11 which of the following inventory costing methods yields the highest net income du 4306735

11 which of the following inventory costing methods yields the highest net income du 4306735

11) Which of the following inventory costing methods yields the highest net income during a period of rising inventory costs?

A) specific identification

B) weighted-average

C) last-in, first-out

D) first-in, first-out

12) Which of the following inventory costing methods yields the lowest net income during a period of rising inventory costs?

A) specific identification

B) weighted-average

C) last-in, first-out

D) first-in, first-out

13) Which of the following inventory costing methods results in the highest value of ending inventory during a period of rising inventory costs?

A) specific identification

B) weighted-average

C) last-in, first-out

D) first-in, first-out

14) Which of the following inventory costing methods results in the lowest value of ending inventory during a period of rising inventory costs?

A) specific identification

B) weighted-average

C) last-in, first-out

D) first-in, first-out

15) Which of the following inventory valuation methods minimizes income tax payment during a period of rising inventory costs?

A) first-in, first-out

B) last-in, first-out

C) weighted-average

D) specific identification

16) Which of the following inventory valuation methods should be used for unique items?

A) first-in, first-out

B) last-in, first-out

C) weighted-average

D) specific identification

17) The cost of goods available for sale is equal to the ________.

A) cost of goods sold minus the ending inventory

B) sales revenue minus the cost of goods sold

C) cost of goods sold plus the ending inventory

D) ending inventory plus the sales revenues

18) Which of the following values remains the same irrespective of the inventory valuation method used by a company? Assume the cost of inventory is rising.

A) purchases

B) cost of goods sold

C) ending merchandise inventory

D) net income

19) When inventory costs are declining, which of the following inventory costing methods will result in the highest cost of goods sold?

A) first-in, first-out

B) last-in, first-out

C) weighted-average

D) specific identification

20) During a period of declining inventory costs, which of the following costing methods should be used by a company that intends to minimize its tax expenses?

A) first-in, first-out

B) last-in, first-out

C) weighted-average

D) specific identification

21) When inventory costs are declining, which of the following inventory costing method will result in the lowest ending merchandise inventory?

A) first-in, first-out

B) last-in, first-out

C) weighted-average

D) specific identification

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