Flounder Corp. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 Explanation Units Unit Cost Inventory Purchases Purchases 100 385 200 $5 6 7 Total Cost $500 2,310 1,400

Q: Which of the following methods for valuing inventory would most likely be used for standardized…

A: Weighted average cost flow method: Under the average cost method, the company calculates a new…

Q: The Quick Ratio is often use in conjuction with the current ratio because A It is easier to…

A: In finance we use different financial ratios to determine the financial health and position of a…

Q: Can you help me undetstand Periodic Inventory by Three method, any simple example will do?

A: Answer: As per periodic inventory method of inventory system inventory is being counted at the end…

Q: what would i tell dr green an lucy to use an the periodic inventory

A: Inventory system of book keeping means where proper books of account relating to inventory has been…

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: Suppose I have two items in my inventory and I use FIFO to value it. I start to buy a new item and…

A: FIFO is also written as first in first out and LIFO is also written as last in first out. These are…

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: How do we record and report inventory shrinkage? Which accounts are affected?

A: Inventory shrinkage refers to the loss of inventory that occurs due to theft, damage, spoilage, or…

Q: i need the answer quickly

A: Lower of cost or market method of inventory valuationUsing the Lower of cost or market method of…

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 Habib Company did not include in their inventory count inventory that was sold to a customer…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: What is the varable cost for A? $0.10

A: Variable cost is the cost that changes with the change in production levels. It is directly…

Q: Lower of cost or market is an attribute used for the:   a. initial measurement of accounts…

A: Lets understand the basicsas per IAS 2 "Inventory" inventory should initially be recorded at cost.…

Q: 11. What is the effect on cost of goods sold, gross profit, and net income if ending mer- chandise…

A: Error in inventory recording can be cancelled or we can say nullified within two consecutive…

Q: xplain the difference between perpetual inventory system and periodic inventory system

A: Companies and organizations can record their inventories using any of the two inventory system -…

Q: Do you agree with the following statements? Express your opinion on each statement. An inventory…

A: 1) This statement is correct  This can be explain with the help of example: Suppose closing stock is…

Q: Discuss how a change to the LIFO method of inventory valuation is handled when it is impracticable…

A:

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: t is possible to calculate shrinkage Multiple Choice   a)in Periodic Inventory Accounting but not…

A: Inventory shrinkage is the additional amount of inventory in the accounting records in comparison to…

Q: From the information shown for possible location of campgrounds and lodging at a national park,…

A: It is a case of comparing different alternatives, based on their benefit-cost ratios. So incremental…

Q: Which of the following methods for valuing inventory would most likely be used for standardized…

A: The corporation dealing with physical goods requires to maintain inventory stock and accounts the…

Q: s) Which of the following is NOT a benefit of the Specific Identification method of tracking…

A: The specific identification method represents that the inventory is valued and tracked on an…

Q: Describe the effects of misstatement of ending inventory.

A:

Q: Kirstin Zaldays, CFA, is researching the relative valuation of two companies in the…

A: In this question, we are required to determine EV/EBITDA for both LTM and RTX.

Q: I'm having trouble finding the opening direct material inventory on the cost of goods sold (the very…

A: Cost of good sold measures the direct cost which is incurred of production of any goods and services…

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.