3. Inventory in each process can be accounted for using first-in first-out (FIFO) or weighted average costing methods. Why would a company choose to use FIFO costing? Why would a company choose to use weighted average costing?

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: 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 these occur when the costs of goods sold exceeds the costs of goods manufactured? Group of…

A: The question is asking about the impact on inventory when the cost of goods sold (COGS) is greater…

Q: Inventory costing method that treats all mfg cost, direct and indirect, FC or VC, as inventoriable…

A: The treatment relating to direct and indirect costs varies for different costing methods.

Q: Question 3 What is the difference between the way product and period costs are accounted for? O…

A:

Q: The inventory valuation method that has the advantages of assigning an amount to inventory on the…

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

Q: A cost management system provides ________. A) measures of inventory value and cost of goods sold…

A: Management accounting refers to the provision of the financial as well as non- financial decision…

Q: Which of the following is an advantage of the periodic inventory system?A. frequent physical…

A: When a physical inventory count is performed, a periodic inventory system just updates the ending…

Q: Refer to Supply Chain systems. What is the oplonich invonton?

A: Supply Chain System: A supply chain is a system of organizations, people, activities, information,…

Q: Period costs under absorption costing are Select one: O a. Cost of inventory O b. Fixed and variable…

A: The income statement of the company will include all the revenues, and expenses of the company. The…

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: Give examples of costs included in annual carrying costs of inventory when using the EOQ decision…

A:

Q: In a period of rising costs, which inventory valuation method would a company likely choose if they…

A: The objective of the question is to identify the inventory valuation method that would result in the…

Q: In lean accounting, which of the following is considered a combined account? a. Indirect Labor b.…

A: The term Lean accounting describes the financial reporting practices used by a company that embraces…

Q: Discuss the effect of absorption and marginal costing on inventory valuation and profit…

A: Absorption costing also written as full costing. Under this method, all costs are considered in…

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: Assuming that the price the company pays for inventory is increasing, which method will:

A: The appropriate answer is shown below

Q: Whispering Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on…

A: Inventory refers to the stock of goods, raw materials, work- in- progress, or finished products…

Q: There are numerous inventory costing methods including FIFO, LIFO, and Weighted Average methods.…

A: Ans. There are 3 methods to value inventory and these are FIFO, LIFO and weighted average. Different…

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: when goods are sold their costs are transferred to finished goods inventory. True or False?

A: The inventory accounts are classified as Work in process, finished goods inventory, raw materials.…

Q: Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 82,600…

A: Variable costs are costs that varies with the change in the level of output whereas fixed costs are…

Q: Multiple Choice. Weighted average. LIFO, FIFO, and the weighted-average inventory cost flow methods…

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

Q: TRUE OR FALSE Generally accepted accounting principles (GAAP) requires that absorption costing be…

A: Under absorption costing, the fixed costs are included on the basis of number of units sold. Under…

Q: Discuss the effect of absorption and marginal costing on inventory valuation and profit…

A: Lets understand the basics. Generally one of the two costing methods are followed by entities to…

Q: The cost of inventory owned by a company is considered a : opportunity cost, sunk cost, or economic…

A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…

Q: When inventory items are highly specialized, the best inventory costing method is ________.A.…

A: Inventory is one of the important current asset for the business. Management and valuation of…

Q: ame three different methe nd costing out inventory.

A: Inventory costing, often known as inventory cost accounting, allows businesses to assign costs to…

Q: What does the EOQ decision model help managers do? 2- Why are companies using just-in-time…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Cost accounting systems used by manufacturing companies are based on the: OA. LIFO inventory system.…

A: A cost accounting system is the system companies use to compute the cost related to the goods sold…

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: ccount is credted to adust tor underalocated overhead conts. The Under process costing the pepet…

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

Q: Select one: A. Economic Order Quantity (EOQ) B. Safety stock C. Order point D. None of the a

A: Ordering cost is cost incurred when an order is created and processed. Carrying cost is the cost of…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.