Act105 week 4 - Study guides, Class notes & Summaries
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Act105 week 4.4 |100% COMPLETE QUESTIONS AND ANSWERS
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Question 1 of 10 10.0/ 10.0 Points 
Inventory costs include only the seller’s invoice price less any purchase discounts. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
The following principle requires a company to show in its financial statements by means of a 
footnote or other manner, the inventory costing method used: 
A.conservation 
principle. 
B.full-disclosure 
principle. 
C.consistency 
principle
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Act105 week 4.2 |100% COMPLETE QUESTIONS AND ANSWERS,
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Question 1 of 10 10.0/ 10.0 Points 
When the periodic method of inventory accounting is used, purchases are recorded in the 
Inventory account. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
On January 1, 2007, Nichols Company’s inventory of Item X consisted of 2,000 units that 
cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it 
sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using LIFO is: 
A.$20,...
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Act105 week 4.4 |100% COMPLETE QUESTIONS AND ANSWERS GRADED A+-2023
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Part 1 of 1 - 60.0/ 100.0 Points 
Question 1 of 10 10.0/ 10.0 Points 
If the ending inventory is understated by $150, the cost of goods sold will be: 
A.overstated by 
$300. 
B.overstated by 
$250. 
C.overstated by 
$150. 
D.understated by 
$250. 
E.understated by 
$150. 
Answer Key: 
C 
Question 2 of 10 0.0/ 10.0 Points 
The system that continuously provides the cost of the inventory on hand is called: 
A.average 
cost. 
B.periodic. 
C.perpetual. 
D.gross 
profit. 
E.physical. 
Answer
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ACCT 105 Act105 week 4.2QUESTIONS AND ANSWERS 100% Accuracy, latest 2024
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Question 1 of 10 10.0/ 10.0 Points 
When the periodic method of inventory accounting is used, purchases are recorded in the 
Inventory account. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
On January 1, 2007, Nichols Company’s inventory of Item X consisted of 2,000 units that 
cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it 
sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using LIFO is: 
A.$20,...
-
ACCT 105Act105 week 4.1QUESTIONS AND ANSWERS 100% Accuracy, latest 2024
- Exam (elaborations) • 4 pages • 2024
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Question 1 of 10 0.0/ 10.0 Points 
An overstated ending inventory leads to understated net income. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
During a period of rising prices, which inventory costing method might be expected to give 
the lowest valuation for inventory on the balance sheet? 
A.LIFO 
B.FIFO 
C.Weighted-average 
cost 
D.Specific 
identification 
Answer Key: 
A 
Question 3 of 10 0.0/ 10.0 Points 
When the perpetual inventory method is used, it is ne...
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