Compute for the cost of ending inventory and cost of goods sold using: a. FIFO - periodic b. Weighted average c. Moving average
Q: Weighted average cost per unit = per unit. Cost Cost of Goods Allocation Cost of Goods Sold Ending…
A: Sales = (50 units x $120) + (25 units x $125) = $6000 + $3125 = $9125 Cost of Goods Available = (100…
Q: complete the following table which compares the effects of LIFO, FIFO and weighted-average…
A: Inventory valuation in costing is done using mainly three methods namely FIFO, LIFO and weighted…
Q: When using a perpetual inventory system and the weighted-average inventory costing method, when does…
A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…
Q: When using the periodic FIFO inventory cost method, which of the following statements is true? a.The…
A: Under FIFO method the oldest products in stock is used to assess the cost of products sold. To put…
Q: Which cost formula for inventory best reflects the current value of inventory on the balance sheet?…
A: inventory valuation methods are based on the flow of inventory. There are mainly four methods of…
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: Required: Compute the inventory cost using a. Moving average method b. FIFO method
A: There are several methods of inventory costing and inventory valuation like FIFO, LIFO , average…
Q: Cost of ending inventory b. Calculate the cost of goods sold using the LIFO (en Cost of goods sold
A: LIFO (Last in first out) It is an accounting method to record inventory and finding cost of goods…
Q: Essay question Explain the application of AVERAGE cost flow assumption in determining .cost of goods…
A: Average cost flow assumption is a calculation companies use to assign costs to inventory goods, cost…
Q: 1. Determine the costs that should be assligned to the ending Inventory and to goods sold under the…
A: FIFO Perpetual: Purchase Cost of goods sold Balance Date Quantity Rate…
Q: alculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…
A: LIFO Method is a method used for valuing Inventory and Cost of Goods sold. The LIFO method assumes…
Q: Complete the following schedule for each Ending Inventory Required: unit costs to the nearest cent…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Q: Using Average - perpetual, how much is the cost of ending inventory per unit? Using Average -…
A: Under average cost method of inventory, average cost per unit of inventory is used for calculation…
Q: Determine the ending inventory under a perpetual inventory system using Moving Average and LIFO…
A: Inventory valuation refers to the valuation of inventories using the valuation methods such as FIFO…
Q: Determine ending inventory using the dollar-value LIFO inventory method.
A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…
Q: (a) Determine units available for sale and cost of goods available for sale. (b) Using FIFO method,…
A: solution concept inventory valuation method various method of inventory valuation can be used major…
Q: a. What value should be assigned to the ending inventory using FIFO? b. What value should be…
A: FIFO method: Under this method of inventory valuation, it is assumed that item of inventory…
Q: i. Determine the cost assigned to the ending inventory by using FIFO method of inventory valuation…
A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…
Q: Cost of goods sold is debited each time a sale is made under which of the following inventory…
A: The carrying value of the goods that are sold during a given period of time are termed as cost of…
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: 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 primary purpose for using an inventory cost flowassumption is to:a. Parallel the physical flow…
A: Inventory cost flow assumptions: These are the assumptions including FIFO, LIFO, and weighted…
Q: The inventory evaluation method which does not represent the actual ending inventory value is?…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: Required: Compute the ending inventory cost using a. Moving average method b. FIFO method
A: The inventory can be valued using various method as LIFO, FIFO and average method.
Q: Determine the ending inventory cost and the cost of goods sold by three methods. Round interim…
A: FIFO: Inventory at end = 20(20×120)+(60×128) = $11,020…
Q: Required: -a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing…
A: a) Computation Of Cost of goods sold under FIFO, LIFO and weighted average: COGS Units FIFO…
Q: The cost of goods available for sale is allocated between * O beginning inventory and ending…
A: Gross profit = Sales - Cost of goods sold Sales = Cost of goods sold + Gross profit Cost of goods…
Q: Weighted Average Cost (Periodic) Units Cost Goods Available for Sale Cost of Goods Sold Ending…
A: Inventory Valuation: It is an asset held for sale in the ordinary course of business. It is used in…
Q: Required Determine the amount of product costs that would be allocated to cost of goods sold and…
A: 1. FIFO method: This method assumes that the items purchased first are sold first. 2. LIFO method:…
Q: Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard…
A:
Q: Refer to the data in attached image. 1.Using the perpetual inventory system, compute the cost of…
A: FIFO stands for First-In First-Out LIFO stands for Last-In First-Out
Q: Assuming that a perpetual inventory system is used, determine the cost of goods sold and the ending…
A: Inventory valuation refers to the methods used by the company to determine the value of its…
Q: The cost of goods available for sale is allocated between * beginning inventory and ending…
A: Gross profit = Sales - Cost of goods sold Sales = Cost of goods sold + Gross profit Cost of goods…
Q: a.) determine the cost assigned to ending inventory and to the cost of goods sold using FIFO.
