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每日2题 - 11.2 - 考前第5周

不求快，可以翻书！

班级（只填班级名里面的数字，如153，163，159等）

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Inventory cost is least likely to include:

A production-related storage costs.

B. costs incurred as a result of normal waste of materials.

C. transportation costs of shipping inventory to customers.

Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. A company using the LIFO inventory method reports a LIFO reserve at year-end of $85,000, which is $20,000 lower than the prior year. If the company had used FIFO instead of LIFO in that year, the company’s financial statements would have reported:

A. a lower cost of goods sold, but a higher inventory balance.

B. a higher cost of goods sold, but a lower inventory balance.

C. both a higher cost of goods sold and a higher inventory balance.

G company sells mobile phone. At year-end, the replacement cost per phone is $1,100. The original cost is 1,000, and the current selling price is $1,500. The normal profit margin is 10% of the selling price, and the selling costs are $200 per unit. According to U.S. GAAP, which of the following amounts should per mobile phone be reported on G’s year-end balance sheet?

A. $1,150

B. $1,100

C. $1,000

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