29 Jun Question 1–3. Would a perpetual inventor
Question
1–3. Would a perpetual inventory system normally be practical for the following types of businesses without a computerized system? (answer yes or no)
1. Retail jewelry store 1. ____
2. Wholesale clothing store 2. ____
3. Retail candy store 3. ____
4. If the cost of an item of inventory is $75, the current replacement cost is $64, and the selling price is $95, the amount included in inventory
according to the lower of cost or market concept is
4. ____
5. Merchandise in transit should not be included in the seller’s inventory if the terms are FOB
6. The inventory method where the last units purchased are assumed to be sold and the ending inventory is made up of the first units purchased.
7. A method that is useful for estimating the cost of inventory that has been destroyed that uses the relationship between cost and retail value is
8. During a period of consistently falling prices, the method (FIFO or LIFO) that will result in reporting the greater cost of merchandise sold is
9–11. Inventory at the end of the current fiscal year was understated. State
whether each of the following will be overstated, understated, or not affected:
9. Cost of merchandise sold reported on the income statement for the
current year
10. Net income reported on the income statement for the current year
11. Retained earnings reported on the balance sheet at the end of the current year
12. Damaged merchandise that can only be sold at below cost should be
valued at
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