a Golf Unlimited's putters: Unit Cost Item Quantity Date 24 $ 53 Nov. 1 Balance 20 6. Sale 30 70

Q: What are the two types of inventory accounting systems? Briefly describe each.

A: Inventory Accounting Systems: Merchandise operation is an operation undertaken by the company to…

Q: Explain the LIFO retail inventory method.

A: LIFO: Under this inventory method, the units that are purchased last, are sold first. Thus, it…

Q: What is a LIFO inventory pool?

A: Definition: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So,…

Q: Define inventory.

A: Inventory: Inventory consist of total of three components: raw material, work-in-process and…

Q: FIFO or LIFO

A: Inventory is the current assets reported under the head current assets in the balance sheet of the…

Q: Differentiate between periodic and perpetual inventory system with the help of an example.

A: The monetary amount associated with the goods in inventory at the end of an accounting period is…

Q: How do you find the ending inventory?

A: Many companies earn revenue by selling inventory rather than a service. These companies are…

Q: what is FIFO inventory method?

A: FIFO inventory method is one of the methods of calculation of value of ending Inventory and cost of…

Q: Continuous determination of inventory ending value and gross profits are available in one of the…

A: The inventory valuation is performed differently in different systems.

Q: compute the number of units in ending inventory

A: Ending inventory represents the units of inventory that is remaining unsold as at a given date.…

Q: The Inventory account balance appearing in a perpetual inventory worksheet represents the

A: The products and materials that a company keeps on hand with the intention of reselling, producing,…

Q: Which inventory costing method produces a more accurate income statement – FIFO or LIFO? ___________…

A: Lets understand the basics. There are various inventory methods are followed for calculating ending…

Q: How do you calculate inventory turnover ratio

A: Inventory turnover ratio indicates how fast a firm converting its inventory into the cost of goods…

Q: Define beginning inventory and ending inventory

A: The beginning inventory and ending inventory are explained as below,   The Inventory can be defined…

Q: Explain the ABC inventory management system and the just-in-time inventory managementsystem

A: The objective of this question is to understand two different inventory management systems: ABC and…

Q: Explain the ABC inventory management system and the just-in-time inventory managementsystem

A: The objective of this question is to understand two different inventory management systems: ABC and…

Q: Describe costing inventory using weighted average. Address the different treatment, if any, that…

A: Weighted average cost method of inventory valuation is one of the 3 methods of accounting inventory.…

Q: How to do INventory valuation with WAC method. Could you please explain this with an example…

A: Inventory valuation is done by the companies in order to find the value of the inventory that…

Q: Describe Change in Inventory Method and Inventory Errors.

A: Change in Inventory method:   Inventory change is the difference between the amount of last period's…

Q: OA. weighted-average OB specific identification O C. last-in, frst-out OD. first-in, first-out

A: Introduction:- The following four accepted methods of costing items as follows under:- Specific…

Q: What is meant by the term gross margin? Describe costing inventory using first-in, first-out.…

A: What is meant by the term gross margin?

Q: What is inventory conversion period?

A: Conversion period refers to the length of period at which one asset is converted into another form.…

Q: Which of the following inventory cost flow assumptions produces the same ending inventory values…

A: Periodic inventory system is a system where inventory records are updated on a periodic basis but in…

Q: For commercial reasons, a weighted average and inventory system from lifo fifo should be considered.

A: The LIFO (Last in, first-out) The LIFO accounting method is used to value inventory. This method is…

Q: Explain the four GAAP inventory methods and state which is the most accurate.  Explain which will…

A: Inventory Valuation:   The valuation of merchandise inventory figure depends on the quantity of…

Q: Which of the following inventory cost flow assumptions produces the same ending inventory values…

A: Periodic Inventory System : In periodic inventory system ending balance of inventory will be updated…

Q: a) Discuss the reasons why a proper understanding of the free on board (FOB) terms is important when…

A: FOB is an abbreviation for free on board. Free on Board means the seller takes risk till the time…

Q: Describe a  Comparison of the Perpetual and Periodic Inventory Systems

A:

Q: Features of perpetual inventory system

A: Required  Features of perpetual inventory system?

Q: Explain the types of inventory and the differences between a perpetual inventory system and a…

A:

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.