Accounting 30 Chapter 20 Final Jeopardy Topic 1 Topic 2 Topic 3 $100 $100 $100 $100 $200 $200 $200 $200 $300 $300 $300 $300 $400 $400 $400 $400 $500 $500 $500 $500 Final Jeopardy

1 - $100 FIFO First In First Out Inventory Costing Method

1 - $200 LILO Last In Last Out Inventory Costing Method

1 - $300 Using the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold is called What is the weighted-average inventory costing method?

1 - $400 In the LIFO method, the ____________ purchases are assumed to be sold ______________. Latest First

1 - $500 How do you figure out the cost of merchandise sold? Type Cost of merchandise Available to for sale (beginning inventory + purchases) – Ending Inventory = Cost of Merchandise Sold

2 - $100 A form used during a physical inventory to record information about each item of merchandise on hand is called What is an inventory record?

2 - $200 A form used to show the kind of merchandise, quantity received , quantity sold, and balance on hand is called What is a stock record?

2 - $300 A file of stock records for all merchandise on hand is called What is a stock ledger?

2 - $400 UPC POS What is universal product code? What is point of sale terminal?

2 - $500 What GAAP? The accuracy of the inventory cost will also ensure that gross profit and net income are reported correctly on the income statement. What is Adequate Disclosure? Page 620

3 - $100 When the LIFO method is used, ending inventory units are priced at What is the earliest price?

3 - $200 Companies that use a product’s UPC code and a point of sale terminal Should still take a physical inventory at least once each fiscal year. Eliminate the need for a physical inventory Are assured of totally accurate inventory records at all times None of these a

3 - $300 When using the perpetual inventory method d Physical inventories are never taken Day-to-day information about the quantity of merchandise on hand is not available It is not necessary to show the minimum balance on stock records A physical inventory should be taken at the end of the fiscal year. d

3 - $400 Based on the chart below. Which method would provide you with the highest net income? Which method would provide you with the lowest net income? FIFO – net income would be highest LIFO – lowest under LIFO due to higher cost

3 - $500 Estimating inventory by using the previous year’s percentage of gross profit on operations is called Hint: Topic 3 What is gross profit method of estimating inventory

4 - $100 When the FIFO method is used, cost of merchandise sold is priced at Earliest price

4 - $200 The actual flow of inventory in a company d Should influence the inventory costing method a company chooses Must always be on a LIFO basis Must match the inventory costing method a company chooses Does not have to match the inventory costing method a company chooses. d

4 - $300 True or Fals Stock records do not reflect the cost of merchandise sold. True

4 - $400 True or False A merchandise inventory that is smaller than needed may decrease net income. True

4 - $500 True or False FIFO is a method used to determine the quantity of each type of merchandise on hand. False It helps with cost of inventory

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