![daniiltemkin20](/avatars/34460.jpg)
daniiltemkin20
06.10.2019 •
Business
When using the periodic lifo inventory cost method, which of the following statements is correct? a.the cost of merchandise on hand is made up of the most recent purchases. b.the physical count determines the inventory on hand. c.the cost of merchandise sold is made up of the earlier purchases. d.none of these choices are correct.
Solved
Show answers
More tips
- F Food and Cooking The Most Delicious and Simple Fish in Batter Recipe...
- D Dating, Love, Relationships How Long Can Love Last?...
- A Auto and Moto Mastering One-Movement Parking: All You Need to Know...
- C Computers and Internet How to Properly Order Clothing from International Online Stores...
- H Health and Medicine Headache: A Comprehensive Guide to Treatment...
- F Family and Home How to Choose the Best Diapers for Your Baby?...
- A Auto and Moto Discovering the Leader: What is the Most Expensive Car in the World?...
- F Food and Cooking How to Quickly Put your Child to Sleep?...
- C Computers and Internet How to Create a Website for Free and Easy?...
- F Family and Home Parquet or laminate, which is better?...
Answers on questions: Business
- S SAT A persian cat shows both the traits for orange fur and black fur. What kind of allele expression is this?....
- E English Some consumers, like lions, do not eat plants or any other producers. They only eat other animals. How do lions obtain the carbon they need? O by eating animals that have...
- M Mathematics The range of the data set is___?...
Ответ:
correct option is b. The physical count determines the inventory on hand
Explanation:
LIFO is Last In, First Out
so in LIFO cost flow is assumption
and the last costs are the first ones to leave inventory
become the cost of goods sold on the income statement.
and first costs will be reported as inventory on the balance sheet
and under LIFO periodic we are wait until the entire year is over before assigning cost
so we can say The physical count determines the inventory on hand
and Cost is the total resources given up to acquire inventory and move it
Ответ: