Match Each Individual Below with the Correct Descriptive Phrase

question 15

Multiple Choice

Match each individual below with the correct descriptive phrase.

• A) A-4, B-3, C-l, D-2
• B) A-2, B-1, C-4, D-3
• C) A-3, B-2, C-4, D-1
• D) A-1, B-4, C-3, D-4
• E) A-4, B-3, C-2, D-1

Understand correcting entries for previously understated or overstated inventories.

Grasp how inventory transactions affect financial statements under different inventory systems (perpetual vs. periodic).

Apply cost flow assumptions (FIFO, LIFO, Average Cost) in determining inventory value and cost of goods sold.

Understand the application of the lower of cost or net realizable value (LCNRV) rule on ending inventory.