Question: For companies using FIFO or average cost, inventory is valued at: (9Q)

Answer: Lower of cost or net realizable value.

Question:

Answer: Understated by $31,000.

Question: Which of the following would not require the company to account for the change retrospectively? (9Q)

Answer: From FIFO to LIFO

Question: Under the dollar-value LIFO retail method, to determine the value of a LIFO layer: (9Q)

Answer: Multiply the LIFO layer by the layer-year price index and by the layer-year cost-to-retail percentage.

Question: Property, plant, and equipment and intangible assets are: (10Q)

Answer: Long-term revenue-producing assets.