Understanding the Lower-of-Cost-or-Market Method in Inventory

School: Jefferson Community and Technical College - Course: ART MISC - Subject: Accounting

Take Test: Chapter 10 Review Test Information Description Instructions MultipleAttemptsNot allowed. This test can only be taken once. ForceCompletionThis test can be saved and resumed later. Your answers are saved automatically. Question Completion Status: QUESTION 1 1.The lower-of-cost-or-market method can be applied to each item of inventory each major class or category of inventory total inventory as a whole all of these choices are correct 1 points QUESTION 2 1.A perpetual inventory is updated on an ongoing basis at the time of each individual sale at the end of the period when a transaction is lost none of the above 1 points QUESTION 3 1.Inventory is reported as a current asset on the income statement merchandise on the balance sheet purchases 1 points QUESTION 4 1.The total cost of all inventory that the company had on hand at any time during the period. merchandise on hand

purchase goods available for sale none of the above 1 points QUESTION 5 1.Which cost flow assumption assumes that the first units purchased are the first units sold LIFO FIFO Specific identification weighted average cost 1 points QUESTION 6 1.Which cost flow assumption assumes that the last units purchased are the first units sold? LIFO FIFO specific identification Weighted average cost 1 points Click Save and Submit to save and submit. Click Save All Answers to save all answers. ourseACCT1100: Financial Accounting I (Asynchronous (100% Online)) 14631 TestChapter 10 Review Started2/28/23 5:19 PM Submitted2/28/23 5:25 PM StatusCompleted AttemptScore 3 out of 6 points TimeElapsed 5 minutes Question 1 1 out of 1 points The lower-of-cost-or-market method can be applied to Question 2 0 out of 1 points A perpetual inventory is updated on an ongoing basis