Question 2 LIFO Reserve.] How to covert COGS under LIFO to COGS under FIFO? A Ad

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Question 2 LIFO Reserve.] How to covert COGS under LIFO to COGS under FIFO? A Add the change in the LIFO reserve to COGS under LIFO to yield COGS under FIFO. B.Deduct the change in the LIFO reserve from COGS under LIFO to yield COGS under FIFO. CC. Neither of the above. D.Either of the above. Question 3 The Stevens Co. had beginning inventory (1/1/10 of 8 units at $100, purchased 10 units of inventory at $120 on 3/1/10, and another 12 units at $110 on 5/1/JQEnding inventory consisted of 14 units. What is the cost of ending inventory under FIFO? A.$1280 B. $1540 C.$1560 D.$3320

Explanation / Answer

2.C. neither of the above

3.C. $1560

4.D. $3320

5.A. $145000

6.A. $16000

7.A when expenditures for the asset have been made

8.C the ending inventory for 12/ 31/ 2007 will consist layers from 2005 and 2006 only.

9.C. loss on sale 2000

Cash 5000

accumulated depreciation 3000

To equipment 10000.

10. A. loss of $2000.

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