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Trevor Company sold goods on credit to a customer on May 15, 2019, FOB shipping point. The goods arrived on May 2018 and the customer paid the bill on June 28, 2019. Trevor Company would recognize revenue on: Multiple Choice O O May 20, 2019. Any of these dates is acceptable under IFRS (GAAP) as long as the company is consistent in when revenue is recognized. June 28, 2019. May 15, 2019.
The company should stop accumulating purchase costs when merchandise inventory is ready to delivery to customers. True or False True False
Inventory turnover is computed by dividing Multiple Choice O O о O Gross sales by inventory. Cost of sales by average inventory. Net sales by inventory. Net sales by average inventory.
Which of the following statements regarding inventory cost methods is NOT correct? Multiple Choice O O O When unit costs are rising, FIFO provides the highest cost of sales. When unit costs are rising, FIFO provides the highest net earnings. When unit costs are falling, weighted-average provides the highest ending inventory. When unit costs are rising, FIFO provides the highest gross profit.
Selected information for Akin Corporation follows: January 1 April 13 August 31 December 31 Sold 30 units Multiple Choice Assume that the ending inventory is determined to be $240. What is the cost of sales? O $701 Beginning inventory is comprised of 7 units @ $20 each $901 Purchased 8 units @ $22 each Purchased 25 units @ $25 each $421 Cannot be determined without additional information.
FIFO allocates the oldest unit costs to cost of sales and the most recent unit costs to ending inventory. True or False True False