1. Which of the following provides the best matching of revenues and expenses?
a. Specific Identification
2. Milby Corporation purchased three hats to sell during the year. The first, purchased in February, cost $5. The second, purchased in April, cost $6. The third, purchased in July, cost $8. If Milby sells two hats during the year and uses the FIFO method, what would cost of goods sold be for the year?
3. Which is not a reason a company would choose to use LIFO for financial reporting?
a. The company wishes to use LIFO for tax purposes.
b. The company wants net income to be as high as possible.
c. The company would like to match the most current costs with revenues.
d. LIFO best matches the physical flow of its inventory.
4. During the year, Hostel Company had net sales of $4,300,000 and cost of goods sold of $2,800,000. Beginning inventory was $230,000 and ending inventory was $390,000. Which of the following would be Hostel’s inventory turnover for the year?
a. 9.03 times
b. 7.18 times
c. 4.84 times
d. 13.87 times
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