Barry Company Purchased Two Identical Inventory Items

question 4

Multiple Choice

Barry Company purchased two identical inventory items. The item purchased first cost $7.00 and the item purchased second cost $9.00. Barney sold one of the items for $12.00. Which of the following statements is true?

• A) Ending inventory will be lower if Barney uses weighted average than it would be if FIFO were used.
• B) Cost of goods sold will be higher if Barney uses FIFO than it would be if weighted average were used.
• C) Ending inventory will be the same no matter which cost flow method is used.
• D) Gross margin will be higher if Barney uses LIFO than if FIFO were used.

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Definitions:

Purging

The act of expelling food from the body deliberately after eating, often associated with eating disorders like bulimia nervosa.

Anorexia Nervosa

An eating disorder marked by an obsessive fear of gaining weight, leading to severe restriction of food intake and significant weight loss.

Obsessive-Compulsive Disorder

A mental health disorder characterized by repetitive, unwanted thoughts (obsessions) and irrational, excessive urges to do certain actions (compulsions).

Schizophrenia

A chronic and severe mental disorder affecting how a person thinks, feels, and behaves.