Name and describe the types of cost flow methods.

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Answer 1

Question

Chapter 5, Problem 1Q

To determine

Name and describe the types of cost flow methods.

Expert Solution & Answer

Answer to Problem 1Q

Name the four inventory costing methods as follows:

Specific identification method.
First-in-First-Out (FIFO).
Last-In, First-Out (LIFO).
Average cost method.

Explanation of Solution

Describe the four inventory costing methods as follows.

1. Specific identification method (SI): Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.
2. First-in-First-Out (FIFO): In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.
3. Last-In, First-Out (LIFO): In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.
4. Weighted-average cost method (WA): In Weighted-average method, the cost of inventory is priced at the average rate of the goods available for sale.

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Oriole Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $54,600 cash to C. Bohr on a 12-month, 8% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $1,800, 90-day, 7% note. Received a $14,400, 180-day, 6% note to settle an open account from A. Murdock. 16 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Oriole Co. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.) Date Account…

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Answer 2

Question

Chapter 5, Problem 1Q

To determine

Name and describe the types of cost flow methods.

Expert Solution & Answer

Answer to Problem 1Q

Name the four inventory costing methods as follows:

Specific identification method.
First-in-First-Out (FIFO).
Last-In, First-Out (LIFO).
Average cost method.

Explanation of Solution

Describe the four inventory costing methods as follows.

1. Specific identification method (SI): Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.
2. First-in-First-Out (FIFO): In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.
3. Last-In, First-Out (LIFO): In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.
4. Weighted-average cost method (WA): In Weighted-average method, the cost of inventory is priced at the average rate of the goods available for sale.

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Answer 3

Question

Chapter 5, Problem 1Q

To determine

Name and describe the types of cost flow methods.

Expert Solution & Answer

Answer to Problem 1Q

Name the four inventory costing methods as follows:

Specific identification method.
First-in-First-Out (FIFO).
Last-In, First-Out (LIFO).
Average cost method.

Explanation of Solution

Describe the four inventory costing methods as follows.

1. Specific identification method (SI): Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.
2. First-in-First-Out (FIFO): In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.
3. Last-In, First-Out (LIFO): In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.
4. Weighted-average cost method (WA): In Weighted-average method, the cost of inventory is priced at the average rate of the goods available for sale.

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Answer 4

Question

Chapter 5, Problem 1Q

To determine

Name and describe the types of cost flow methods.

Expert Solution & Answer

Answer to Problem 1Q

Name the four inventory costing methods as follows:

Specific identification method.
First-in-First-Out (FIFO).
Last-In, First-Out (LIFO).
Average cost method.

Explanation of Solution

Describe the four inventory costing methods as follows.

1. Specific identification method (SI): Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.
2. First-in-First-Out (FIFO): In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.
3. Last-In, First-Out (LIFO): In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.
4. Weighted-average cost method (WA): In Weighted-average method, the cost of inventory is priced at the average rate of the goods available for sale.

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Answer 5

Chapter 5, Problem 1Q

To determine

Name and describe the types of cost flow methods.

Expert Solution & Answer

Answer to Problem 1Q

Name the four inventory costing methods as follows:

Specific identification method.
First-in-First-Out (FIFO).
Last-In, First-Out (LIFO).
Average cost method.

Explanation of Solution

Describe the four inventory costing methods as follows.

1. Specific identification method (SI): Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.
2. First-in-First-Out (FIFO): In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.
3. Last-In, First-Out (LIFO): In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.
4. Weighted-average cost method (WA): In Weighted-average method, the cost of inventory is priced at the average rate of the goods available for sale.

Answer 6

Chapter 5, Problem 1Q

To determine

Name and describe the types of cost flow methods.

Expert Solution & Answer

Answer to Problem 1Q

Name the four inventory costing methods as follows:

Specific identification method.
First-in-First-Out (FIFO).
Last-In, First-Out (LIFO).
Average cost method.

Explanation of Solution

Describe the four inventory costing methods as follows.

1. Specific identification method (SI): Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.
2. First-in-First-Out (FIFO): In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.
3. Last-In, First-Out (LIFO): In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.
4. Weighted-average cost method (WA): In Weighted-average method, the cost of inventory is priced at the average rate of the goods available for sale.

Answer 7

Chapter 5, Problem 1Q

To determine

Name and describe the types of cost flow methods.

Answer 8

Expert Solution & Answer

Answer to Problem 1Q

Name the four inventory costing methods as follows:

Specific identification method.
First-in-First-Out (FIFO).
Last-In, First-Out (LIFO).
Average cost method.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Describe the four inventory costing methods as follows.

1. Specific identification method (SI): Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.
2. First-in-First-Out (FIFO): In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.
3. Last-In, First-Out (LIFO): In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.
4. Weighted-average cost method (WA): In Weighted-average method, the cost of inventory is priced at the average rate of the goods available for sale.

Answer 12

Ch. 5 - Prob. 1Q Ch. 5 - Prob. 2Q Ch. 5 - Prob. 3Q Ch. 5 - Prob. 4Q Ch. 5 - Prob. 5Q Ch. 5 - Prob. 6Q Ch. 5 - Prob. 7Q Ch. 5 - Prob. 8Q Ch. 5 - Prob. 9Q Ch. 5 - Prob. 10Q

Name and describe the types of cost flow methods.

Name and describe the types of cost flow methods.

Answer to Problem 1Q

Explanation of Solution

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Chapter 5 Solutions