Inventory: Inventory refers to the stock or goods which will be sold in the near future and thus is an asset for the company. It comprises of the raw materials which are yet to be processed, the stock which is still going through the process of production and it also includes completed products that are ready for sale. Thus inventory is the biggest and the important source of income and profit for the business. Periodic Inventory System: In periodic inventory system the changes in the stock items are reported periodically unlike recording as and when purchases or sales take place. Cost of Goods Available for Sale: It basically includes the cost of inventory which is ready for sale within an accounting period. It mainly includes the cost of beginning inventory as well as the stock purchased in that year and the production within that period (if any). Cost of Goods Sold: Cost of goods sold is the total expenses or the cost incurred by the business during the process of manufacturing of goods and is directly related to the production. It generally includes the cost of raw material, labor and other manufacturing support costs. First in First out: In case of First in, first out method, also known as FIFO method, the inventory which was bought first will also be the first one to be taken out. Last in First out: In case of Last in, first out, also known as LIFO method, the inventory which was bought in the last will be taken out first. Weighted Average Cost method: In this method the weighted average cost is evaluated after any purchases have been made and transactions are recorded as when purchase or sales take place. To compute: (1) Cost of goods available for sale and number of units available for sale. (2) Cost of ending inventory and cost of goods sold under the following methods: (a) FIFO (b) LIFO (C) Weighted average Given info, Particulars Number of units Cost per unit ($) Jan 1 6,500 35 Jan 4 11,500 32 May 18 13,400 32 July 9 11,000 29 November 21 7,600 27 Total inventory available 50,000

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Answer 1

Question

Chapter 5, Problem 7PSB

To determine

Inventory:

Inventory refers to the stock or goods which will be sold in the near future and thus is an asset for the company. It comprises of the raw materials which are yet to be processed, the stock which is still going through the process of production and it also includes completed products that are ready for sale. Thus inventory is the biggest and the important source of income and profit for the business.

Periodic Inventory System:

In periodic inventory system the changes in the stock items are reported periodically unlike recording as and when purchases or sales take place.

Cost of Goods Available for Sale:

It basically includes the cost of inventory which is ready for sale within an accounting period. It mainly includes the cost of beginning inventory as well as the stock purchased in that year and the production within that period (if any).

Cost of Goods Sold:

Cost of goods sold is the total expenses or the cost incurred by the business during the process of manufacturing of goods and is directly related to the production. It generally includes the cost of raw material, labor and other manufacturing support costs.

First in First out:

In case of First in, first out method, also known as FIFO method, the inventory which was bought first will also be the first one to be taken out.

Last in First out:

In case of Last in, first out, also known as LIFO method, the inventory which was bought in the last will be taken out first.

Weighted Average Cost method:

In this method the weighted average cost is evaluated after any purchases have been made and transactions are recorded as when purchase or sales take place.

To compute: (1) Cost of goods available for sale and number of units available for sale.
(2) Cost of ending inventory and cost of goods sold under the following methods:
(a) FIFO
(b) LIFO
(C) Weighted average

Given info,

Particulars

Number of units

Cost per unit ($)

Jan 1

6,500

35

Jan 4

11,500

32

May 18

13,400

32

July 9

11,000

29

November 21

7,600

27

Total inventory available

50,000

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The standard factory overhead rate is $10 per direct labor hour ($8 for variable factory overhead and $2 for fixed factory overhead) based on 100% capacity of 30,000 direct labor hours. The standard cost and the actual cost of factory overhead for the production of 5,000 units during May were as follows: Standard: 25,000 hours at $10 $250,000 Actual: Variable factory overhead $202,500 Fixed factory overheard 60,000 What is the amount of the factory overhead volume variance? a. $12,500 favorable b. $10,000 favorable c. $12,500 unfavorable d. $10,000 unfavorable

Please give me true answer this financial accounting question

Using the graph below as a reference, explain why an initial investment of $50,000 leads to a larger future value than investing $1,000 each year for the next 50 years. Also consider when a larger initial investment may not be a viable option, what alternatives are there to grow the value of your investment.

Answer 2

Question

Chapter 5, Problem 7PSB

To determine

Inventory:

Inventory refers to the stock or goods which will be sold in the near future and thus is an asset for the company. It comprises of the raw materials which are yet to be processed, the stock which is still going through the process of production and it also includes completed products that are ready for sale. Thus inventory is the biggest and the important source of income and profit for the business.

Periodic Inventory System:

In periodic inventory system the changes in the stock items are reported periodically unlike recording as and when purchases or sales take place.

Cost of Goods Available for Sale:

It basically includes the cost of inventory which is ready for sale within an accounting period. It mainly includes the cost of beginning inventory as well as the stock purchased in that year and the production within that period (if any).

Cost of Goods Sold:

Cost of goods sold is the total expenses or the cost incurred by the business during the process of manufacturing of goods and is directly related to the production. It generally includes the cost of raw material, labor and other manufacturing support costs.

