Periodic Inventory System: The periodic inventory system records and updates the inventory at the end of a particular period. The inventory balance is not updated after each transaction and it is updated periodically. Average method: Under this method, the cost per unit of the inventory is calculated as weighted average cost per unit and the cost of goods sold and inventory is calculated with the help of weighted average cost per unit. To calculate: The Cost of ending inventory under Average Cost Periodic inventory system.

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Answer 1

Question

Chapter 6, Problem 18MCQ

To determine

Concept introduction:

Periodic Inventory System:

The periodic inventory system records and updates the inventory at the end of a particular period. The inventory balance is not updated after each transaction and it is updated periodically.

Average method:

Under this method, the cost per unit of the inventory is calculated as weighted average cost per unit and the cost of goods sold and inventory is calculated with the help of weighted average cost per unit.

To calculate:

The Cost of ending inventory under Average Cost Periodic inventory system.

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Answer 2

Question

Chapter 6, Problem 18MCQ

To determine

Concept introduction:

Periodic Inventory System:

The periodic inventory system records and updates the inventory at the end of a particular period. The inventory balance is not updated after each transaction and it is updated periodically.

Average method:

Under this method, the cost per unit of the inventory is calculated as weighted average cost per unit and the cost of goods sold and inventory is calculated with the help of weighted average cost per unit.

To calculate:

The Cost of ending inventory under Average Cost Periodic inventory system.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 6, Problem 18MCQ

To determine

Concept introduction:

Periodic Inventory System:

The periodic inventory system records and updates the inventory at the end of a particular period. The inventory balance is not updated after each transaction and it is updated periodically.

Average method:

Under this method, the cost per unit of the inventory is calculated as weighted average cost per unit and the cost of goods sold and inventory is calculated with the help of weighted average cost per unit.

To calculate:

The Cost of ending inventory under Average Cost Periodic inventory system.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 6, Problem 18MCQ

To determine

Concept introduction:

Periodic Inventory System:

The periodic inventory system records and updates the inventory at the end of a particular period. The inventory balance is not updated after each transaction and it is updated periodically.

Average method:

Under this method, the cost per unit of the inventory is calculated as weighted average cost per unit and the cost of goods sold and inventory is calculated with the help of weighted average cost per unit.

To calculate:

The Cost of ending inventory under Average Cost Periodic inventory system.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 18MCQ

To determine

Concept introduction:

Periodic Inventory System:

The periodic inventory system records and updates the inventory at the end of a particular period. The inventory balance is not updated after each transaction and it is updated periodically.

Average method:

Under this method, the cost per unit of the inventory is calculated as weighted average cost per unit and the cost of goods sold and inventory is calculated with the help of weighted average cost per unit.

To calculate:

The Cost of ending inventory under Average Cost Periodic inventory system.

Answer 6

Chapter 6, Problem 18MCQ

To determine

Concept introduction:

Periodic Inventory System:

The periodic inventory system records and updates the inventory at the end of a particular period. The inventory balance is not updated after each transaction and it is updated periodically.

Average method:

Under this method, the cost per unit of the inventory is calculated as weighted average cost per unit and the cost of goods sold and inventory is calculated with the help of weighted average cost per unit.

To calculate:

The Cost of ending inventory under Average Cost Periodic inventory system.

Answer 7

Chapter 6, Problem 18MCQ

To determine

Concept introduction:

Periodic Inventory System:

The periodic inventory system records and updates the inventory at the end of a particular period. The inventory balance is not updated after each transaction and it is updated periodically.

Average method:

Under this method, the cost per unit of the inventory is calculated as weighted average cost per unit and the cost of goods sold and inventory is calculated with the help of weighted average cost per unit.

To calculate:

The Cost of ending inventory under Average Cost Periodic inventory system.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 6 - Prob. 1DQ Ch. 6 - Describe the types of inventories used by...Ch. 6 - Compare the flow of inventory costs between...Ch. 6 - What are the components of cost of goods available...Ch. 6 - How is cost of goods sold determined?Ch. 6 - How do the perpetual and periodic inventory...Ch. 6 - Why are perpetual inventory systems more expensive...Ch. 6 - Prob. 8DQ Ch. 6 - Prob. 9DQ Ch. 6 - Prob. 10DQ

Solution Summary: The author explains the periodic inventory system, which records and updates the inventory at the end of a particular period.

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