ethod to use or are there other determinants that are more important in your opinion? Provide details explaining your opinion

Q: Determine which of the following statements are correct regarding the difference between physical…

A: The physical flow, the physical movement of goods and services. Physical flow means flows of…

Q: Under what circumstances is the relative sales value an appropriate basis for determining the price…

A:

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: Under what circumstances would a company need to estimate its inventory? What are the differences…

A: The worth of the items in your inventory at the time of your most recent physical count is the…

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: 1.What are the three primary inventory cost flow assumptions? 2. How is cost of goods sold…

A: Since you have posted multiple questions, we will do the first one for you. To get the other…

Q: After companies apply one of the four costing methods, Inventory is reviewed to ensure it is…

A: The cost of inventory is the amount spent to acquire or produce it, including expenses such as…

Q: Given that the data analyses in the question involving Spencer’s cost of goods sold, the accountants…

A: Given that the data analyses in the question involving Spencer’s cost of goods sold, the accountants…

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: I need help determining the cost assigned to inventory and the cost of goods sold using FIFO. Some…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: Planning and regulating inventory use and their associated expenses is the focus of a substantial…

A: When a wholesaler or trader buys items from manufacturers or wholesalers and resells them, this is…

Q: Why would a company choose to use an inventory costing method that estimates the cost of the goods…

A: In this question, we  explain that why would a company choose to use an inventory costing method…

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: When inventory is sold, the cost of the inventory is removed from the Inventory account and reported…

A: COST OF GOODS SOLDCost of Goods Sold States the Amount of Cost Included in the Total Number of Units…

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: comparing the accounts of a merchandising company with those of a service company, what additional…

A: Merchandise company sales goods to customers while service company provide services to customer and…

Q: Explain how the inventory valuation method (LIFO or FIFO) chosen by a company affects the cost of…

A: Inventory management refers to the valuation of inventory in three ways FIFO, LIFO and weighted…

Q: When creating financial statements, why is it essential to create the income statement before the…

A: An income statement summarizes a company's revenues and expenses over a specific period, showing its…

Q: What are expenses like sales salaries expense, advertising expense, etc. called that are incurred…

A: Under the functional expense classification expenses are aggregated and reported by activities for…