Compute for the cost of ending inventory and cost of goods sold using: a. FIFO - periodic b. Weighted average c. Moving average

Q: Weighted average cost per unit = per unit. Cost Cost of Goods Allocation Cost of Goods Sold Ending…

A: Sales = (50 units x $120) + (25 units x $125) = $6000 + $3125 = $9125 Cost of Goods Available = (100…

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: FIFO or LIFO

A: Inventory is the current assets reported under the head current assets in the balance sheet of the…

Q: How do you measure gross margin return on inventory(GMROI)?

A: GMROI is a measure of inventory profitability where, it measures how much profit does the sales…

Q: Identify that if prices are rising, which inventory cost flow method will produce the highest amount…

A: solution Identify that if prices are rising, which inventory cost flow method will produce the…

Q: Which inventory costing method produces a more accurate income statement – FIFO or LIFO? ___________…

A: Lets understand the basics. There are various inventory methods are followed for calculating ending…

Q: Effect of Cost Changes Complete the following table by indicating whether FIFO or LIFO results in…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Q: Inventory turnover is computed by dividing cost of goods sold by O 2x (ending inventory + beginning…

A:

Q: Rank the following inventory methods in terms of their record-keeping cost.  For answer choices, the…

A: LIFO stands for the last in first out, it is a method of valuing the inventory which the company is…

Q: The inventory costing method that matches each unit of inventory with its actual cost is referred to…

A: There are many methods to calculate the inventory like FIFO and LIFO method, average cost method,…

Q: Which of the following inventory cost flow assumptions produces the same ending inventory values…

A: Periodic inventory system is a system where inventory records are updated on a periodic basis but in…

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: Which of the following inventory cost flow assumptions produces the same ending inventory values…

A: Periodic Inventory System : In periodic inventory system ending balance of inventory will be updated…

Q: Required: 1. Compute cost of goods sold for each of the two items separately using the FIFO and LIFO…

A: Introduction: FIFO stands for First In First out. Under this standard inventory method, oldest…

Q: How do calculate the Cost of Goods Sold without the beginning inventory nor the ending inventory??

A: Cost of goods sold is the total costs incurred on those units of goods or products which are sold by…

Q: Calculate cost of goods sold using: 1) FIFO 2) Weighted-average cost || 3) LIFO

A: FIFO Method:

Q: Define total inventory costs (TIC)

A: The formula to compute total inventory cost as follows:

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: 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: s the cost of goods sold from the income statement part include the cost of goods in inventory?

A: Cost of Goods Sold=Beginning Inventory+Purchases for the period-Ending Inventory

Q: PA3. 10.2 Trini Company had the following transactions for the month. Number of Units Cost per Unit…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: The inventory costinf method that best matches current costs with the current revenues is the 1)…

A: The objective of the question is to identify the inventory costing method that best matches current…

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…

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.