"Financial Report"：Inventory valuation method

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來源: 正保會(huì)計(jì)網(wǎng)校編輯：某某 2020/09/14 11:31:21　字體：大小

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Questions 1:

The method used by a high- end custom- built motorcycle manufacturer to value its inventory results in the matching of the physical flow of the particular items sold, and the items remaining in inventory, to their actual cost. Which of the following inventory valuation methods is the manufacturer most likely using:

A FIFO

B Weighted average cost

C Specific identification

Questions 2:

Net revenue most likely refers to revenue minus:

A revenues attributable to non- controlling interests.

B estimates of warranty expense.

C volume discounts and estimated returns.

View answer resolution

【Answer to question 1】（C）

【analysis】

C is correct. Specific identification is the inventory method that results in the matching of the physical flow of the particular items sold and would be most suitable for high- end custom- built motorcycles that are not ordinarily considered interchangeable.

A is incorrect. Although accepted by IFRS, this method is more suitable for interchangeable inventory.

B is incorrect. Although accepted by IFRS, this method is more suitable for interchangeable inventory.

【Answer to question 2】（c）

【analysis】

C is correct. Net revenue means that the revenue number is reported after adjustments for cash or volume discounts or for estimated returns.

A is incorrect. Revenues attributed to non- controlling interests are not segregated on the income statement.

B is incorrect. Warranty expenses are operating expenses and not netted from revenues.

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