Ending inventory using FIFO?

Q: What is the concept of material inventory error?

A: Raw materials inventory: Raw material inventories are the primary materials which are used in the…

Q: What effect does each method used have on the firm’s reportedprofits? On ending inventory levels?

A: Answer: The following is the effect that each method of inventory on firms reported profits:…

Q: Define each of the following terms: d. Reorder point; safety stock

A: Reorder point: The reorder point (ROP) is an inventory level which activates an action to refill…

Q: your own words, what are the primary differences between impact analysis and inventory analysis?

A: The inventory analysis an important part of decision making because it is associated with many…

Q: Which of the following is not an inventory method/cost flow assumption? O a. First-in, first-out O…

A: 5 methods for inventory cost are below: The retail inventory method. The specific identification…

Q: What happen when the inventories increasing or deacresing

A: Inventories form a part of assets of the entity and comprises of stock of raw material, work in…

Q: the different types of purchasing procedures

A: A purchase process is a formal and systematic process of purchasing goods and service by an…

Q: "Market" is defined in the "Lower-of-cost-or-market" rule required to account for FIFO inventory as:…

A: Inventory- Inventory refers to the items which business kept on hand in order to make the money, it…

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: When assessing inventory management policies, is the current ratio or acid-test ratio more…

A: Current Ratio = Current Ratio is Calculated by dividing the current Assets with current liabilties.…

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: Inventory Write-Down The following information for Tuell Company is available: Case 3 4 $5.00 $5.00…

A: Inventory refers to all of the items, goods, commerce, and materials held by a company for the…

Q: Describe costing inventory using weighted average. Address the different treatment, if any, that…

A: Weighted average cost method of inventory valuation is one of the 3 methods of accounting inventory.…

Q: How does Just-In-Time (JIT) system help minimize the inventory investment? Explain.

A: Just-In-Time (JIT) is used for that inventory which is owned by business at reduced amount on…

Q: Why is inventory management especially important for amultinational firm?

A: Inventory Management is significant for Multinational firms. Inventory is generally in the raw…

Q: How did you get the inventory carrying cost please?

A: Lets understand the basics. Economic order quantity is a quantity at which carrying cost and…

Q: . What are some costs associated with high inventories? 3. What is a “supply chain,” and how are…

A: Inventory is defined as the goods and materials which the business holds for the purpose of resale.…

Q: What is inventory shrinkage? What are some of the reasons for inventory shrinkage?

A: Inventory Shrinkage :  As the name suggests, it is considered as shrinking or shortening of…

Q: s using sequer g from those u: ch corting

A: Given: To explain the inventory costing as,

Q: How is the desired closing inventory calculated

A: A production budget is a kind of budget that shows the total number of products that must be…

Q: When using the periodic inventory system, which inventory costing method(s) always produces the same…

A: Under the periodic inventory system. the inventory is counted usually at the end of the period and…

Q: The most common approach to implementing the lower of cost or market rule for inventory valuation is…

A: Inventory means the stock of goods in which the businessmen deals. Inventory is always valued at…

Q: Under which of the following inventory costing methodologies can lower-of-cost-or-market be use

A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Q: Which of the following would cause periodic ending inventory to be overstated?

A: Note - the answer has been provided on the basis of information available in question. If any…

Q: What does a very high inventory turnover ratio signify? Please provide your own example to explain…

A: Inventory turnover ratio is one of the efficiency ratio, which says and calculates how many times…

Q: Question 10 Inventory costing methods are based on assumptions about: Neither flow of costs or…

A: The selection of an inventory method depends on different factors of the organization, such as the…

Q: Describe the effects of misstatement of ending inventory.

A:

Q: Differentiate inventory valuation under variable costing as against absorption costing.

A: Variable costing means that inventory is valued at variable manufacturing cost and fixed cost is…

Q: Why is reduce inventory cost is an advantage of inventory outsourcing?

A: Inventory is defined as the goods as well as materials, which has the business holding for an…

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: What factors contribute to (or cause) inventory shrinkage?

A: Shrinkage: The cost of the difference between the recorded inventory value and physical count of…

Q: The answer is d, ex In a period of rising prices, the inventory method which tends to report the…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

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.