A: Solution :
Q: When using the periodic inventory system and weighted-average inventory costing method, when is the…
A: Periodic inventory system: The method or system of recording the transactions related to inventory…
Q: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
A: Cost of goods sold are the cost of the inventory which has been sold by the company during the year…
Q: Compute for the cost of ending inventory and cost of goods sold under Moving average (Perpetual…
A: Moving average method of inventory valuation says that cost or value of inventory changes after each…
Q: Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending…
A: FIFO is first in first out inventory valuation method in which inventories which are purchased first…
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…
A:
Q: Under which inventory cost flow assumption is the cost of the most recent purchase matched first…
A: >There are various method that can be sued to record the flow of cost to match with the sales…
Q: Requirements: Compute for the ending inventory and cost of goods sold under each of the following…
A: Specific identification method - Under the specific identification method each inventory item is…
Q: Compute cost of goods sold and gross profit using the FIFO inventory costing method and using the…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method of…
Q: Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO…
A: The cost of goods sold and ending inventory under periodic inventory system computed at the period…
Q: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold…
A: 1) Determination of cost of goods sold & ending inventory under specific identification method:…
Q: The cost of goods sold is based on the oldest purchases under which method of calculating inventory…
A: Solution: There are various methods of inventory valuation. These are FIFO, LIFO, Average cost…
Q: Which of the following inventory method measures most closely the current cost of inventory? a.…
A: The inventory valuation is carried out at the end of the accounting period. The different inventory…
Q: Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.…
A: As posted multiple subparts we are answering only one first sub part kindly repost the unanswered…
Compute for the cost of ending inventory and cost of goods sold using:
a. FIFO - periodic
b. Weighted average
c. Moving average
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 6 images
- The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 2 3 4 5 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory.$_______(e) Product Blue Product Red £ £Selling £12.00 £24.00Variable cost £ 4.00 £ 8.00Contribution margin £ 8.00 £16.00Fixed costs apportioned £200,000 £400,000Budgeted Sales Units 140,000 60,000Required:Calculate the breakeven points, for each product and the company as a wholeand comment on your findingsDetermine the missing amounts. Unit SellingPrice Unit VariableCosts Unit ContributionMargin Contribution MarginRatio 1. $750 $375 $ (a) % (b) 2. $450 $ (c) $153 % (d) 3. $ (e) $ (f) $760 40 %
- Which of the following is the EVC of new product X? Product Product price Startup cost Maintenance and operations cost Productivity 600 650 750 850 900 Reference Product Y $400 $200 $500 New Product X EVC: $100 $400 $150What is the joint cost allocated to product Tab if the company employs relative sales value method? P300,000P200,000P192,000P288,000-> ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser30&launchUrl=https%253A%252F%252Flms.mheducation.com%252F Given the following: Selling price Units in beginning inventory Units produced $152 0. 9,450 9,050 Units sold Units in ending inventory 400 6:55 Variable costs per unit: Direct materials $ 28 $70 Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: $16 $20 Fixed manufacturing overhead Fixed selling and administrative expense $141,750 $ 9,800 What is the net operating income for the month under absorption costing? Multiple Choice $6,000 $34,250 $11.350 $17.350
- Assume the following information:VolumeTotal Cost100 units$1,30090 units1,500106 units1,750What is the variable cost per unit? (Round answer to three decimal places.)a. $28.125b. $15.625c. $20.178d. $13.175uols A moodle1.du.edu.om Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in progress is 4000, and closing stock of Work in progress is 5000 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 13750 OMR, Cost of goods manufactured 358500 OMR Calculate cost of goods available for sale Select one: a. None of these O b. 395000 OMR O c. 385500 OMR O d. 378500 OMR Previous page Next page ASSIGNMENT 1 Jump to... Quiz navigation 200 1 2 3 5 6 7 8 || 9 4. IIAsiacell | XA9 § + VE M ".l 46 Asiacell امتحان يومي.docx .Q1/-A variable capacity 8000unit .sell units 6000units -production units 5000units .Finished good (31/12)1000$ .D. Expenses cost per unit 80$/u .V.F.O.H 60$/u .D. Marketing 30$/u .V.Ind. Marketing 40$/u F. cost 200000$ distributed :- .F.O.H 25% .Marketing 25% Administrative 50$ .sell price per unit 250$/u- R/prepare The cost statement using -Total costing theory. Variable costing theory
- Using the cost function C(x)=-0.00000001x^3+0.000556x^2+2.9403x+19715.6363 find the average cost of the first 500 units sold where x=units soldThe journal entry to record the completion of Job No.114 at a cost of $18,000 would include: * A debit to Work in Process Inventory $18,000 and a debit to Finished Goods Inventory $18,000 A credit to Work in Process Inventory $18,000 and a debit to Finished Goods Inventory $18,000 A debit to Work in Process Inventory $18,000 and a credit to Finished Goods Inventory $18,000 None of the above Goods costing $15,000 were sold for $20,000 on account. The entry to record this transaction would include: * A debit to Accounts Receivable $15,000 and a credit to Sales Revenue $20,000 A debit to Cost of Goods Sold $15,000 and a credit to Finished Goods Inventory $15,000 A debit to Cost of Goods Sold $20,000 and a credit to Finished Goods Inventory $20,000 earchThe West Bank Company has three product lines as following: A B C Total Estimated Sales in Units 25000 100000 50000 175000 SP/ unit $10 $12 $7 VC/ unit ( $5) ($8) ($4) CM/ unit $5 $4 $3 FC for company $351000 Required: What is the operating income?