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1. The technique of measuring inventory cost in which items purchased later will be used...

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Accounting

1. The technique of measuring inventory cost in which items purchased later will be used first is called;

a. Average Cost

b. Specific Cost

c. FIFO

d. LIFO

.

2. The technique of inventory cost as per which cost of goods sold will be highest is;

a. LIFO

b. Average Cost

c. FIFO

d. Specific Cost

.

3. The technique of inventory cost as per which profit will be highest is;

a. Specific Cost

b. LIFO

c. FIFO

d. Average Cost

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FebruaryDate2-Feb3-Feb4-Feb5-Feb6-Feb8-Feb9-Feb10-Feb11-Feb13-Feb17-Feb19-Feb22-Feb26-Feb27-Feb28-FebTransactionsDescriptionPaidthismonthsrent,ReceivedfeesforthismonthsservicesPurchasessuppliesonaccountRe-imbursedbusdriverforgasOrderedplaygroundequipmentMadeapaymentonaccountReceivedpaymentsfromcustomeronaccountBilledcustomerswhohadnotyetpaidforthismonthsservicesPaidforsuppliespurchasedon2/2Purchasedandreceivedplaygroundequipmentorderedon2/6forcashPurchsedequipmentonaccountPaidthismonthsutilitybillReceivedpaymentforthemonthsservicesfromcustomerspreviouslybilledPaidpart-timeassistantsforservicesPurchasedgasandoilforbusonaccountMadeacashwithdrawlAmount40065085401,0001701,2007001,000290145500460325200 III.Generate ending balances in T accounts IV.Prepare i.Trial Balance ii.Income Statement iii.Statement of Equity...

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