Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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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
Which inventory costing method is almost always done on a perpetual basis?A. specific identificationB. first-in, first-outC. last-in, first-outD. weighted average
Show the Ending Inventory value under LIFO process
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- Prepare a cost reconciliation report using the w The costs "to account for" are ultimately accounted for in which of the following? Check al that apply. (check all that apply) 5 5 Costs in beginning inventory Costs added during the period Costs transferred out Costs in ending inventory SUBMIT W + Carrow_forward( Appendix 6B) For each inventory costing method, perpetual and periodic systems yield the same amounts for ending inventory and cost of goods sold. Do you agree or disagree with this statement? Explain.arrow_forwardDescribe costing inventory using weighted average. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.arrow_forward
- When inventory items are highly specialized, the best inventory costing method is ________. A. specific identification B. first-in, first-out C. last-in, first-out D. weighted averagearrow_forwardDescribe costing inventory using first-in, first-out. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.arrow_forwardDescribe costing inventory using last-in, first-out. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.arrow_forward
- ( Appendix 6B) Inventory Costing Methods: Periodic LIFO Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.arrow_forwardCompute the ending inventory cost using : a. Moving Average Method b. FIFO Method c. LIFO Methodarrow_forwardAnnan’s statement regarding the perpetual and periodic inventory systems is most significant when which of the following costing systems is used?A. LIFO.B. FIFO.C. Specific identificationarrow_forward
- 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 systemarrow_forwardBy following the LIFO process calculate the Ending inventory value.arrow_forwardAnswer 2nd picture: Inventory costing: perpetual systemarrow_forward
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Inventory management; Author: The Finance Storyteller;https://www.youtube.com/watch?v=DZhHSR4_9B4;License: Standard Youtube License