Question 13 (3 points) Damaged and obsolete goods that can be sold O 1) Are neve

Question

Question 13 (3 points) Damaged and obsolete goods that can be sold O 1) Are never counted as inventory 2) Are included in inventory at their full cost. 3)Are included in inventory at their net realizable 4) Should be disposed of immediately. value. Question 14 (3 points) 12 Physical counts of inventory 1) Are not necessary under the perpetual system. 2) Are necessary to adjust the Inventory account to the actual inventory 15 available 3) Must be taken at least once a month 4) Requires the use of hand-held portable computers 21 24 Question 15 (3 points) The inventory valuation method that tends to smooth out erratic changes in costs is 27 1) FIFO. 2) Weighted average. 3) LIFO 4) Specific identification. 30 Question 16 13 points) An error in the period-end inventory causes an offsetting error in the next period and therefore 1) Managers can ignore the error 2 tis sometimes said to be self -correching 3) it affects only income statement accounts 4) If aftects only batance sheet accounts 12 Saved

Explanation / Answer

Q13.

Answer is 3. Are included in Inventory at their net realizable value.

Q14.

Answer is 2. are necessary to adjust the inventory account to actual inventory available.

Q15. Answer is 2. Weighted average.

Q16. Answer is 4. it affects only Balance sheet accounts.

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