First in First out:

In case of First in, first out method, also known as FIFO method, the inventory which was bought first will also be the first one to be taken out.

Last in First out:

In case of Last in, first out, also known as LIFO method, the inventory which was bought in the last will be taken out first.

Weighted Average Cost method:

In this method the weighted average cost is evaluated after any purchases have been made and transactions are recorded as when purchase or sales take place.

To compute: (1) Cost of goods available for sale and number of units available for sale.
(2) Cost of ending inventory and cost of goods sold under the following methods:
(a) FIFO
(b) LIFO
(C) Weighted average

Given info,

Particulars

Number of units

Cost per unit ($)

Jan 1

6,500

35

Jan 4

11,500

32

May 18

13,400

32

July 9

11,000

29

November 21

7,600

27

Total inventory available

50,000

Expert Solution & Answer

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Answer 3

Question

Chapter 5, Problem 7PSB

To determine

Inventory:

Inventory refers to the stock or goods which will be sold in the near future and thus is an asset for the company. It comprises of the raw materials which are yet to be processed, the stock which is still going through the process of production and it also includes completed products that are ready for sale. Thus inventory is the biggest and the important source of income and profit for the business.

Periodic Inventory System:

In periodic inventory system the changes in the stock items are reported periodically unlike recording as and when purchases or sales take place.

Cost of Goods Available for Sale:

It basically includes the cost of inventory which is ready for sale within an accounting period. It mainly includes the cost of beginning inventory as well as the stock purchased in that year and the production within that period (if any).

Cost of Goods Sold:

Cost of goods sold is the total expenses or the cost incurred by the business during the process of manufacturing of goods and is directly related to the production. It generally includes the cost of raw material, labor and other manufacturing support costs.

First in First out:

In case of First in, first out method, also known as FIFO method, the inventory which was bought first will also be the first one to be taken out.

Last in First out:

In case of Last in, first out, also known as LIFO method, the inventory which was bought in the last will be taken out first.

Weighted Average Cost method:

In this method the weighted average cost is evaluated after any purchases have been made and transactions are recorded as when purchase or sales take place.

To compute: (1) Cost of goods available for sale and number of units available for sale.
(2) Cost of ending inventory and cost of goods sold under the following methods:
(a) FIFO
(b) LIFO
(C) Weighted average

Given info,

Particulars

Number of units

Cost per unit ($)

Jan 1

6,500

35

Jan 4

11,500

32

May 18

13,400

32

July 9

11,000

29

November 21

7,600

27

Total inventory available

50,000

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 7PSB

To determine

Inventory:

Inventory refers to the stock or goods which will be sold in the near future and thus is an asset for the company. It comprises of the raw materials which are yet to be processed, the stock which is still going through the process of production and it also includes completed products that are ready for sale. Thus inventory is the biggest and the important source of income and profit for the business.

Periodic Inventory System:

In periodic inventory system the changes in the stock items are reported periodically unlike recording as and when purchases or sales take place.

Cost of Goods Available for Sale:

It basically includes the cost of inventory which is ready for sale within an accounting period. It mainly includes the cost of beginning inventory as well as the stock purchased in that year and the production within that period (if any).

Cost of Goods Sold:

Cost of goods sold is the total expenses or the cost incurred by the business during the process of manufacturing of goods and is directly related to the production. It generally includes the cost of raw material, labor and other manufacturing support costs.

First in First out:

In case of First in, first out method, also known as FIFO method, the inventory which was bought first will also be the first one to be taken out.

Last in First out:

In case of Last in, first out, also known as LIFO method, the inventory which was bought in the last will be taken out first.

Weighted Average Cost method:

In this method the weighted average cost is evaluated after any purchases have been made and transactions are recorded as when purchase or sales take place.

To compute: (1) Cost of goods available for sale and number of units available for sale.
(2) Cost of ending inventory and cost of goods sold under the following methods:
(a) FIFO
(b) LIFO
(C) Weighted average

Given info,

Particulars

Number of units

Cost per unit ($)

Jan 1

6,500

35

Jan 4

11,500

32

May 18

13,400

32

July 9

11,000

29

November 21

7,600

27

Total inventory available

50,000

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 5, Problem 7PSB

To determine

Inventory:

Inventory refers to the stock or goods which will be sold in the near future and thus is an asset for the company. It comprises of the raw materials which are yet to be processed, the stock which is still going through the process of production and it also includes completed products that are ready for sale. Thus inventory is the biggest and the important source of income and profit for the business.

Periodic Inventory System:

In periodic inventory system the changes in the stock items are reported periodically unlike recording as and when purchases or sales take place.

Cost of Goods Available for Sale:

It basically includes the cost of inventory which is ready for sale within an accounting period. It mainly includes the cost of beginning inventory as well as the stock purchased in that year and the production within that period (if any).

Cost of Goods Sold:

Cost of goods sold is the total expenses or the cost incurred by the business during the process of manufacturing of goods and is directly related to the production. It generally includes the cost of raw material, labor and other manufacturing support costs.

