When inventory items are highly specialized, the best inventory costing method is ________.A. specific identificationB. first-in, first-outC. last-in, first-outD. weighted average

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: Calculate ending inventory under FIFO and LIFO both with workings

A: Formula: Ending inventory = Beginning inventory + Purchases - sales units

Q: Prepare a memorandum containing responses to the following items. a.    Describe the cost flow…

A: a.

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: What is a LIFO inventory pool? How is the cost of ending inventory determined when pools are used?

A:

Q: Match each of the following inventory classifications with its definition. Inventory Classifications…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: ethod to use or are there other determinants that are more important in your opinion? Provide…

A: FIFO stands for first in first out. It values the inventory on the basis of first costs. The goods…

Q: Distinguish inventory-costing systems using sequential tracking from those using backflush costing

A: Definition:   Inventory costing system: Inventory costing system is a system that is used to compute…

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: The weighted average inventory cost flow method is the least used of the inventory costing methods.…

A: When the inventory is valued at by calculating the weighted average rate per unit for the purchase…

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: For valuation of inventory, the lower of cost or market rule may be applied to a. the total…

A: Inventory of the business should be valued by choosing appropriate method. Lower of cost of market…

Q: Which inventory costing method is almost always done on a perpetual basis?A. specific…

A: There are two type of inventory systems that are being used. One is perpetual inventory system and…

Q: Describe the differences between an inventory system that uses a set quantity (Q)  and one that uses…

A: In a set quantity inventory system the lot size and the order quantity is fixed, while in a fixed…

Q: Explain the (a) lower of cost or net realizable value (LCNRV) approach and the (b) lower of cost or…

A: LCNRV (Lower of Cost or Net Realizable Value) approach:   It is an approach that compares the cost…

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: A cost accounting system uses which of the following inventory systems? a.perpetual system…

A: Inventories are assets that are sold, purchased, and manufactured in an organization as a core…

Q: The cost method that will yield an ending inventory value that is somewhere between possible high…

A: Inventory valuation has 4 Methods - 1. FIFO 2. LIFO 3. Weighted Average 4. Specific Identification…

Q: The First- In- First- Out method, which is mainly utilized to assign the average cost of production…

A: First in first out (FIFO) is one of the method of inventory valuation, under which inventories which…

Q: The table below lists financial statement items that may be affected by the use of either the FIFO…

A: Rising costs is the situation when the prices keeps on increasing with time.

Q: Which of the following methods is appropriate for a business whose inventory consists of a…

A: Inventory valuation methods are different methods used to allocate the value to the inventory. They…

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: Define total inventory costs (TIC)

A: The formula to compute total inventory cost as follows:

Q: Annan’s statement regarding the perpetual and periodic inventory systems is most significant when…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: Which of the following is not a common cost flow assumption used in costing inventory? O First-in,…

A: Companies assign costs to products through inventory costing, often known as inventory cost…

Q: Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?

A: FIFO: Under this method, ending inventory is valued at the latest price and Merchandise sold are…

Q: The cost of goods sold can be determined only after a physical count of inventory on hand under the…

A: Cost of goods sold can be determined at each level of transaction in perpetual inventory but in…

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

A: Answer FIFO (First in first out) It is the method of recording inventory in which we assume that the…

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: Compute the Cost transferred Out and Cost of Ending Inventory

A: CAPTURED Inc. produces small plastic toys and follows process costing method. A Less than 8%…

Q: calculate the cost of ending inventory using the FIFO costing method:

A: Under the FIFO method of inventory costing it is assumed that the first goods purchased are also the…

Q: Which inventory cost flow assumption does IFRS not allow? a. Specific identification. b. FIFO. c.…

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of…

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and…

Q: Which one of the following inventory management approaches determines the finished goods inventory…

A: Introduction: To run the day-to-day business, the inventory management system is essential or as it…

Q: Which of the three methods of inventory costing— FIFO, LIFO, or weighted average cost—will in…

A: First-In-First-out (FIFO): FIFO is a method used for recording inventory sold. In this method the…

Q: Which cost flow assumption generally results in the highest reported amount for ending inventory…

A: First-in-First-Out method: In First-in-First-Out method, the costs of the initially purchased items…

Q: a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the…

A: a. The following calculations shows the COGS and ending inventory for prepaid cell phones:…

Q: methods. variable costing system, fixed overhead cost is included of the cost of inventory.…

A: Option a, c and d are incorrect The correct statements are a) In variable and absorption costing ,…

Q: The costs of ending inventory is similar under both periodic and perpetual inventory system if…

A: The given question is related to inventory valuation. The first method of inventory valuation is the…

Q: Question: Explain the First-In, First-Out (FIFO) method used for determining COGS and Ending…

A: The inventory can be valued using various methods as FIFO, LIFO, average method.

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: Distinguish between product costs and period costs asthey relate to inventory.

A: