Blake Company Purchased Two Identical Inventory Items

question 10

Multiple Choice

Blake Company purchased two identical inventory items. The item purchased first cost $19.00, and the item purchased second cost $20.00. Blake sold one of the items for $34.00. Which of the following statements is true?

• A)Ending inventory will be lower if Blake usesthe weighted-average rather than the FIFO inventory cost flow method.
• B)Cost of goods sold will be higher if Blake uses the FIFO rather than the weighted-average inventory cost flow method.
• C)The dollar amount assigned to ending inventory will be the same no matter which inventorycost flow method is used.
• D)Gross margin will be higher if Blake uses LIFO rather than the FIFO inventory cost flow method.

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Definitions:

Broad Singlet

A NMR signal appearing as a single peak but broader than typical singlets, often resulting from molecules with rapid internal motion.

NMR Data

Information obtained from nuclear magnetic resonance spectroscopy, used to determine the structure and dynamics of molecules by examining the environment of nuclear spins.

Quartet

A term used in NMR spectroscopy referring to a signal split into four peaks due to coupling with three equivalent neighboring nuclei.

Spectral Data

Information derived from spectrometry, which provides insights into the structure and composition of substances by analyzing their electromagnetic spectrum.