The boxwood company sells blankets for each

When using the FIFO inventory costing method, the most recent costs are assigned to the cost of merchandise sold.

True

True

A consignor who has goods out on consignment with an agent should include the goods in ending inventory even though they are not in the possession of the consignor.

True

All of the following are documents used for inventory control except

Ending inventory is made up of the oldest purchases when a company uses

average cost

If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is

a.$750

Using a perpetual system, what is the cost of the merchandise sold for November if the company uses LIFO?

a.$600

Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method.

a.$364

The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the LIFO method?

a.$620

FIFO

weighted average

average cost

net realizable value