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Question One : define inventory costing methods and compare between them in term of cost of goods sold, ending inventory and tax

Question One : define inventory costing methods and compare between them in term of cost of goods sold, ending inventory and tax

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Teams .l 5:22 PM © 44% Refreshing document with downloaded fonts. Question One : define inventory costing methods and compare between them in term of cost of goods sold, ending inventory and tax Question Two: what kind of companies use Weighted average , LIFO, and FIFO method Question Three: According to the table below , there are 30 units in the ending inventory Transaction Beginning Inventory Number of Units Unit Cost 20 $2,200 Purchase 25 $2,250 Sold Sold Purchase 10 14 15 $2,300 Sold 26 Purchase 20 $2,350 Required: What is the cost of these units under each of the following assumptions? a. FIFO/Periodic b. FIFO/Perpetual c. LIFO/Periodic d. LIFO/Perpetual e. Average Cost/Periodic f. Average Cost/Perpetual Question Four : Al- Huda company reports inventory using the lower-of-cost-or-market method. Below is information related to its year-end inventory: Inventory Item AB Quantity Cost Market 100 $25 $30 Item BC 50 30 20 Required: Calculate ending inventory under lower-of-cost-or-market and record any necessary adjustment to inventory., Question Five : Acme Company just started business in August and they use the periodic inventory system. They made the following purchases during September:
Transcribed Image Text:Teams .l 5:22 PM © 44% Refreshing document with downloaded fonts. Question One : define inventory costing methods and compare between them in term of cost of goods sold, ending inventory and tax Question Two: what kind of companies use Weighted average , LIFO, and FIFO method Question Three: According to the table below , there are 30 units in the ending inventory Transaction Beginning Inventory Number of Units Unit Cost 20 $2,200 Purchase 25 $2,250 Sold Sold Purchase 10 14 15 $2,300 Sold 26 Purchase 20 $2,350 Required: What is the cost of these units under each of the following assumptions? a. FIFO/Periodic b. FIFO/Perpetual c. LIFO/Periodic d. LIFO/Perpetual e. Average Cost/Periodic f. Average Cost/Perpetual Question Four : Al- Huda company reports inventory using the lower-of-cost-or-market method. Below is information related to its year-end inventory: Inventory Item AB Quantity Cost Market 100 $25 $30 Item BC 50 30 20 Required: Calculate ending inventory under lower-of-cost-or-market and record any necessary adjustment to inventory., Question Five : Acme Company just started business in August and they use the periodic inventory system. They made the following purchases during September:
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