QUESTION 1 he method refers to the way items are added and removed from inventor

Question

QUESTION 1 he method refers to the way items are added and removed from inventory A. Inventory Flow B. escalating O C. Production D. Average Flow QUESTION 2 Under the cost of units remaining in inventory represents the oldest cost available, while the units issues are valued at the latest cost available O A. FIFo B. Average Cost ? ?.LIFO O D. Incremental Cost QUESTION 3 Inaccurate inventory records can trigger a chain reaction of problems such as lost sales, shortages, missed schedules, low productivity, late delivery, and premium freight cost. True QUESTION 4 Under purchased the inventory cost is computed on the assumption that goods sold are those that have been on hand longest and that those remaining in stock are the most recently A. LIFO B. Average cost C. Incremental cost O D. FIFO QUESTION 5 Embezzlement, damage, spoilage, and obsolescence can all be mitigated by? O A. item identfication practices O B. Inventory control measures C. trustworthiness O D. monitoring

Explanation / Answer

1A) Inventory flow

2 C) LIFO. The inventory cost associated with the inventory that was purchased last is the cost expensed first, so the balance inventory represents the oldest cost.

3 True.

4 D) FIFO The inventory cost associated with the inventory that was purchased first is the cost expensed first, so the balance inventory represents the latest cost.

5 B) Inventory control measures because they are focussed on preventing all these issues.

6 D) Stockouts. Stock which is not available shows false availability.

7 True.

8 LIFO. When prices are rising, you prefer LIFO because it gives you the highest cost of goods sold and the lowest taxable income

9 True

10 False The most importance is on A being most valuable items and C being the least Valuable, and B of intermediate value.

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