1. Accounting 30 Chapter 20 Final Jeopardy Topic 1 Topic 2 Topic 3
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Final Jeopardy

2. 1 - $100
FIFO
First In First Out Inventory Costing Method

3. 1 - $200
LILO
Last In Last Out Inventory Costing Method

4. 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?

5. 1 - $400
In the LIFO method, the ____________ purchases are assumed to be sold ______________.
Latest
First

6. 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

7. 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?

8. 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?

9. 2 - $300 A file of stock records for all merchandise on hand is called
What is a stock ledger?

10. 2 - $400 UPC POS What is universal product code?
What is point of sale terminal?

11. 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?
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12. 3 - $100
When the LIFO method is used, ending inventory units are priced at
What is the earliest price?

13. 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

14. 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

15. 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

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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

17. 4 - $100
When the FIFO method is used, cost of merchandise sold is priced at
Earliest price

18. 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

19. 4 - $300
True or Fals
Stock records do not reflect the cost of merchandise sold.
True

20. 4 - $400
True or False
A merchandise inventory that is smaller than needed may decrease net income.
True

21. 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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27. Final Jeopardy Type question to appear here
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