elearning.utdallas.edu 29. Which of the following inventory costing methods most

Question

elearning.utdallas.edu 29. Which of the following inventory costing methods most closely matches the cost flow witlh 9 the goods flow? A) FIFO B) Specific identification C) LIFO D) Weighted average 30. At year-end, The Chiller Shop has a freezer on hand that has been used as a demonstration model. The freezer cost $780 and sells for $1,500 when new. In its present condition, the freezer will be sold for $760 Related selling costs are an estimated $40. At what amount should the freezer be carried in inventory? A) $750 B) $760 C) $720 D) $800

Explanation / Answer

Question No.29 A. FIFO

Question No.30 C. $720

Inventory should be valued at cost or Net realisable value (NRV) whichever is lower.

Cost = $780

NRV = Sale - estimated selling costs

= $760 -$40

= 720

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