what is the amount allocated to ending inventory on a LIFO basis?

Q: How do you enter an adjusting entry for Inventory?

A: Inventory adjustment Fluctuation in the inventory is a serious issue for a business entity. The…

Q: FIFO or LIFO

A: Inventory is the current assets reported under the head current assets in the balance sheet of the…

Q: Warnerwoods Company uses a periodic inventory for March.

A: Solution : STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD   RECEIPTS COST OF…

Q: Calculate ending inventory under FIFO and LIFO both with workings

A: Formula: Ending inventory = Beginning inventory + Purchases - sales units

Q: Average age of inventory of JFC * STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT OF 3…

A: Average age of inventory is the time taken for inventory to sell of as finished goods. Average age…

Q: The moving average inventory cost flow assumption is applicable to which of the following inventory…

A: Following each inventory purchase, the moving average inventory technique recalculates the average…

Q: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @…

A: Total no. of units available for sale = 150+200+250 = 600 units Total no. of units sold = 300+225 =…

Q: Describe the alternative approaches for recording inventory write-downs.

A: Inventory write-down: As per GAAP (Generally Accepted Accounting Principles), the companies are…

Q: What is an ABC analysis with regard to inventory?

A: ABC analysis: ABC analysis is an inventory classification technique used as a basic arrangement…

Q: Which of the following, if compared to the other methods for valuing inventory, has a material…

A: The products and materials that a company keeps in stock to either resell them or utilize them to…

Q: Under what circumstances would the gross profit method of estimating inventory be used?

A: The gross profit method of estimating inventory is typically used in situations where a company…

Q: compute the number of units in ending inventory

A: Ending inventory represents the units of inventory that is remaining unsold as at a given date.…

Q: whats the inventory tracking for this?

A: Goods which are held for the resale by the business and the business deals with such type of…

Q: Which inventory costing method produces a more accurate income statement – FIFO or LIFO? ___________…

A: Lets understand the basics. There are various inventory methods are followed for calculating ending…

Q: Which inventory system provides a better matching of revenue and expenses - Weighted Average, Moving…

A: Following is the answer to given problem

Q: Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

A: Under LIFO method, Inventory purchased most recently are the first to be sold.

Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…

A: The cost per unit is calculated as total cost divided by number of equivalent units.

Q: When computing ending inventory, what is the difference between a LIFO computation and a FIFO…

A: In a LIFO computation, the most recent inventory purchases are assumed to be sold first, and the…

Q: Determine ending inventory using the dollar-value LIFO inventory method.

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…

A: The total cost is calculated as equivalent units multiplied by cost per equivalent unit.

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: 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: Which inventory method is being used when the natural flow of goods is followed? a.) Specific ID b.)…

A: Inventory Valuation: - This is defined as the valuation wherein the changes between the value of the…

Q: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

A: Lets start with basic understanding. There are two system for inventory valuation which are, (1)…

Q: of goods sold for the FIFO and the LIFO method based on the information

A: FIFO stands for First in first out . It means the inventory which is purchased first will be sold…

Q: What are the four methods used to account for inventory?

A:

Q: How do calculate the Cost of Goods Sold without the beginning inventory nor the ending inventory??

A: Cost of goods sold is the total costs incurred on those units of goods or products which are sold by…

Q: You are provided with the following information for Concord Inc. for the month ended June 30, 2020.…

A: SOLUTION-                                   COST OF GOODS AVAILABLE FOR SALE      DATE…

Q: Which of the following would cause periodic ending inventory to be overstated?

A: Note - the answer has been provided on the basis of information available in question. If any…

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: a Golf Unlimited's putters: Unit Cost Item Quantity Date 24 $ 53 Nov. 1 Balance 20 6. Sale 30 70

A: Introduction: LIFO Method: LIFO stands for Last in First out. Which means last received inventory to…

Q: Daily Custom Company manufactures plastic chairs in its Processing Department. Direct materials are…

A: Under process costing, the cost of inventory, cost of completed units, etc. are calculated by taking…

Q: How do you use FIFO and LIFO to calculate the cost of inventory?

A: Lets understand the meaning of LIFO and FIFO method. In First In First Out (FIFO) method company…

Q: How do I go about finding the ending inventory using the lifo method?

A: In LIFO method, the inventory received last is despatched first and the ending inventory comprises…

Q: inventory?

A: The allowance for outdated inventory account is a reserve that is kept as a contra asset account so…

Q: Gon Incorporated reported its inventory balance on December 31, 2016 at P5,000,000. During the…

A: 1) Purchase and sold in the same year as per the periodic system . No effect should be given 2)…

Q: 4. An examination of the company's December 31, 2020, inventory revealed errors in its inventory…

A: The question is related to error in Stock valuation. If there is understating of closing stock it…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.