CH POFA

0.0(0)
Studied by 0 people
linked notesView linked note
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/21

encourage image

There's no tags or description

Looks like no tags are added yet.

Last updated 4:09 PM on 3/4/25
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai

No analytics yet

Send a link to your students to track their progress

22 Terms

1
New cards
LIFO
Results in cost of goods sold being closest to current product costs.
2
New cards
FIFO
Results in highest income during periods of inflation.
3
New cards
FIFO
Results in highest ending inventory during periods of inflation.
4
New cards
Weighted Average
Smooths out (or evens out) costs during periods of inflation.
5
New cards
Specific Identification
Is not practical for many businesses.
6
New cards
Weighted Average
Puts more emphasis or significance on the unit cost of the larger number of units purchased.
7
New cards
Jayhawk Company
Shipped merchandise to Wildcat Corporation on December 28, 2022, FOB destination; ownership remains with Jayhawk.
8
New cards
Cowboy Company
Received merchandise from Sooner, Inc. on December 31, 2022, FOB destination; ownership is with Cowboy.
9
New cards
Razorback, Inc.
Received merchandise from Tiger Corporation on January 3, 2023, FOB shipping point; ownership is with Razorback.
10
New cards
Inventory understated
From the buyer’s perspective, goods in transit at year end not included in the physical count (FOB shipping point).
11
New cards
Cost of Goods Sold overstated
From the buyer’s perspective, goods in transit at year end not included in the physical count (FOB shipping point).
12
New cards
Net Income understated
From the buyer’s perspective, goods in transit at year end not included in the physical count (FOB shipping point).
13
New cards
Stockholders’ Equity understated
From the buyer’s perspective, goods in transit at year end not included in the physical count (FOB shipping point).
14
New cards
Inventory overstated
One section of a warehouse counted twice; leads to Cost of Goods Sold understated.
15
New cards
Net Income overstated
One section of a warehouse counted twice; leads to Inventory overstated.
16
New cards
From the seller’s perspective
Goods in transit at year end included in physical count (FOB shipping point).
17
New cards
Inventory overstated
From the seller's perspective; leads to Cost of Goods Sold understated.
18
New cards
Net Income overstated
From the seller's perspective; leads to Inventory overstated.
19
New cards
Inventory sheets lost
During count at year-end; leads to Inventory understated.
20
New cards
Cost of Goods Sold overstated
In case of lost inventory sheets during year-end count.
21
New cards
Net Income understated
In case of lost inventory sheets during year-end count.
22
New cards
Stockholders’ Equity understated
In case of lost inventory sheets during year-end count.