The following are 3 Inventory Cost Determination Methods: 1. Specific Identification 2. FIFO 3. Weighted Average  Below is a list of different types of companies and their main inventory item. Indicate the inventory cost determination method that the company would most likely use. a. Grocery Store (Food) b. Car Dealership (automobiles) c. Clothing Store (Clothing) d. Car Dealership (Parts) e. Gas Station (Fuel) f. Jewellery Store (Custom-made Jewellery) g. Consignment Clothing Store (Clothing)   Please explain for each answer chosen.

Q: QUESTION 3 Which of the following financial statement line items would be found on a manufacturer's…

A: Answer with proper explanation of above question are as follows

Q: question is on the worksheet.

A: Last-in-Last-Out (LIFO): In Last-in-First-Out method, the costs of last purchased items are…

Q: states significant items must conform to GAAP 6-17 Comparing inventory methods Express Lane, a…

A: Ending inventory: It is the amount of inventory that remains at the end of accounting period.

Q: Below is information related to various accounts for a Merchandising Company. Use the information…

A: We know that the Profit and loss account of the business shows the net income earned  by the company…

Q: What additional accounts would you expect to find in a manufacturing firm and how do they relate to…

A: 1) Purchase return account= It denotes the return of purchases made during the year. Relation to…

Q: Novak Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $9 per unit.…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: Explain the two methods of inventory tracking: inventory turnover ratio and number of days' sales in…

A:

Q: Task description: Explain considerations for businesses while developing and selecting their…

A: First-in-first out(FIFO): As the name suggests that the oldest inventory or purchases will be sold…

Q: Using the average-cost method, calculate the cost of ending inventory and cost of goods sold for…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Retail Inventory Method Harmes Company is a dothing store that uses the retail inventory method. The…

A: Cost Price   Retail Price    $   $  Beginning Inventory (January 1)   29,900     40,200…

Q: A home improvement store, like Lowe’s, carries the following items:Required:1. Compute the total…

A: Inventory valuation refers to monetary amounts that related with the merchandise in the stock toward…

Q: 1-Which of the following will be classified under inventory? a. Raw Materials b. All the above c.…

A: Gross profit margin = [(REVENUE - COGS) /REVENUE] *100

Q: How do you complete Inventory  by three methods,  cost of merchandise  sold

A: Inventory valuation is a method of finding the actual cost of the goods left unsold at the end of a…

Q: alculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…

A: LIFO Method is a method used for valuing Inventory and Cost of Goods sold. The LIFO method assumes…

Q: Perpetual versus Periodic Inventory Systems Graham Company is trying to select an inventory system.…

A: Periodic and Perpetual inventory systems are two important systems of cost accounting that are used…

Q: Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what…

A: Under LIFO, inventory is valued at the initial prices and cost of goods sold is recorded at the…

Q: See the picture for other details. choose the letter of answer Using perpetual inventory system…

A: Perpetual inventory system is an inventory system in which all sales and purchases are recorded on…

Q: a. What value should be assigned to the ending inventory using FIFO? b. What value should be…

A: FIFO method: Under this method of inventory valuation, it is assumed that item of inventory…

Q: Presented below is information related to Indigo Company. (a) Compute the ending inventory at…

A: Ending inventory is the amount of inventory that an entity has in hand at the end of the period. It…

Q: Cars, appliances, and fine jewelry would all typically use which of the following inventory methods?…

A: The question is related to Pricing of the inventory. As Cars, appliances, and fine jewelry all are…

Q: Amex Stores should include which of the following items in its inventory at the statement of…

A: solution concept we should always consider the following points while valuing the inventory goods…

Q: 6 7 8 9 10 11 12 13 Date Jan 1 Jan 3 Jan 6 Jan 15 Jan 22 DATA Description Inventory on hand Purchase…

A: Number of units purchased = 9000 + 13000 = 22000Number of units sold = 8500 + 12000 = 20500Ending…

Q: Below is a series of cost of goods sold sections for companies B. M. O, and S. Fill in the lettered…

A: The cost of the goods sold is also referred to as COGS, it is the cost of manufacturing or producing…

Q: Cruz Company uses LIFO for inventory costing and reports the following financial data. It also…

A: Ratio analysis is quantitive method of getting inside review of an organisation. It helps in…

Q: Frame First Frame Shop wants to know the effect of different inventory costing methods on its…

A: LIFO Method :— It is one of the method of inventory valuation in which latest purchase inventory is…

Q: Required information [The following information applies to the questions displayed below.] Laker…

A: Method of Valuation of Inventory,  Three are mainly three method which are been followed to value…

Q: Assume that AB Tire Store completed the following perpetual inventory transactions for a line of…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: When inventory is sold, the cost of the inventory is removed from the Inventory account and reported…

A: COST OF GOODS SOLDCost of Goods Sold States the Amount of Cost Included in the Total Number of Units…

Q: Two categories of expenses for merchandising companies are

A: Option d

Q: Calculate the goods available for sale for Atlantis Company, in units and in dollar amounts, given…

A: Goods available for sale in units = Beginning inventory + Total purchases Goods available for sale…

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.

Q: How is this ratio calculated? What does the ratio show? Using the data below (Sunn Corporation) ,…

A: The inventory turnover ratio expresses the relationship between the average cost of goods sold…

Q: discuss which inventory valuation methods would most likely be used by the following businesses and…

A: Inventory valuation means identifying the stock in an organisation and finding its financial value…

Q: Data Ending inventory Website maintenance Revenues Freight-in Import duties Marketing expenses…

A: Goods Sold is the cost incurred to selling the goods to the customer. This cost is recorded on the…

Q: On the basis of the following data, what is the value of the total inventory at the lower of cost or…

A: Calculation of Value Of Total Inventory  Item    Product C   Product D   Total    Inventory Qty…

Q: 15 20 28 otals More info Aug. 1 Aug. 3 Aug. 12 Aug. 15 Beginning merchandise inventory, 10 books @…

A: Lets understand the basics. There are different inventory systems are followed by the entities which…

Q: Multiple Select Question Select all that apply Which of the costs below would be included in the…

A: Accounting standard says that inventory should be valued at  cost or market which every is…

Q: Using the following accounts, classify each of them as part of cost of sales (COS), selling expense…

A: Cost of sales means total cost of goods that are being sold to the customers. It includes total…

Q: goods sold mtory of goods sold ssets (using LIFO) ssets (using FIFO) iabilities 870 360 825 350 420…

A: Days Sale in inventory is the number of days to sell inventory.

Q: Take me to the text a) Fill in the missing numbers in the inventory schedule using the…

A: a)   Calculation of missing figures using the weighted average cost method:   Ending results are as…

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.