Answered: 1. Cost of goods sold + ending…

Business

Accounting

1. Cost of goods sold + ending inventory equals?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 12DQ

See similar textbooks

Related questions

Q: Using the lower of cost or market, what should the total inventory value be for the following items:…

A: Item A cost=Quantity×Cost per unit=186×$6=$1,116

Q: 8. How do you calculate cost of goods sold on an income statement? A. ČOGS+ Beginning Inventory+…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Assuming no beginning inventory, what is the trend of inventory prices if cost of goods sold…

A: Definition: First-in-First-Out (FIFO): In this method, items purchased initially are sold first.…

Q: Perpetual versus Periodic Inventory Systems Graham Company is trying to select an inventory system.…

A: The inventory management system mechanism involves the efficient management of the storage of goods…

Q: 4. What are the important factors in using a perpetual inventory system

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of…

A: Ending inventory is computed by adding the beginning inventory and purchases and then subtracting…

Q: Which one of the following statements is true regarding the cost of sales, if the perpetual…

A: The perpetual inventory system is the company where the company counts and records the inventory on…

Q: a) Given that Weber Inc. employs a perpetual inventory system, calculate the cost of goods available…

A: One accounting method that uses computerized point-of-sale devices to continuously record inventory…

Q: Under which inventory cost flow assumption is the cost of the most recent purchases likely to remain…

A: Inventory valuation methods include: First-in first-out (FIFO) Method Last-in first-out (LIFO)…

Q: Determine the costs assigned to ending inventory and to cost of goods sold using LIFO

A: FIFO FIFO stands for “First-In, First-Out”. It is a method used for cost flow assumption purposes in…

Q: If the inventory is valued at cost and the price level is steadily increasing, which type of…

A: Under FIFO, goods that are purchased initially are sold first, however, under LIFO it is assumed…

Q: Under periodic inventory system, when there is purchase return then: Inventory will be debited…

A: Answer A periodic inventory system only updates the closing inventory balance in the general ledger…

Q: 1.What are the three primary inventory cost flow assumptions? 2. How is cost of goods sold…

A: Since you have posted multiple questions, we will do the first one for you. To get the other…

Q: FAST PLZ - Which of the following element of cost is important in calculating the cost of closing…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: See the picture for other details. choose the letter of answer Using perpetual inventory system…

A: Perpetual inventory system is an inventory system in which all sales and purchases are recorded on…

Q: Which inventory method is being used when the natural flow of goods is followed? a.) Specific ID b.)…

A: Inventory Valuation: - This is defined as the valuation wherein the changes between the value of the…

Q: The following information is taken from a company's records. Cost Market value per Unit per Unit…

A: Under the lower of cost & market value method, the per-unit value that is lesser between cost…

Q: Which of the following measures the length of time it takes to acquire, sell, and replace inventory?…

A: Numbers of days to sell inventory: This ratio is determined as the number of days a particular…

Q: The gross profit method and retail inventory method C Are both estimates of ending inventory and…

A: In company, there is a requirement of valuation of the inventory to find out the cost of the goods…

Q: Which of the following is equal to the cost of goods sold? a. net purchases plus the excess of…

A: The question is related to cost of goods sold. The cost of goods sold is calculated with the help of…

Q: Using the following letters to represent items: P = purchases (net) C = cost of good sold B =…

A: We know, Ending inventory = Begining inventory + Purchases - Cost of good sold E = B + P - C

Q: 1. Calculate the value of closing inventory using the Weighted average cost inventory valuation…

A: As per weighted average cost inventory valuation method, cost per unit is calculated by dividing the…

Q: The process of recording inventory that gives a lower cost of a commodity sold in an income…

A: The inventory can be valued using various methods as LIFO, FIFO and average method.

