A company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 the company had 700 engines in
inventory, valued at $190 each.During the year ended 30 April 20X3 the following transactions took place:20X2July Purchased 500 engines at $220 each1 November Sold 400 engines for $160,00020X31 February Purchased 300 engines at $230
each15 April Sold 250 engines for $125,000
What is the value of the company's closing inventory of engines at 30 April 20X3?
50 @ $190 $9,500500
@ $220 $110,000300
@ $230 $69,000/188,500
多做几道
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful
representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error
Which of the following accounting concepts means that similar items should receive a similar accounting treatment?
Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy
Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for
Financial Reporting?
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