Th e carrying value of inventories refl ects: B . their current value.

Q: Under the dollar-value LIFO method, increases and decreases in an inventory pool are determined and…

A: Lets understand the basics. In dollar value LIFO method, inflation adjustment is considered to…

Q: what is the effect of purchase supples on accout on current ratio?

A: Current ratio is the one that shows the current assets as numerator and current liabilities…

Q: What is a LIFO inventory pool?

A: Definition: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So,…

Q: In the financial accounting for inventory, what is a cost flow assumption?

A: Accounting for inventories is a subset of accounting that deals with the value of inventoried assets…

Q: QUESTION 1 Merchandise inventory is classified on the balanc a. long-term asset b. current liability…

A: In business there is need of inventory without maintaining sufficient inventory business can not be…

Q: What is inventory turnover Ratio? Explain its significance.

A: Explain the meaning of inventory turnover ratio and its significance:Inventory turnover ratio:…

Q: what is FIFO inventory method?

A: FIFO inventory method is one of the methods of calculation of value of ending Inventory and cost of…

Q: Merchandise inventory is classified on the balance sheet as a a. current liability b. current…

A: Assets can be classified as current asset and long-term assets. Liabilities can be classified as…

Q: What is inventory turnover ratio?

A: Inventory:   It can be described as a good or material that a company holds for the purpose of…

Q: Which of the following is an off -balance-sheet fi nancing technique? Th e use ofA . capital…

A: An off-balance sheet financing technique Under which an entity does the recording of assets as well…

Q: Th e carrying value of inventories refl ects: C . the lower of historical cost or net realizable…

A: In accordance to International Accounting Standard (IAS) 2 issued by the antecedent International…

Q: Define inventory shrinkage.

A:

Q: Suppose Fine Chocolates Co. estimates bad debt under the aging method. Before adjusting entries at…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What is inventory conversion period?

A: Conversion period refers to the length of period at which one asset is converted into another form.…

Q: Average collection period. Inventory turnover Fixed asset turnover.

A: Average collection period - This metric is used to represent the average number of days between the…

Q: Costs to be capitalized in the inventory account include which of the following?   a. Cost of the…

A: Introduction:-. Inventory account shown on the balance sheet under current assets section.…

Q: How is the desired closing inventory calculated

A: A production budget is a kind of budget that shows the total number of products that must be…

Q: HOW DO YOU GET THE REMAING TOTAL BALANCE OF INVENTORY COST?

A: The question deals with inventory valuation at LIFO method.  LIFO means Last in First out.  In this…

Q: schedule of COGS, Net purchase, and Net sale

A:

Q: 54. To calculate a beginning or ending inventory ($ amount): The appropriate Inventory quantity x…

A: Truethe formula provided is correct for calculating the value of inventory. Multiply the quantity of…

Q: Explain the inventory cost flow assumption: FIFO, LIFO, weighted average. Provide examples.

A: The company will purchase the inventory, and it will be sold more than its cost to earn revenue for…

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the…

A: Inventory: Inventory refers to the raw materials, work-in progress, and the finished goods products…

Q: Which are the three types of inventory cost reflected in the balance sheet?

A: Value of Inventory that shows under the asset side of the balance sheet comprises of several…

Q: Explain an example how to calculate net cost of inventory.

A: Net Cost of Inventory indicates the actual cost of inventory purchased. Net cost of inventory is…

Q: Who bears the freight when the terms of sale are (a) FOB shipping point, (b) FOB destination?

A: (a)If the sale is made with the terms FOB shipping point, the goods' ownership is transferred at the…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.