Tarheel Company purchases inventory from McGardy Wholesalers. The per unit cost of the items purchased during the current accounting period was 5.50, 5.70, 5.90 and 6.23.
Which statement below regarding Tarheel's choice of inventory cost flow methods is TRUE?
A) Net income will be the same regardless of the cost flow assumption adopted. The choice of an accounting method can't affect net income.
B) Net income will be greater than taxable income regardless of the inventory method chosen by Tarheel Company.
C) If Tarheel Company uses the LIFO method for financial reporting, then it must also use the LIFO method for tax reporting.
D) If Tarheel Company selects the FIFO method, it will result in a lower net income than the LIFO method would have produced.
Question 2
To enter a cash sale, the journal entry includes
a. debiting Sales, debiting Sales Tax Payable, and crediting Cash.
b. debiting Sales Tax Payable, debiting Cash, and crediting Sales.
c. debiting Sales, debiting Cash, and crediting Sales Tax Payable.
d. debiting Cash, crediting Sales, and crediting Sales Tax Payable.
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