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Author Question: The inventory costing method that reports the earliest costs in ending inventory is a. FIFO b. ... (Read 174 times)

Lisaclaire

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on: Jul 5, 2018
The inventory costing method that reports the earliest costs in ending inventory is
 a. FIFO
  b. LIFO
  c. weighted average
  d. specific identification

Question 2

For each of the following transactions, determine whether there is an increase, decrease, or no change in net income.
 
  a. Purchased inventory for 8,700.
  b. Earned 15,000 in sales for the month.
  c. The cost of inventory sold was 6,000.
  d. Dividends paid to shareholders were 1,000.
  e. Paid employees 1,300.


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mcarey591

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

a. No change,
b. Increase,
c. Decrease,
d. No change,
e. Decrease


Lisaclaire

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Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

bulacsom

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Reply 3 on: Yesterday
Excellent

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