Which of the following inventory costing systems is regarded as the most complex one
1.An overstatement in the value of closing stock of a Company overstates all of the following except
A) Net income
B) Current assets
C) Capital of the business
D) Cost of goods sold
2.Which of the following are generally the inventories of a service business
A)Finished goods inventories
B)Purchased goods
C)Raw material inventories
D)Work in process inventories
3. All of the following are the methods of inventory costing except
A)FIFO
B)LIFO
C)AVCO or average cost
D)Stock take
4. Which one of the following methods of inventory costing produces ending stock cost close to the market value of the inventories?
A)FIFO
B)LIFO
C)AVCO or average method
5. Which of the following inventory costing systems is regarded as the most complex one?
A)Periodic inventory system
B)Perpetual inventory system ;None of the above
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