What the answer for 40 The first answer I had was Ending Inventory C Retained Earnings B Cost of Goods Sold A Net income B The second I had was Ending Inventory A Retained Earnings B Cost of Goods Sold A Net income B Both was wrong

Q: which of the following will not be deducted to compute the consolidated cost of goods sold? A.…

A: Consolidated financial statements means financial statements of overall group where company have one…

Q: Proponents of the LIFO Inventory cost flow assumption argue that this costing method is superior to…

A: LIFO is one of the inventory methods used to account for inventory. Here the inventory of the…

Q: 22.Which inventory costing method has a stabilizing effect on profit, such that during a period of…

A: There are four Methods of issue of material  1.First-in, first-out method 2.  Last-in, first-out…

Q: Net sales minus cost of good sold is equal to cost of ending inventory.   T/F

A: The ending inventory is the amount of inventory left with business at year end.

Q: Determine the unit value that should be used for inventory costing following "lower of cost or…

A: LCM stands for Lower of cost or market, it is the approach which states that while valuing the…

Q: Which inventory cost flow assumption generally results in the lowest reported amount for cost of…

A: The answer will be FIFO, First-in, first-out i.e. option B.

Q: i need the answer quickly

A: Lower of cost or market method of inventory valuationUsing the Lower of cost or market method of…

Q: en 10 AA O A. The ec O B. The EC

A: Introduction : In simple words, economic order quantity as the name suggests refers to the quantity…

Q: Which of the following

A: FIFO refers to the First in First Out in which the Inventory which is Purchased First will be Sold…

Q: 48)The situation that requires a departure from the cost basis of accounting to the lower-of-…

A: Whenever there is a decrease in the value of inventory than in such a case inventory is valued in…

Q: Identifying a Loss in Applying Lower-of-Cost-or-Net Realizable Value Information related to three…

A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…

Q: Cost of goods available for sale less ending inventory equals to? 2. Do innitial investment has an…

A: 1) Cost of goods available for sale less ending inventory equals to Cost of goods sold. Reason :-…

Q: When there are no inventory at the beginning or at the end of the period, the total purchases will…

A: Cost of sales means actual cost of goods that is being sold to the customers. It includes beginning…

Q: On the basis of the data shown below: Item Inventory Quantity Cost per Unit Market Value per Unit…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: lying lower-of-cost-and-net-realizable-value to the following data. em Cost Price/Unit Market…

A: Inventories should be valued at the lower of cost and net realizable value.Net realizable value…

Q: 404. The use of discount lost account implies that cost of a purchased inventory tem the" A list…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: 8. The lower of cost or market rule for inventory valuation can be used in conjunction with the…

A: Inventory means the stock of goods in which the businessmen deals. Inventory is always valued at…

Q: Gross profit is: The amount left over after cost of goods sold is subtracted from net sales. A.Net…

A: Introduction:- Income statement shows company's income and expenses over a  period of time.…

Q: lower-of-cost-or-market

A: Under lower of cost or market value rule, inventory is valued at cost or market value whichever is…

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.