2012; the company sells just one product: Units Unit Cost Beginning Inventory 200 $50 Purchases: Feb. 11 500 $54 May 18 Oct. 23 100 400 56 60 At December 31, 2012, there was an ending inventory of 360 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method. Do not round until your final answers. Round your answers to the nearest dollar. A. First-in, First-out: Ending InventoryS Cost of goods solds B. Last-in, first-out: Ending InventoryS Cost of goods sold s C. Weighted Average Ending Inventory s

Q: Estimate ending inventory and cost of goods sold using the gross profit method.

A: Under gross profit method, calculation of cost of goods sold: Cost of goods sold = Sales* ( 1 -…

Q: In the financial accounting for inventory, what is a cost flow assumption?

A: Accounting for inventories is a subset of accounting that deals with the value of inventoried assets…

Q: How do I use FIFO and calculate the Cost of Goods and inventory ?

A: FIFO Method: FIFO method also referred to as First-In-First-Out method is an inventory management…

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: Describe diff erent inventory valuation methods (cost formulas).

A: The manner in which an organization calculates the product costs (inventory value assessment)…

Q: __ cost of inventory is incurred due to non availability of material a. Stock-out cost b. Ordering…

A: Stock out Cost:- It is the loss of revenue due to stock not available when customer demand it. In…

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

A:

Q: Should inventory be measured initially at its market value or at cost?

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: The factor which determines whether or not goods should be included in a physical count of inventory…

A: The inventory is an asset for the business. The inventory is reported as a current asset in the…

Q: is a measure of inventory profitability that relates a gross margin to the cost of the inventory.

A: Inventory profitability means profits related to inventory cost which are calculated using these two…

Q: Which income statement account(s) would be affected by a policy choice at the same time as the…

A: Inventory is directly related to the cost of goods sold. To change the policy of valuation of…

Q: Determine the goods and costs included in inventory.

A: The cost included in inventory includes all the costs incurred to prepare such inventory for sale.…

Q: When computing ending inventory, what is the difference between a LIFO computation and a FIFO…

A: In a LIFO computation, the most recent inventory purchases are assumed to be sold first, and the…

Q: In a cost-divided income statement, changes in purchased goods (merchandise) must be reported under…

A: Following is the answer to the given question

Q: HOW DO YOU GET THE REMAING TOTAL BALANCE OF INVENTORY COST?

A: The question deals with inventory valuation at LIFO method.  LIFO means Last in First out.  In this…

Q: What impact has a JIT inventory system on operating income?

A: JIT or just-in-time is a stock administration technique in which material, labor and products (to be…

Q: What does the cost of merchandise inventory includes?

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

Q: What's the difference between the cost to inventory and the cost of goods sold?

A: Cost of inventory refers to the cost of goods purchased. It is those costs which includes cost of…

Q: How about the cost of inventory held by the consignee

A: Cost of inventory includes purchase cost of inventory, it's conversation cost and any other expenses…

Q: Which inventory cost appears as a Cost of goods sold in an Income statement under FIFO method?

A: “First-In, First-Out” is a method used for cost flow assumption purposes in the cost of goods sold…

Q: 2. When Inventory is sold, how is the cost of goods sold account affected? Briefly explain

A: Inventory is an asset which is recorded in the balance sheet . It is the merchandise owned by the…

Q: How do you use FIFO and LIFO to calculate the cost of inventory?

A: Lets understand the meaning of LIFO and FIFO method. In First In First Out (FIFO) method company…

Q: Explain an example how to calculate net cost of inventory.

A: Net Cost of Inventory indicates the actual cost of inventory purchased. Net cost of inventory is…

Q: the lower cost or market is a method of inventory valuation true or false?

A: Inventory valuation is the accounting process in which the monetary value assigned to the unsold…

Q: Explain what is meant by the cost rule or net realizable value, whichever is less, and how it is…

A: As per IAS -02 inventory should be measured on cost or Net realizable value whichever is lower.…

Q: What are some inventory ordering costs? As defined here, are thesecosts fixed or variable?

A: Inventory ordering cost can be define as the cost that is incurred by the firm during order…

Q: How is the net cost of inventory calculated?

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

Q: What is the measurement value of inventory? Select one: a. Expected Value b. Fair Value c.…

A: Inventory are the goods which the businesses held for the sale.