Principles and Standard used to produce Accounting and Financial Information

The uno company was formed on january 2, year 1, to sell a single product. over a 2-year period, uno’s acquisition costs have increased steadily. physical quantities held in inventory were equal to 3 months’ sales at december 31, year 1, and zero at december 31, year 2. assuming the periodic inventory system, the inventory cost method which reports the highest amount for each of the following is inventory december 31, year 1/ cost of sales year 2 a: lifo fifo b: lifo lifo c: fifo fifo d: fifo lifo

4. the condition requires that only one of the selected criteria be true for a record to be displayed.

20. to add body to a hearty broth, you may use a. onions. b. pasta. c. cheese. d. water.