DeVry ACCT 304 Week 7 Quiz Latest

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DeVry ACCT 304 Week 7 Quiz Latest

(TCO 8) In applying LCM, market cannot be>less than net realizable value minus a normal profit margin.

net realizable value less reasonable completion and disposal costs.

greater than net realizable value reduced by an allowance for normal profit margin.

less than cost.

Question 2. Question :

(TCO 8) Montana Co. has determined its year-end inventory on a FIFO basis to be $600,000. Information pertaining to that inventory is as follows:

What should be the carrying value of Montana’s inventory?

$600,000

$520,000

$590,000

$510,000

Question 3. Question :

(TCO 8) Howard’s Supply Co. suffered a fire loss on April 20, 2011. The company’s last physical inventory was taken on January 30, 2011, at which time the inventory totaled $220,000. Sales from January 30 to April 20 were $600,000, and purchases during that time were $450,000. Howard’s consistently reports a 30% gross profit. The estimated inventory loss is

$490,000.

$238,000.

$250,000.

None of the above

Question 4. Question :

(TCO 8) When computing the cost-to-retail percentage for the conventional retail method, included in the denominator are

net markups and net markdowns.

neither net markups nor net markdowns.

net markups, but not net markdowns.

net markdowns, but not net markups.

Question 5. Question :

(TCO 8) Retrospective treatment of prior years’ financial statements is required when there is a change from

average cost to FIFO.

FIFO to average cost.

LIFO to average cost.

All of the above

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DeVry ACCT 304 Week 7 Quiz Latest