A company currently uses LIFO inventory valuation under U.S.GAAP.The company reported

an increase in the LIFO reserve for the year.If the company used FIFO rather than LIFO:

A.COGS is lower and net income is lower.

B.CFGO is lower and net income is higher.

C.COGS is higher and net income is lower.

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更多“A company currently uses LIFO …”相关的问题

第1题

Is the reversal of an inventory write-down permitted under U.S.GAAP (generally accepted accounting principles) and International Financial Reporting Standards (IFRS)?

A.No, under both

B.Yes, under both

C.Yes under IFRS but not under U.S.GAAP

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第2题

A company, which prepares its financial statements in accordance with IFRS is in the process of developing a more efficient production process for one of its primary products.The most appropriate accounting treatment for those costs incurred in the project is to:

A.expense them as incurred.

B.capitalize costs directly related to the development.

C.expense costs until technical feasibility has been established.

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第3题

In a period of rising prices, when compared to a company that uses weighted average cost for inventory, a company using FIFO will most likely report higher values for its:

A.return on sales.

B.debt-to-equity ratio.

C.inventory turnover.

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第4题

A review of a company’s inventory records for the year indicates that the following costs were incurred:

Fixed production overhead: $500,000

Direct material and direct labor: 300,000

Storage costs incurred during production: 25,000

Abnormal waste costs: 30,000

If the company operated at full capacity during the year, the total capitalized inventory cost is closest to:

A.$800,000.