Match the a 1. Assigns the most recent inventory costs to ending Inventory 2. Re

Question

Match the a 1. Assigns the most recent inventory costs to ending Inventory 2. Results in cost of goods sold that falls between what FIFO and LIFO a Conservatism produce assuming rising prices 3 Principle that is the basis for using the lower-of-cost-or-market rule 4 Principle that prevents a company from using a different inventory costing c LIFO d Average cost e FIFO f Consistency g Materiality h. Specific-Identification method each year 5. Identifies exactly which inventory item was sold, usually used for unique inventory items 6. Requires a company to report enough information for outsiders to makse decisions 7. Treats the most recent/newest purchases as the first units sold 8 Principle that states significant items must conform to GAAP Choose Clear All All parts showing ip

Explanation / Answer

A.

1) Assigns the most recent inventory costs to ending inventory: FIFO

2)Results in cost of goods sold that falls between what FIFO and LIFO produce assuming rising prices: Average Costs

3)This principle is the basis for using the lower of cost or market rule: Conservatism

4)Principal that prevents a company from using a different inventory costing method each year: Consistency

5)Identifies exactly which inventory item was sold usually used for unique inventory items: Specific-Identification

6)Requires that a company report enough info for outsiders to make decisions: Full Disclousure

7)Treats the most recent/newest purchase as the first units sold: LIFO

8)Principle that states significant items must conform to gaap: Materiality

Question 2:

c) Continuous Life is an advantage of a corporation.

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