Answered: what do i put for beginning inventroy…

Business

Accounting

what do i put for beginning inventroy #of units and cost per unit?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: a prod

A: Standard costs are the anticipated costs of manufacturing the product. Standard Direct Materials…

Q: Unit standard cost is depicted by which of the following: Group of choices: SP x AQ SP x Normal…

A: Standard Unit Cost - It is used to determine the variance accounting. The standard unit cost is the…

Q: Distinguish between Period cost and Product cost? Give two examples of each cos

A: Classification of costs on the basis of functions:- 1. Product Cost 2. Period Cost

Q: How I can calculate the gross margin?

A: Gross margin formula Sale-Cost of goods sold

Q: Which one of the following is a fixed cost? a. Raw material costs b. Salary with commission c.…

A: A fixed cost is one that does not adjust in the short term, even though a company's sales volume or…

Q: Weighted-average unit cost

A: Weighted average unit cost is the per unit cost which is calculated dividing the total value of…

Q: Which of the following is not included in the calculation of the lifecycle cost of a product?…

A: Cost of disposal refers to the additional expense incurred as a result of the disposal of an asset,…

Q: A total cost equation can be used to predict future costs for various activity levels. Write the…

A: Concept The total cost is the sum of variable cost and fixed cost incurred For example if variable…

Q: Assign costs to unitsusing the weighted-averagemethod.

A: Cost: It refers to the economic value incurred by an organization for manufacturing a product or…

Q: How was total cost (a) found for #1?

A: Total cost for any product or service is calculating by taking sum of variable cost of the total…

Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER).…

A: Concept Introduction: Product costs are the costs which are incurred only when a product is…

Q: How do i find the cm per unit

A: Formula: Contribution margin per unit = Sales price - variable cost per unit. Deduction of variable…

Q: Apart from the basic costs to build up a unit rate, explain FIVE other factors you will consider in…

A: Usually, the price is estimated by the estimators in context of building a firm. The basic cost that…

Q: How do I get the unit selling price

A: Selling Price is the price at which a unit is sold to the customer. It is determined by keeping in…

Q: EXPLAIN THE FOLLOWING: 1. Gross profit variation 2. Cost concept

A: The amount of profit earned by the entity after deducting the costs that are related to the…

Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Sales…

A: Concept Introduction: Product costs are the costs which are incurred only when a product is…

Q: Define each of the following terms:d. Flotation cost, F

A: Primary market is the place where company sells or offers new equity shares to the investors. New…

Q: Define each of the following terms.f. Conversion ratio; conversion price; conversion value

A: Answer: Conversion ratio: It is ratio of converting bonds into the common stock of the company. An…

Q: Need help to calculate the production cost per unit

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Which components correspond to the following terms? Match each item to a choice: Choices: Selling…

A: Insurance is defined as an arrangement for securing the life of an individual or to compensate the…

Q: Which of the following statements is (are) true? (A) A price standard is the price that should be…

A: Standard costing refers to the method of costing used for the computation of expenses in the process…

Q: Assume markup percentage equals desired profit divided by total costs. What is the correct…

A: The mark-up amount of the profit is the amount which has been added on the cost so that the profit…

Q: Research and development costs are classified as: O a. Inventoriable costs. O b. O c. O d. Product…

A: A cost accounting system is a system of accounting that is helpful for the internal management to…

Q: Define the following concepts: a)Prime cost b) Non production cost c)Total cost

A: Cost is the monetary value of expenditures for raw materials, technology, supplies, services, labor,…

Q: Some of the information found on a detail inventory card for Sheffield Inc. for the first month of…

A: The weighted average cost method of inventory calculates the average cost of all items in stock,…

Q: How do you get total of period cost?

A: Period Costs are not directly associated with the finished products manufactured, rather associated…

Q: Unit cost is the same as average cost of a product or service O A. True B. False

A: Unit cost is the cost of making or selling one unit. It includes direct material cost per unit,…

Q: The “fixed cost per unit function” may also be described as: a.an asymptote b.the total cost line…

A: Introduction:- Fixed costs, also known as indirect costs or overhead costs, are corporate expenses…

Q: What is the difference between a product cost and a period cost? Give three examples of each. 2.…

A: The costs can be classified as classified as product cost, period cost, direct costs or indirect…

Q: Describe the specific process required by the unit cost comparison for the use of annual worth…

A: A unit cost comparison is required for the use of annual worth analysis because companies often…

Q: VARIABLE COST PER UNIT What is the formula or method for finding the variablel cost per unit?

A: Variable cost is varies with number of units produced. Variable cost per unit is constant and total…

Q: What is an advantage of using historical costs on a financial statement? Group of answer choices…

A: In this question, we are required to determine the advantage of using historical costs in a…

Q: d. Perpetual system, LIFO cost flow. e. Periodic system, weighted-average cost flow. f.…

A: Perpetual inventory system - Movement of inventory is recorded on regular basis. Periodic inventory…

Concept explainers

Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.

Question

what do i put for beginning inventroy #of units and cost per unit?

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: INTRODUCTION

VIEW

Step 2: Beginning Inventory

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Please specify and explain the average cost answers.
Atlanta Systems produces two different products, Product A, which sells for $450 per unit, and Product B, which sells for $800 per unit, using three different activities: Design, which uses Engineering Hours as an activity driver; Machining, which uses machine hours as an activity driver; and Inspection, which uses number of batches as an activity driver. The cost of each activity and usage of the activity drivers are as follows: Usage by Product A Usage by Product B Cost Design (Engineering Hours) Machining (Machine Hours) Inspection (Batches) $ 190,000 $1,800,000 $ 108 142 2,160 2,840 160,000 42 38 8 Atlanta manufactures 12,500 units of Product A and 10,200 units of Product B per month. Each unit of Product A uses $100 of direct materials and $45 of direct labor, while each unit of Product B uşes $140 of direct materials and $75 of direct labor.
Draw up a marginal statement that calculates the contribution per unit
Distinguish the effect of First in first out (FIFO), Last in last out (LIFO) andaverage cost on COGS.
Explain the difference between a product cost and a period cost.
How do you figure out the inventory on the Variable costing income statement?
how do you determine the production cost per unit ?
calculate for me the Thotho income statement variable costing
What does period cost include
what would be the difference in gross margin between fifo and lifo cost flow assumptions
• The unit cost… a. is the total conversion costs divided by the number of units produced. b. is the total product costs divided by the number of units produced. c. product plus period cost d. is the total prime costs divided by the number of units produced. e. includes period costs.
How to calculate total prime cost