of goods sold for the FIFO and the LIFO method based on the information

Q: How do I use FIFO and calculate the Cost of Goods and inventory ?

A: FIFO Method: FIFO method also referred to as First-In-First-Out method is an inventory management…

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: 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: 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: Cost of goods sold is computed from the following equation: beginning inventory - cost of goods…

A: Gross profit = Sales - Cost of goods sold  Sales = Cost of goods sold  + Gross profit  Cost of goods…

Q: Describe how to find inventory value using the average cost method.

A: Inventory: It is a list of goods or stock of goods which is held for doing a business. It includes…

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

A: LIFO:   LIFO is commonly known as Last In, First Out. LIFO is one of inventory management method. In…

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: I need help determining the cost assigned to inventory and the cost of goods sold using FIFO. Some…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

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: 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: When inventory is held on consignment it should be?   Derecognized Reported as cost of goods sold…

A: Solution: When inventory is held on consignment it should be "Derecognized" as inventory is not…

Q: Regardless of the inventory costing system used, cost of goods available for sale must be allocated…

A: Cost of good available comprises of beginning inventory and purchases during the period and are…

Q: ith inflation, what are the implications of using LIFO and FIFO inventory methods? How do they…

A: FIFO: First in, first out (FIFO) is a method of asset management and valuation in which assets…

Q: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

A: Lets start with basic understanding. There are two system for inventory valuation which are, (1)…

Q: Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

A:

Q: Calculate (a) ending inventory and (b) Cost of goods sold under the LIFO and AVCO inventory costing…

A: LIFO is the inventory valuation method in which the goods that are bought at the end are sold first…

Q: Compute the cost of the ending inventory and the cost of goods sold under FIFO LIFO • average-cost…

A:

Q: FIFO method find Cost of goods sold and Ending inventory values.

A: Formula: FIFO : FIFO stands for First in First out. Which means first received inventory to be sold…

Q: How do calculate the Cost of Goods Sold without the beginning inventory nor the ending inventory??

A: Cost of goods sold is the total costs incurred on those units of goods or products which are sold by…

Q: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when…

A: LIFO Method It is the method used for recording Inventory. Under this method, it is assumed that the…

Q: Which inventory cost appears as a Cost of goods sold in an Income statement under FIFO method?

A: “First-In, First-Out” is a method used for cost flow assumption purposes in the cost of goods sold…

Q: what is the amount allocated to ending inventory on a LIFO basis?

A: Using the LIFO method, the last purchased units are sold first. Periodic inventory records inventory…

Q: Using the LIFO​ method, calculate the cost of ending inventory and cost of goods sold for Cambell…

A: The question is based on the Concept of Cost Accounting.

Q: The retail inventory method would include which of the following in the calculation of the goods…

A: An accounting method which is being used for the purpose of measuring the merchandise in the store…

Q: Compute the cost of the ending inventory and the cost of goods sold under FIFÓ, LIFÓ, and…

A:

Q: I need number 2. Determine the costs assigned to ending inventory and to cost of goods sold using…

A: Step 1 Inventory management system is the process of managing the flow of inventory

Q: Required: Compute the cost of the ending inventory and the cost of goods sold under FIFO Method.

A: Given:              Opening Inventory 200 units @ $5              Purchase 300 Units @ $6…

Q: Both the gross profit method and the retail inventory method provide a way to estimate ending…

A: Gross Profit Method: Under this method, the beginning inventory is added to the net purchases during…

Q: a.) determine the cost assigned to ending inventory and to the cost of goods sold using FIFO.

A: Solution :

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: Explain how to estimate the average cost of inventory when using the retail inventory method.

A: Retail inventory method: It takes into account all the retail amounts that is, the current selling…

Q: Calculate the value of ending inventory and cost of goods sold

A: value of Inventory can be found out using 3 methods FIFO LIFO Weighted Average

Q: When using the periodic LIFO inventory cost method, which of the following statements is true? a.The…

A: As per the LIFO method, goods purchased last or most recent purchases would be sold first.   Which…

Q: Explain the gross profit method of estimating ending inventory.

A: Gross Profit: It refers to the difference between the sales and the cost of goods sold.

Q: What will be the correct answer for weight average cost method for ending inventory and cost of…

A: Weighted average Cost per unit=11-6×$70+14×$10511-6+14=$182019=$95.79

Q: Using LIFO method, determine cost of goods sold (COGS) and ending inventory (S).

A: C) Calculation of Cost of goods sold & ending inventory using LIFO: 127 units sold on April 15…

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: Explain the retail inventory method of estimating ending inventory.

A: Retail inventory method takes into account all the retail amounts that is, the current selling…

Q: Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Hemming Co.…

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

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: 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…

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: The inventory valuation method which assumes that the items purchased first are the first items to…

A: Valuation of an inventory depends upon which items are sold first in the inventory cycle. This gives…

Q: how do I find the amount of inventory under the dollar value using the LIFO method?

A: Dollar value LIFO Method: Dollar value LIFO is a method which is basically used for inventory that…