Compute the cost of the ending inventory and the cost of goods sold under FIFO LIFO • average-cost method.

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: Identify the costs of merchandise inventory.

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

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: How to determine the inventory cost using the fifo and lifo

A: Inventory cost is the cost to incur handling charges,maintaining cost and storage cost with…

Q: The cost flow method that often parallels the actual physical flow of merchandise is the OLIFO…

A: 1. LIFO method: LIFO assumes that the last items purchased are the first ones sold, which may not…

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: Determine ending inventory using the dollar-value LIFO inventory method.

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

Q: Briefly explain the usefulness of the inventory figure resulting from the application of lower of…

A: Net Realizable Value(NRV) refers to the inventory value which a business entity can realize from…

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: 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: 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: 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: I need number 3.  Determine the cost assigned to ending inventory and to cost of goods sold using…

A: In this Numerical has Covered the Concept Inventory Valuation Through FIFO method.  1.FIFO:- As The…

Q: Explain the inventory cost flow assumption: FIFO, LIFO, weighted average. Provide examples.

A: The company will purchase the inventory, and it will be sold more than its cost to earn revenue for…

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: 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: What is the purpose of disclosing the difference between the reported LIFO inventory amounts and…

A: Perpetual and periodic inventory system: In merchandise business, there are two types of inventory…

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: Define the term inventory costs.

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Calculate the value of ending inventory and cost of goods sold

A: value of Inventory can be found out using 3 methods FIFO LIFO Weighted Average

Q: Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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.