1-Which of the following will be classified under inventory? a. Raw Materials b. All the above c. Work-in-progress d. Finished goods

Q: Explain the 3 important types of Inventories

A: Explain the 3 important types of Inventories. 1. Direct raw material inventory 2. Work-in-progress…

Q: 1.a. In what ways are the inventory accounts of a merchandising company different from those of a…

A: We have to provide difference between inventory accounts of merchandising company and manufacturing…

Q: Which of the following is classified as general and administrative expenses? a. Salaries of admin…

A: Option d is correct.

Q: Identify four methods of assigning cost to ending inventory and cost of goods sold and briefly…

A: The following are the four inventory costing methods.Specific identification method (SI): Specific…

Q: In the Purchasing Process - Level 0 Diagram, a data flow called "inventory's purchase requisition"…

A: The purchasing process, also known as the procurement process, refers to the series of activities…

Q: Which of the following statements is correct in the context of the Income Statement prepared by a…

A: The Income Statement is prepared in order to show the result of operating a business for a period of…

Q: Which of the following is not a name for a specific type ofinventory?a. Finished goods. c. Raw…

A:

Q: Essay question Explain the application of AVERAGE cost flow assumption in determining .cost of goods…

A: Average cost flow assumption is a calculation companies use to assign costs to inventory goods, cost…

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: 7. Inventory excludes... A. Goods purchased for resale 8. Finished goods produced C. Construction…

A: The inventory is reported as current assets in the balance sheet at the end of period.

Q: A multi-step income statement in a periodic inventory system differs from that in a perpetual…

A: Income statement is the financial statements which is used to see the performance of the entity or…

Q: The work-in-process inventory account, which appears on the balance sheet, represents a cost: A.…

A: Answer  The work-in-process inventory account, which appears on the balance sheet on assets side…

Q: OA. weighted-average OB specific identification O C. last-in, frst-out OD. first-in, first-out

A: Introduction:- The following four accepted methods of costing items as follows under:- Specific…

Q: Which of the following is reported as part of the operating expenses? Cost of sales…

A: The question is based on the concept of Business Accounting.

Q: 9. An inventory accounting policy that should be disclosed in a summary of significant accounting…

A: It is a footnote that accompany company financial statements. Such disclosure should form part of…

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: Which of the ff needs an adjustment to the A/R account of ABS company? a. goods in transit of the…

A: Under the FOB destination point sale, the seller can record its sales only after the buyer takes the…

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: ) Is the accounting cycle in a merchandising operations different from a service operations?…

A: 1) yes the accounting cycle in a merchandising operations is different from a service operations .…

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: Consider each of the following independent situations. Should a company report the goods in its…

A: If the seller expects a sales return, then it should debit sales return and credit refund liability…

Q: Calculate (a) ending inventory and (b) Cost of goods sold under the LIFO and AVCO inventory costing…

A: LIFO is the inventory valuation method in which the goods that are bought at the end are sold first…

Q: Match the terms with the definitions.

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarising and…

Q: a) merchandise inventory,  b) accounts payable, c)   cost of goods sold,  d) customer refunds…

A:

Q: Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or…

A: For given item, provide they apply to which organisation

Q: Weighted Average Cost (Periodic) Units Cost Goods Available for Sale Cost of Goods Sold Ending…

A: Inventory Valuation: It is an asset held for sale in the ordinary course of business. It is used in…

Q: For a merchandiser, the term "inventory" refers to O A. raw materials that are used for production O…

A: A. Raw materials utilized in production: Usually handled by the supply chain team or by the…

Q: Requirements:  4. Cost of goods sold 5. Gross profit 6. WIP end

A: Gross profit means the difference between the sale revenue and cost of goods sold. Sale means the…

Q: What are expenses like sales salaries expense, advertising expense, etc. called that are incurred…

A: Under the functional expense classification expenses are aggregated and reported by activities for…

Q: 1. Explain the effect of each inventory cost flow method on the company's net income 2. Recommed one…

A: There are primarily four type of inventory cost method- 1. First in first out method2. Last in first…

Q: On the work sheet, ending merchandise inventory will appear on the a. debit side of the Income…

A: Worksheet is a 10 column sheet which is used to prepare financial statements for business. It shows…

Q: What is the correct entry to write off the inventory under perpetual method? Dr. Cost of Goods sold…

A: The Perpetual Inventory System is a highly preferred system as it can produce accurate results…

Q: 1a The inventory cost flow method that reports the earliest costs in ending inventory is a. LIFO b.…

A: When the earliest costs are represented in the ending inventory it means that the inventory with the…

Q: Given the following information for C & J, Inc. identify where the items will be classihed (asset or…

A: These statements are critical instruments for analyzing a company's financial health and stability,…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.