First in First out:

In case of First in, first out method, also known as FIFO method, the inventory which was bought first will also be the first one to be taken out.

Last in First out:

In case of Last in, first out, also known as LIFO method, the inventory which was bought in the last will be taken out first.

Weighted Average Cost method:

In this method the weighted average cost is evaluated after any purchases have been made and transactions are recorded as when purchase or sales take place.

To compute: (1) Cost of goods available for sale and number of units available for sale.
(2) Cost of ending inventory and cost of goods sold under the following methods:
(a) FIFO
(b) LIFO
(C) Weighted average

Given info,

Particulars

Number of units

Cost per unit ($)

Jan 1

6,500

35

Jan 4

11,500

32

May 18

13,400

32

July 9

11,000

29

November 21

7,600

27

Total inventory available

50,000

Answer 6

Chapter 5, Problem 7PSB

To determine

Inventory:

Inventory refers to the stock or goods which will be sold in the near future and thus is an asset for the company. It comprises of the raw materials which are yet to be processed, the stock which is still going through the process of production and it also includes completed products that are ready for sale. Thus inventory is the biggest and the important source of income and profit for the business.

Periodic Inventory System:

In periodic inventory system the changes in the stock items are reported periodically unlike recording as and when purchases or sales take place.

Cost of Goods Available for Sale:

It basically includes the cost of inventory which is ready for sale within an accounting period. It mainly includes the cost of beginning inventory as well as the stock purchased in that year and the production within that period (if any).

Cost of Goods Sold:

Cost of goods sold is the total expenses or the cost incurred by the business during the process of manufacturing of goods and is directly related to the production. It generally includes the cost of raw material, labor and other manufacturing support costs.

First in First out:

In case of First in, first out method, also known as FIFO method, the inventory which was bought first will also be the first one to be taken out.

Last in First out:

In case of Last in, first out, also known as LIFO method, the inventory which was bought in the last will be taken out first.

Weighted Average Cost method:

In this method the weighted average cost is evaluated after any purchases have been made and transactions are recorded as when purchase or sales take place.

To compute: (1) Cost of goods available for sale and number of units available for sale.
(2) Cost of ending inventory and cost of goods sold under the following methods:
(a) FIFO
(b) LIFO
(C) Weighted average

Given info,

Particulars

Number of units

Cost per unit ($)

Jan 1

6,500

35

Jan 4

11,500

32

May 18

13,400

32

July 9

11,000

29

November 21

7,600

27

Total inventory available

50,000

Answer 7

Chapter 5, Problem 7PSB

To determine

Inventory:

Inventory refers to the stock or goods which will be sold in the near future and thus is an asset for the company. It comprises of the raw materials which are yet to be processed, the stock which is still going through the process of production and it also includes completed products that are ready for sale. Thus inventory is the biggest and the important source of income and profit for the business.

Periodic Inventory System:

In periodic inventory system the changes in the stock items are reported periodically unlike recording as and when purchases or sales take place.

Cost of Goods Available for Sale:

It basically includes the cost of inventory which is ready for sale within an accounting period. It mainly includes the cost of beginning inventory as well as the stock purchased in that year and the production within that period (if any).

Cost of Goods Sold:

Cost of goods sold is the total expenses or the cost incurred by the business during the process of manufacturing of goods and is directly related to the production. It generally includes the cost of raw material, labor and other manufacturing support costs.

First in First out:

In case of First in, first out method, also known as FIFO method, the inventory which was bought first will also be the first one to be taken out.

Last in First out:

In case of Last in, first out, also known as LIFO method, the inventory which was bought in the last will be taken out first.

Weighted Average Cost method:

In this method the weighted average cost is evaluated after any purchases have been made and transactions are recorded as when purchase or sales take place.

To compute: (1) Cost of goods available for sale and number of units available for sale.
(2) Cost of ending inventory and cost of goods sold under the following methods:
(a) FIFO
(b) LIFO
(C) Weighted average

Given info,

Particulars

Number of units

Cost per unit ($)

Jan 1

6,500

35

Jan 4

11,500

32

May 18

13,400

32

July 9

11,000

29

November 21

7,600

27

Total inventory available

50,000

Answer 8

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Answer 9

Expert Solution & Answer

Answer 10

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Answer 11

Ch. 5 - Prob. 1QS Ch. 5 - Prob. 2QS Ch. 5 - Prob. 3QS Ch. 5 - Prob. 4QS Ch. 5 - Perpetual: Inventory costing with FIFO P1 A...Ch. 5 - Prob. 6QS Ch. 5 - Prob. 7QS Ch. 5 - Prob. 8QS Ch. 5 - Prob. 9QS Ch. 5 - A Periodic: Inventory costing with weighted...

Particulars	Number of units	Cost per unit ($)
Jan 1	6,500	35
Jan 4	11,500	32
May 18	13,400	32
July 9	11,000	29
November 21	7,600	27
Total inventory available	50,000

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Chapter 5 Solutions