ACG 4101 (Chapters 8-12). Questions and Answers 100% Correct

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ACG 4101 (Chapters 8-12). Questions and Answers 100% Correct

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ACG 4101 (Chapters 8-12).

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ACG 4101 (Chapters 8-12)

Which measurement approach is used for companies that use FIFO? - answerLCNRV

Which measurement approach is used for companies that use Weighted Average? -
answerLCNRV

Which measurement approach is used for companies that use LIFO? - answerLCM

What is the net realizable value also called? - answerceiling

What is the formula to find net realizable value? - answerSelling price - cost to sell

What is the formula to find the floor price? - answernet realizable value - normal gross
profit

What is the formula to find the ceiling price? - answerSelling price - cost to sell

The _____ is the middle value between the ceiling cost (or NRV), replacement cost, and
floor cost - answermarket

What is the formula to find net sales? - answerSales
- sales discounts
- sales returns

What is the formula to find gross profit? - answernet sales
- cost of goods sold

What is the formula to find merchandise or goods available for sale? - answerBeginning
inventory + purchases
- purchase discounts
- purchase returns
+ freight in

What is the formula to find ending inventory? - answerMerchandise or goods available
for sale
- cost of goods sold

Inventory erros are _____ errors - answerSelf correcting

When assets are overstated, net income is _________ - answeroverstated

When assets are overstated, cost of goods sold is ______ - answerunderstated

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