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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 63E: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records...
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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 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:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdbdb86e7-2439-4325-bb40-5e8ba1128b94%2Fb00a8561-1221-4a66-a370-4acb825e1fa0%2F84jb8yp_processed.jpeg&w=3840&q=75)
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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