Q: Explain how the inventory valuation method (LIFO or FIFO) chosen by a company affects the cost of…

A: Inventory management refers to the valuation of inventory in three ways FIFO, LIFO and weighted…

Q: erms and phrases relating to concepts discussed in this chapter along with descriptions of those…

A: Key Inventory Terms and Phrases Description of Terms and Phrases 1. Net realizable value…

Q: a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest…

A: The first in first out method is means when a company issue the inventory which is purchased first.…

Q: Which of the following is used to analyze the efficiency and effectiveness of inventory management?…

A: Formulas: Inventory turnover ratio = Cost of goods sold / Average inventory Days' sales in…

Q: Match the term on the left to the appropriate description on the right. v Cost of goods available…

A: Cost of goods available for sale is used for calculating cost of goods sold, COGS=COGAS-Ending…

Q: (A) Using the FIFO assumption, calculate the amount charged to cost of goods sold, the value of the…

Q: The gross profit method assumes O The beginning inventory plus purchases equal total goods to be…

A: The gross profit indicates the excess amount of revenue over the cost of goods sold and available…

Q: During a period of rising prices, which U.S. GAAP inventory method reports the most current…

A: Definition:

Q: Selling expenses are shown in which of the following statement? a. Cost of Goods Sold b. Profit and…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: What is the inventory system called that continuously discloses the amount of inventory? Group of…

A: Solution: Under perpetual inventory system, inventory records are updated with each receipt and…

Q: What is the treatment of the following items in connection with the retail inventory method? d.…

A: A retail business is one that buys goods in bulk from the wholesaler and sells them in smaller…

Q: nventory valuation is used to calculate the cost of goods sold and cost of ending inventory. The…

A: First in First out Method This is one of the popular method of inventory valuation. While using…

Question

1. Cost of goods sold + ending inventory equals?

2. Stock card is necessary in what system?

A. Perpetual periodic system

B. Periodic inventory system

C. All of the above

D. All of the above.

Please answer it completely

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

What are two advantages and disadvantages of the perpetual inventory system?
Which of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and Allowancesc. Sales Discountsd. All of the above
Q-1: What is Perpetual and Periodic Inventory System? Explain the differences between both. Record all the transactional entries for the sales and purchases of inventory.
2) Sea Travel sells motor boats. One of Sea Travel's most popular models is the Wing. During the current year, Sea Travel purchased 24 Wings at the following costs. Total cost Unit Cost $7000 $7100 $7250 Purchase Date Units Purchased May 2 May 20 May 25 $28,000 14,200 4 8 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute a) the cost of goods sold on May 28 and b) The ending inventory of Wing boats at June 5, using the following cost flow assumptions: c) Prepare journal entries to record the cost of the 11 wings sold on May 28, assuming that the company uses the:
Calculate ending inventory under FIFO and LIFO both with workings?
Briefly contrast the accounting procedures in perpetual andperiodic inventory systems.
Which inventory cost flow assumption does IFRS not allow? a. Specific identification. b. FIFO. c. LIFO. d. Average cost.
Explain an example how to calculate inventory turnover ratio.
Cost of goods sold is debited each time a sale is made under which of the following inventory systems?A. Perpetual systemB. COGS systemC. Periodic systemD. Perpetual and Periodic system
Using a perpetual inventory system, the sale of inventory on account would be recorded as a. Debit Cost of Goods Sold; credit Inventory. b. Debit Inventory; credit Sales Revenue. c. Debit Accounts Receivable; credit Sales Revenue. d. Both a. and c. are correct.
2) Sea Travel sells motor boats. One of Sea Travel's most popular models is the Wing. During the current year, Sea Travel purchased 24 Wings at the following costs. Total cost Unit Cost $7000 $7100 $7250 Purchase Date Units Purchased May 2 May 20 May 25 $28,000 14,200 4 8 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute a) the cost of goods sold on May 28 and b) The ending inventory of Wing boats at June 5, using the following cost flow assumptions: c) Prepare journal entries to record the cost of the 11 wings sold on May 28, assuming that the company uses the:
A cost accounting system uses which of the following inventory systems? a.perpetual system b.periodic system c.a hands-on system d.both a periodic and perpetual system