The Periodic inventory system of recording the inventory records includes updating the inventory accounts only after the end of regular periodic intervals. Therefore, the cost of goods sold and the cost of ending inventory is computed at the end of the period. First in first out method implies that the goods received first have been issued first for the purpose of computing the cost of goods sold. Cost of ending inventory and cost of goods sold under FIFO method.

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Answer 1

Question

Chapter 5, Problem 19E

a

To determine

Introduction:

The Periodic inventory system of recording the inventory records includes updating the inventory accounts only after the end of regular periodic intervals. Therefore, the cost of goods sold and the cost of ending inventory is computed at the end of the period.

First in first out method implies that the goods received first have been issued first for the purpose of computing the cost of goods sold.

Cost of ending inventory and cost of goods sold under FIFO method.

b

To determine

Introduction:

The last in first out method implies that the inventory which has been received most recently is issued first for the purpose of the cost of goods sold.

Cost of ending inventory and cost of goods sold under LIFO.

c

To determine

Gross Profit is the difference between the sales revenue and the cost of goods sold during the period. It refers to the gross margin earned on the sale of the product.

Gross Profits of the business under both the methods.

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Students have asked these similar questions

Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? OA. weighted- average OB. specific identification O C. last-in, first-out OD. first-in, first-out

1a The inventory cost flow method that reports the earliest costs in ending inventory is a. LIFO b. weighted average cost c. FIFO d. specific identification

Identify four inventory costing methods for assigning cost to ending inventory and cost of goods sold and briefly explain the difference in the methods.

Answer 2

Question

Chapter 5, Problem 19E

a

To determine

Introduction:

The Periodic inventory system of recording the inventory records includes updating the inventory accounts only after the end of regular periodic intervals. Therefore, the cost of goods sold and the cost of ending inventory is computed at the end of the period.

First in first out method implies that the goods received first have been issued first for the purpose of computing the cost of goods sold.

Cost of ending inventory and cost of goods sold under FIFO method.

b

To determine

Introduction:

The last in first out method implies that the inventory which has been received most recently is issued first for the purpose of the cost of goods sold.

Cost of ending inventory and cost of goods sold under LIFO.

c

To determine

Gross Profit is the difference between the sales revenue and the cost of goods sold during the period. It refers to the gross margin earned on the sale of the product.

Gross Profits of the business under both the methods.

Expert Solution & Answer

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Answer 3

Question

Chapter 5, Problem 19E

a

To determine

Introduction:

The Periodic inventory system of recording the inventory records includes updating the inventory accounts only after the end of regular periodic intervals. Therefore, the cost of goods sold and the cost of ending inventory is computed at the end of the period.

First in first out method implies that the goods received first have been issued first for the purpose of computing the cost of goods sold.

Cost of ending inventory and cost of goods sold under FIFO method.

b

To determine

Introduction:

The last in first out method implies that the inventory which has been received most recently is issued first for the purpose of the cost of goods sold.

Cost of ending inventory and cost of goods sold under LIFO.

c

To determine

Gross Profit is the difference between the sales revenue and the cost of goods sold during the period. It refers to the gross margin earned on the sale of the product.

Gross Profits of the business under both the methods.

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 19E

a

To determine

Introduction:

The Periodic inventory system of recording the inventory records includes updating the inventory accounts only after the end of regular periodic intervals. Therefore, the cost of goods sold and the cost of ending inventory is computed at the end of the period.

First in first out method implies that the goods received first have been issued first for the purpose of computing the cost of goods sold.

Cost of ending inventory and cost of goods sold under FIFO method.

b

To determine

Introduction:

The last in first out method implies that the inventory which has been received most recently is issued first for the purpose of the cost of goods sold.

Cost of ending inventory and cost of goods sold under LIFO.

c

To determine

Gross Profit is the difference between the sales revenue and the cost of goods sold during the period. It refers to the gross margin earned on the sale of the product.

Gross Profits of the business under both the methods.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 19E

a

To determine

Introduction:

The Periodic inventory system of recording the inventory records includes updating the inventory accounts only after the end of regular periodic intervals. Therefore, the cost of goods sold and the cost of ending inventory is computed at the end of the period.

