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Different cost of goods sold and inventory values us ually result from different cost flow assumptions. During periods of rising prices, FIFO produces lower cost of goods sold, higher ending inventory, and. higher gross profit (and income) than LIFO because FIFO includes the oldest and lowest costs in cost.
The basic cost flow model. Price: $4.99. 1. Costs incurred in the past that cannot be changed by a present or future decision are termed: opportunity costs. sunk costs. differential costs. avoidable costs. 2. We use cost estimation to determine: the cost formula. total costs. the fixed and variable components of the total cost. engineering estimates. 3. The basic cost flow model is: a. BB + TO - TI = EB. b. BB + EB - TO = TI. c. BB - TI - TO = EB. d. BB + TI - TO = EB. 4. In a labor intensive company in which more overhead is used by the more highly skilled and paid employees, which activity base would be most appropriate for applying overhead to production? a. Direct labor cost b. Direct material cost c. Direct labor hours d. Machine hours 5. What is the beginning balance for Case A? Case A Beginning balance ???? Ending balance $67,000 Transferred in 149,600 Transferred out 164,600 (Points : 3) a. $52,000 b. $82,000 c. $67,000 d. $97,600 6. For which of the following businesses would the job order cost system be appropriate? a. Law office b.