For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.) LIFO FIFO Moving-average 4852 $ 4590 SA $ 2748 $ 3090 Cost of goods sold 4852 $ Ending inventory $ 2828 Gross profit $ 2746 GA $ 2746 $ 3008

Q: Using the lower of cost or market, what should the total inventory value be for the following items:…

A: Item A cost=Quantity×Cost per unit=186×$6=$1,116

Q: complete the following table which compares the effects of LIFO,  FIFO and weighted-average…

A: Inventory valuation in costing is done using mainly three methods namely FIFO, LIFO and weighted…

Q: Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory…

A:

Q: Determine the unit value that should be used for inventory costing following…

A: Inventory is valued using lower cost or market value. market value  is determined by a lower of…

Q: Calculate the gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and…

A: Sales = OMR 20000 Cost of goods sold = OMR 8000 Return inwards = OMR 6000 Net sales = Sales-Return…

Q: . How much is the ending inventory in terms of quantity?   a. 621  c. 695  b. 471  d. 74    2. How…

A: FIFO Method :— Under this method, beginning inventory and old purchases is used for output or sales…

Q: You have the following information for Novak Corp. for the month ended October 31, 2022. Novak Corp.…

A: Under the LIFO method, the newest products in inventory have been sold first.Under the FIFO method,…

Q: An item originally cost S$20 and its current replacement cost is $13. Its NRV is $18 and the normal…

A: Inventory is valued at Lower of cost or market value NRV= Net selling price - Cost to complete the…

Q: For each of the following independent cases A to D, compute the missing values: Note: Enter all…

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…

Q: Lower-of-Cost-or-Market Inventory On the basis of the following data: Inventory Quantity 40 37 35…

A: The lower cost or market method is considered an accounting principle that states that inventory…

Q: 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your…

A: Detailed Gross Profit Calculation for Each Costing MethodFIFO:• Sales: 1420 units x $85 = $120,700•…

Q: Carla Vista Company uses a periodic inventory system. Its records show the followin April 30: April…

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

Q: Using the lower of cost or market, what should the total inventory value be for the following items:…

A: inventory management is considered to be an important part for business. The inventory in accounting…

Q: Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) September…

A: Mainly ending inventory can be valued in three method  namely FIFO, Weighted average cost and LIFO…

Q: If the beginning finished goods inventory (in units) is more than the desired finished goods ending…

A: Total production required is calculated as sum of forecasted unit sales and planned finished goods…

Q: Marin Company sells discounted shoes to the fashion-oriented consumer. The following schedule…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. The gross margin…

Q: If the cost of goods available for sale equals $101,757, calculate the cost of goods sold using the…

A: Step 1: The actual formula for cost of goods sold is The formula for calculating COGS is:…

Q: Given the following:   Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A: Finished goods inventory: These inventories are completely ready for sale after the completion of…

Q: Required 1. Compute cost of goods available for sale and the number of units available for sale. 2.…

A:

Q: Note that this was everything given for this particular item.   Use the information below to figure…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: god using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and…

A: The cost of goods sold involves all costs involved in the production of goods that are sold. The…

Q: 1. Jammy Company developed the following information about its inventories in applying lower of cost…

A: The lower cost or market method is related to inventory valuation. The inventory is recognized in…

Q: Distinguish between gross profit as a percentage of cost and gross profit as a percentage of sales…

A: Gross profit calculated as a percentage of costs is calculated as gross profit divided by the cost…

Q: Given the following: Number Cost purchased per unit Total January 1 inventory April 1 35 $ 3 $ 105…

A: Under FIFO method i.e First in First Out method, the inventory which is purchased first will be sold…

Q: Lower-of-Cost-or-Market Method On the basis of the data shown below: Item Inventory Quantity…

A: According to IAS-2 “Valuation of inventory”, inventories are valued at lower of cost or net…

Q: Calculate gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and…

A: given Sales of OMR 20000, Cost of goods sold OMR 8000 and Return inwards OMR 4000.

Q: ending inventory and the cost of goods sold for FIFO

A: Under FIFO method of inventory valuation, it is assumed that inventories purchased first are sold…

Q: Multiple Choice. Weighted average. LIFO, FIFO, and the weighted-average inventory cost flow methods…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. The…

Q: Compute cost of goods sold, assuming Kingbird uses: (Round average cost per unit to 4 decimal…

A: Cost of Goods sold -               (a) Periodic System , Fifo Cost flow  $226,000.00       (b)…

Q: Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had…

A: Cost of goods available for sale means for for how much cost of goods can be sold in the particular…

Q: Steven & Company uses a perpetual inventory system. The following information is available for…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that the…

Q: Calculate gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return…

A: Gross profit is the profit a company makes after deducting the costs associated with making and…

Q: Lower-of-Cost-or-Market Method On the basis of the data shown below:   Item InventoryQuantity…

A: If the value of the inventory falls below its original cost before a company can sell it, companies…

Q: Number of units produced and sold Sales Selling Price per unit Variable Selling Expense per unit…

A: Cost of Goods sold :— It is the total cost of units sold during the period.    Cost of Goods Sold =…

Q: Cost of Goods Sold (FIFO): Units Unit Cost

A: UnitsUnit costTotal 01-Apr            29 $     9.00 $       26112-Apr            39 $   12.00 $…

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory   30     $ 5     $…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…

Q: Cost 500,000.00 1,285,000.00

A: The average cost method is given as,

Q: Calculate the Lower-of-Cost-or-Market using the table below for Samson Goods, Inc. springs…

A: It has been given in the question regarding the normal profit as well as the net realizable value as…

Q: Using the LIFO​ method, calculate the cost of ending inventory and cost of goods sold for Cambell…

A: The question is based on the Concept of Cost Accounting.