First in first out method implies that the goods received first have been issued first for the purpose of computing the cost of goods sold.

Cost of ending inventory and cost of goods sold under FIFO method.

b

To determine

Introduction:

The last in first out method implies that the inventory which has been received most recently is issued first for the purpose of the cost of goods sold.

Cost of ending inventory and cost of goods sold under LIFO.

c

To determine

Gross Profit is the difference between the sales revenue and the cost of goods sold during the period. It refers to the gross margin earned on the sale of the product.

Gross Profits of the business under both the methods.

Answer 6

Chapter 5, Problem 19E

a

To determine

Introduction:

The Periodic inventory system of recording the inventory records includes updating the inventory accounts only after the end of regular periodic intervals. Therefore, the cost of goods sold and the cost of ending inventory is computed at the end of the period.

First in first out method implies that the goods received first have been issued first for the purpose of computing the cost of goods sold.

Cost of ending inventory and cost of goods sold under FIFO method.

Answer 7

Chapter 5, Problem 19E

a

To determine

Introduction:

The Periodic inventory system of recording the inventory records includes updating the inventory accounts only after the end of regular periodic intervals. Therefore, the cost of goods sold and the cost of ending inventory is computed at the end of the period.

First in first out method implies that the goods received first have been issued first for the purpose of computing the cost of goods sold.

Cost of ending inventory and cost of goods sold under FIFO method.

Answer 8

b

To determine

Introduction:

The last in first out method implies that the inventory which has been received most recently is issued first for the purpose of the cost of goods sold.

Cost of ending inventory and cost of goods sold under LIFO.

Answer 9

b

To determine

Introduction:

The last in first out method implies that the inventory which has been received most recently is issued first for the purpose of the cost of goods sold.

Cost of ending inventory and cost of goods sold under LIFO.

Answer 10

c

To determine

Gross Profit is the difference between the sales revenue and the cost of goods sold during the period. It refers to the gross margin earned on the sale of the product.

Gross Profits of the business under both the methods.

Answer 11

c

To determine

Gross Profit is the difference between the sales revenue and the cost of goods sold during the period. It refers to the gross margin earned on the sale of the product.

Gross Profits of the business under both the methods.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 5 - Use the following information from Marvel Company...Ch. 5 - Use the following information from marvel company...Ch. 5 - Use the following information from Marvel Company...Ch. 5 - Use the following information from Marvel company...Ch. 5 - Periodic: A company reports the following...Ch. 5 - Prob. 6MCQ Ch. 5 - Prob. 1DQ Ch. 5 - Prob. 2DQ Ch. 5 - Prob. 3DQ Ch. 5 - Prob. 4DQ

Solution Summary: The author explains the Periodic inventory system of recording the inventory records and the cost of goods sold.

Concept explainers

Videos

Introduction:

The last in first out method implies that the inventory which has been received most recently is issued first for the purpose of the cost of goods sold.

Cost of ending inventory and cost of goods sold under LIFO.

Gross Profit is the difference between the sales revenue and the cost of goods sold during the period. It refers to the gross margin earned on the sale of the product.

Gross Profits of the business under both the methods.

Want to see the full answer?

Chapter 5 Solutions

Solution Summary: The author explains the Periodic inventory system of recording the inventory records and the cost of goods sold.

Concept explainers

Videos

Introduction: The last in first out method implies that the inventory which has been received most recently is issued first for the purpose of the cost of goods sold. Cost of ending inventory and cost of goods sold under LIFO.

Gross Profit is the difference between the sales revenue and the cost of goods sold during the period. It refers to the gross margin earned on the sale of the product. Gross Profits of the business under both the methods.

Want to see the full answer?

Chapter 5 Solutions

Introduction:

The last in first out method implies that the inventory which has been received most recently is issued first for the purpose of the cost of goods sold.

Cost of ending inventory and cost of goods sold under LIFO.

Gross Profit is the difference between the sales revenue and the cost of goods sold during the period. It refers to the gross margin earned on the sale of the product.

Gross Profits of the business under both the methods.