31. Which of the following companies would be more likely to use the specific id

Question

31. Which of the following companies would be more likely to use the specific identification inventory costing method? a Gordon's Jewelers b. Lowe's c. Best Buy d. Wal-Mart The inventory data for an item for September are: Sep. 1 Inventory 20 units at $20 10 units 30 units at $25 20 units 10 units at $30 4 Sold 10 Purchased 17 Sold 30 Purchased 32. Using the perpetual system, costing by the first-in, first-out method, what is the cost of the merchandise inventory of 30 units on September 30? a. $800 b. $650 c. $750 d. $700 tual system, costing by the last-in, first-out method, what is the cost of the merchandise Using the perpe inventory of 30 units on September 30? a. $800 b. $650 c. $750 d. $700 33.

Explanation / Answer

31. Gordon's Jewellers

Specific identification method inventory valuation requires physical flow of goods to be representative of the cost flow.

32. $800 (20units@25=$500, 10units@30=300)

33. $750

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