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- question 7 In a period of rising prices, the inventory method which tends to give the highest reported cost of goods sold and the lowest net income is Group of answer choices 1)LIFO 2)Average cost 3)FIFO 4)None of these answer choices are correct.1.At a time of declining prices, which cost flow assumption will result in the highest ending inventory? A. FIFO B. LIFO C. Weighted average D. Either A or C 2. When the cost of inventory is rising, which inventory cost flow method will produce the lowest amount of cost of goods sold? A. FIFO B. Weighted Average. C. All methods will produce the same amount of cost of goods sold. D. LIFO 200 The inventory records for Raymond Co. reflected the following Beginning Inventory @ May 1 200 units @ $1.00 First Purchase @ May 7 Second Purchase @ May 17 Third Purchase @ May 23 Sales @ May 31 B. $1.15 C. $1.14 D. $1.31 B. $130 C. $324 D. $340 300 units @ $1.10 = 400 units @ $1.20 100 units @ $1.30 = 120 900 units @ $1.50 1350 30 go 3. Determine the weighted average cost per unit for May. A. $1.22 .4.Determine the amount of cost of goods sold assuming the LIFO cost flow method. A. $1,140 B. $1,040 C. $1,000 D. $940 5. Determine the amount of gross margin assuming the FIFO cost flow method. A. $114oter 06 Homework Canva X Chapter 06 Homework - Canva X CengageNOWv2 | Online teach X a/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Ô ☆ O (Updat еВook Show Me How Lower-of-Cost-or-Market Method On the basis of the following data: Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) JFW1 6,330 $10 $11 SAW9 1,140 36 34 Determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 9. %$4 Aloxt %24
- ning Objective 2 S6-2 Determining inventory costing methods Ward Hardware does not expect costs to change dramatically and wants to use an inventory costing method that averages cost changes. Requirements 1. Which inventory costing method would best meet Ward's goal? 2. Assume Ward wanted to expense out the newer purchases of goods instead. Which inventory costing method would best meet that need?Effects of Inventory Costing Methods Refer to your answers for Filimonov Inc. in Cornerstone Exercises 6-22 through 6-24. Required: 1. In a period of rising prices, which inventory costing method produces the highest amount for ending inventory? 2. In a period of rising prices, which inventory costing method produces the highest net income? 3. In a period of rising prices, which inventory costing method produces the lowest payment for income taxes? 4. In a period of rising prices, which inventory method generally produces the most realistic amount for cost of goods sold? For inventory? Would your answer change if inventory prices were decreasing during the period?Question 19 If inventory prices are rising the method of inventory valuation that gives the highest profit and the highest ending inventory is: a. FIFO. b. LIFO. c. Weighted average. d. Perpetual method.
- * CengageNOWv2 | Online teachir ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false W. 1 еВоok Show Me How A Calculator Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 6,330 $10 $11 SAW9 1,140 36 34 US O v1 8: acerQuestion 8 Which of the following is an advantage of the periodic invêntory system?| frequent physical inventory counts O cost prohibitive time consuming O real-time information for managersK← → For this problem, you are to calculate the missing amounts that are represented by blanks. You are to provide your answers by using a drop down menu to select a number for each item that has a blank. Sales Sales Returns Sales Discounts Net Sales Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Margin 2,000 1,000 100,000 30,000 40,000 5,000
- May I ask for a solution and explanation to the problem for a better understanding. Thank you! 20. What is the inventory turnover for Bittergourd? a. 13.33 x b. 12.33 x c. 11.33 x d. 10.33 xQUESTION 11 Match the term on the left to the appropriate description on the right. v Cost of goods available for sale (COGAS) A. A valuation rule applied to ending inventory. v LIFO reserve B. The maximum value that cost of goods sold (COGS) can be in a period. C. The amount by which inventory measured under FIFO would exceed inventory measured under LIFO v Lower-of-cost-or-market v Inventory turnover ratio. D. An inventory cost flow assumption. E. A measure for evaluating a company's inventory management. v FIFO (first-in, first out) v Periodic inventory F. A system for calculating COGS based on ending inventory value.Chapter 12 Exploration 12.2e - Using the Information - Number of Days of Sales in Inventory Ratio (13) Goal: Learn to calculate and interpret the number of days of sales in inventory ratio. Instructions: Use the values given to calculate the number of days of sales in inventory ratio. Indicate whether the change in this ratio is favourable or unfavourable. Correct Spelling is vital! Moodle is brutal! Consult the Chart of Accounts for help here. If there are more than one debit or credit the account names must be in alphabetical order. Do not include the $ sign in your answers. Your answers must be correct to exactly 2 decimal places. Do not include the, indicating thousands in your answers. Date Column: Enter the date in the form MMM DD, e.g. January 3 would be entered as Jan 3 2025 Average Merchandise Inventory 30,000 Cost of Goods Sold 59,500 Number of days of sales in inventory: Rounded to 2 decimal places. 2025 2024 202.46 Hint: The textbook example demonstrates how to calculate…