 20 units at $25 each September 20 Purchase 25 units at $28 each September 30 Ending Inventory 30 units

If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is:

If merchandise inventory is being valued at cost and the price level is consistently rising, which method of costing will yield the highest inventory?