Author Question: The inventory costing method that reports the most current prices in ending inventory is a. FIFO ... (Read 122 times)

kshipps · **on:** Jul 5, 2018

The inventory costing method that reports the most current prices in ending inventory is
a. FIFO
b. specific identification
c. LIFO
d. average cost

Question 2

On April 1, Spring Floral, Inc has a balance of 300 in Supplies. During April, the company buys 900 more of the supplies. On April 30, the company counts the supplies and finds 200 of supplies remaining.

What will the company report on its month ended April 30 income statement?
A) Supplies expense of 1,000
B) Supplies of 1,000
C) Supplies of 200
D) Supplies expense of 200