Inventory costing methods : The costing method that is used to record the cost of goods sold and ending inventory in the financial statements are referred to as inventory costing methods. Average cost method : Inventory costing method assumes average cost of all the units is referred to as average method. First-in-first-out (FIFO) : First-in-first-out implies that inventory is bought first is used or transferred out first. To Journalize: Adjusting entry of Industry A for December 2016.

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Answer 1

Question

Chapter 20, Problem 20.2BE

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements are referred to as inventory costing methods.

Average cost method: Inventory costing method assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): First-in-first-out implies that inventory is bought first is used or transferred out first.

To Journalize: Adjusting entry of Industry A for December 2016.

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Answer 2

Question

Chapter 20, Problem 20.2BE

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements are referred to as inventory costing methods.

Average cost method: Inventory costing method assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): First-in-first-out implies that inventory is bought first is used or transferred out first.

To Journalize: Adjusting entry of Industry A for December 2016.

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Answer 3

Question

Chapter 20, Problem 20.2BE

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements are referred to as inventory costing methods.

Average cost method: Inventory costing method assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): First-in-first-out implies that inventory is bought first is used or transferred out first.

To Journalize: Adjusting entry of Industry A for December 2016.

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Answer 4

Question

Chapter 20, Problem 20.2BE

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements are referred to as inventory costing methods.

Average cost method: Inventory costing method assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): First-in-first-out implies that inventory is bought first is used or transferred out first.

To Journalize: Adjusting entry of Industry A for December 2016.

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Answer 5

Chapter 20, Problem 20.2BE

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements are referred to as inventory costing methods.

Average cost method: Inventory costing method assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): First-in-first-out implies that inventory is bought first is used or transferred out first.

To Journalize: Adjusting entry of Industry A for December 2016.

Answer 6

Chapter 20, Problem 20.2BE

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements are referred to as inventory costing methods.

Average cost method: Inventory costing method assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): First-in-first-out implies that inventory is bought first is used or transferred out first.

To Journalize: Adjusting entry of Industry A for December 2016.

Answer 7

Chapter 20, Problem 20.2BE

To determine

Inventory costing methods: The costing method that is used to record the cost of goods sold and ending inventory in the financial statements are referred to as inventory costing methods.

Average cost method: Inventory costing method assumes average cost of all the units is referred to as average method.

First-in-first-out (FIFO): First-in-first-out implies that inventory is bought first is used or transferred out first.

To Journalize: Adjusting entry of Industry A for December 2016.

Answer 8

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Answer 9

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Answer 10

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Answer 11

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