When a customer returns goods, the merchandiser will: Group of answer choices Adecrease the Inventory account. increase the Estimated Refund Liability account. increase the customer's Accounts Receivable account. decrease the Estimated Inventory Returns account.

You have been hired by Johnson and Johnson Corp. this year. Your supervisor approaches you and need you recommendation on the inventory valuation assumption you will recommend for the company to use instead to using Specific Identification method. Instruction: Identify each of the cost flow assumptions that company can use.       Explain the advantages and disadvantages of using each of them.       Each one will you recommend and Why?       What are the characteristics of a Just-in-time inventory system?         Explain some advantages and risks of Just-in-time inventory system.

Confused on how to Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.and how to Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 72 units-56 units from the January 6 purchase and 16 units from the January 25 purchase. January 1 Beginning inventory January 6 Purchase January 17 Purchase January 25 Purchase Totals 165 units@ $4.00 334 units @ $3.50 570 units @ $3.10 28 units @ $2.60 1,097 units = $ 660.00 1,169.00 1,767.00 72.80 $ 3,668.80 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income?

MusicPlace specializes in sound equipment. Company records indicate the following data for a line of speakers (Click the icon to view the data) Read the requirements Requirement 1. Determine the amounts that MusicPlace should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO (MusicPlace uses a perpetual inventory system.) Start by determining the amounts that MusicPlace should report for cost of goods sold and ending inventory under a FIFO FIFO method cost of goods sold FIFO method ending inventory Determinie the amounts that MusicPlace should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold LIFO method ending inventory Requirement 2. MusicPlace uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $280, and the income tax rate was 40%. (Round answers to the nearest dollar) MusicPlace Income Statement Month Ended…

MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Co Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventory system.) Start by determining the amounts that MusicMagic should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 14 5 7 6 Unit Cost $ Done 41 48 Sale Price $ 109 102 X

Hello! I need help with the following accounting questions where it asks to calculate the ending inventory and the cost of goods sold through the average-cost method. Thank you!

Fill in the chart. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Can you assist me with FIFO, LIFO, and the Waited Average Cost? I would love to see how you did the math when getting the cost of goods sold and the ending inventory. I am most confused about the waited average cost method. Thank you