怀尔德会计学原理第21版课后习题答案SMChap006.doc

怀尔德会计学原理第21版课后习题答案SMChap006.doc

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答案家 免费找答案 ?2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. PAGE 424 Fundamental Accounting Principles, 21st Edition ?2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. PAGE 423 Solutions Manual, Chapter 6 Chapter 6 Inventories and Cost of Sales QUESTIONS 1. (a) FIFO: The cost of the first (earliest) items purchased in inventory flow to cost of goods sold first. (b) LIFO: The cost of the last (most recent) items purchased in inventory flow to cost of goods sold first. 2. Merchandise inventory is disclosed on the balance sheet as a current asset. It is also sometimes reported in the income statement as part of the calculation of cost of goods sold. 3. Incidental costs sometimes are ignored in computing the cost of inventory because the expense of tracking such costs on a precise basis can outweigh the benefits gained from the increased accuracy. The accounting constraint of materiality permits such practices when the effects on the financial statements are not significant (that is, when such practices do not impact business decisions). 4. LIFO will result in the lower cost of goods sold when costs are declining because it assigns the most recent, lower cost purchases to cost of goods sold. 5. The full-disclosure principle requires that the nature of the accounting change, the justification for the change, and the effect of the change on net income be disclosed in the notes or in the body of a company's financial statements. 6. No; changing the inventory method each period would violate the accounting concept of

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