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Q 1/5
Score 0
In the 2020 financial year, company ABC started with no inventory. It purchased 10 tons of wheat at $300/ton in the first six months and 5 tons at $200/ton in the last six months. The company was able to sell 12 tons in the year. Which of the following statements is CORRECT?
90
Using FIFO method, the cost of sales in the balance sheet is $3400 and the inventory in the income statement is $600
Using FIFO method, the cost of sales in the income statement is $3400 and the inventory in the balance sheet is $600
Using LIFO method, the cost of sales in the income statement is $3400 and the inventory in the balance sheet is $600
Using LIFO method, the cost of sales in the balance sheet is $3400 and the inventory in the income statement is $600
Q 2/5
Score 0
In the 2020 financial year, company ABC started with no inventory. It purchased 10 tons of wheat at $300/ton in the first six months and 5 tons at $200/ton in the last six months. The company was able to sell 12 tons in the year. Which of the following statements is CORRECT?
90
If the company uses FIFO method, purchasing 5 more tons in the last six months will increase its tax payment
If the company uses LIFO method, purchasing 5 more tons in the last six months will reduce its tax payment
If the company uses FIFO method, purchasing 5 more tons in the last six months will reduce its tax payment
If the company uses LIFO method, purchasing 5 more tons in the last six months will increase its tax payment
5 questions
Q.
In the 2020 financial year, company ABC started with no inventory. It purchased 10 tons of wheat at $300/ton in the first six months and 5 tons at $200/ton in the last six months. The company was able to sell 12 tons in the year. Which of the following statements is CORRECT?
1
90 sec
Q.
In the 2020 financial year, company ABC started with no inventory. It purchased 10 tons of wheat at $300/ton in the first six months and 5 tons at $200/ton in the last six months. The company was able to sell 12 tons in the year. Which of the following statements is CORRECT?
