Discussion Board 19506507
February 11, 2021
Ch 13 assignment 2 Financial statement information for Rothlisberger Co for 2018 is as follows: S…
February 11, 2021

216. Accounting for inventories is important because inventories affect the ______________ section o

216. Accounting for inventories is important because
inventories affect the ______________ section of the balance sheet and the
______________ section on the income statement.

Ans:
N/A, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB:
Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA:
Reporting

217. In a manufacturing company, goods that are
ready to be sold to customers are referred to as ________________, whereas in a
merchandising company they are generally referred to as _______________.

Ans:
N/A, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB:
Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA:
Reporting

218. The cost of goods purchased during a period
plus the beginning inventory is the amount of goods ________________ during the
period.

Ans:
N/A, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB:
Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: FSA

219. Inventoriable costs are allocated to
______________ and cost of goods ____________.

Ans:
N/A, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB:
Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA:
Reporting

220. It is generally recognized that a major
objective of accounting for inventory is the proper determination of
______________.

Ans:
N/A, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB:
Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None, IMA:
Business Economic

221. The ______________ method tracks the actual
physical flow of each unit of inventory available for sale; however, management
may be able to manipulate ______________ by using this method.

Ans:
N/A, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB:
Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None, IMA:
Business Economic

222. If the unit cost of inventory has
continuously increased, the ______________, first-out inventory valuation
method will result in a higher valued ending inventory than if the ______________,
first-out method had been used.

Ans:
N/A, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB:
Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None, IMA:
Business Economic

223. The lower-of-cost-or-market basis of accounting
for inventories should be applied when the ______________ cost of the goods is
lower than its cost.

Ans:
N/A, LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB:
Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None, IMA:
Business Economic

224. ______________ is calculated as cost of
goods sold divided by average inventory.

Ans:
N/A, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB:
Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None, IMA:
Business Economic

a225. Two
widely used methods of estimating inventories are the ______________ method and
the _____________ method.

Ans:
N/A, LO: 8, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB:
Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None, IMA:
Business Economic

 

“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”

The post 216. Accounting for inventories is important because inventories affect the ______________ section o appeared first on Nursing Assignment.

 

"Are you looking for this answer? We can Help click Order Now"