Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period. Inventory cost flow: It refers to the flow (movement) of inventory when it is purchased or sell by the business organization. The various inventory cost flow methods are: First-in, first-out (FIFO) Last in, first-out (LIFO) Average-cost FIFO method: In FIFO method, those goods are sold first which are purchased first by the business organization. To determine: The cost of goods sold under the FIFO method.

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Answer 1

Question

Chapter 6, Problem 2DIE

(a)

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Inventory cost flow: It refers to the flow (movement) of inventory when it is purchased or sell by the business organization.

The various inventory cost flow methods are:

First-in, first-out (FIFO)

Last in, first-out (LIFO)

Average-cost

FIFO method: In FIFO method, those goods are sold first which are purchased first by the business organization.

To determine: The cost of goods sold under the FIFO method.

(b)

LIFO method: In LIFO method, those goods are sold first which are purchased in last by the business organization

To determine

The cost of goods sold under the LIFO method,

(c)

To determine

Average-cost method: In average-cost method, the value of inventory is calculated by the average of cost of goods sold which are available for the sale purpose for that period.

To determine: The cost of goods sold under average-cost method.

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Kellogg Corporation uses a single raw material in its production process. The standard price for a unit of material is $3.25. During the month, the company purchased and used 680 units of this material at a price of $3.40 per unit. The standard quantity required per finished product is 2 units, and during the month, the company produced 325 finished units. How much was the material quantity variance?

I am searching for the accurate solution to this financial accounting problem with the right approach.

Answer 2

Question

Chapter 6, Problem 2DIE

(a)

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Inventory cost flow: It refers to the flow (movement) of inventory when it is purchased or sell by the business organization.

The various inventory cost flow methods are:

First-in, first-out (FIFO)

Last in, first-out (LIFO)

Average-cost

FIFO method: In FIFO method, those goods are sold first which are purchased first by the business organization.

To determine: The cost of goods sold under the FIFO method.

(b)

LIFO method: In LIFO method, those goods are sold first which are purchased in last by the business organization

To determine

The cost of goods sold under the LIFO method,

(c)

To determine

Average-cost method: In average-cost method, the value of inventory is calculated by the average of cost of goods sold which are available for the sale purpose for that period.

To determine: The cost of goods sold under average-cost method.

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Answer 3

Question

Chapter 6, Problem 2DIE

(a)

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Inventory cost flow: It refers to the flow (movement) of inventory when it is purchased or sell by the business organization.

The various inventory cost flow methods are:

First-in, first-out (FIFO)

Last in, first-out (LIFO)

Average-cost

FIFO method: In FIFO method, those goods are sold first which are purchased first by the business organization.

To determine: The cost of goods sold under the FIFO method.

(b)

LIFO method: In LIFO method, those goods are sold first which are purchased in last by the business organization

To determine

The cost of goods sold under the LIFO method,

(c)

To determine

Average-cost method: In average-cost method, the value of inventory is calculated by the average of cost of goods sold which are available for the sale purpose for that period.

To determine: The cost of goods sold under average-cost method.

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Answer 4

Question

Chapter 6, Problem 2DIE

(a)

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Inventory cost flow: It refers to the flow (movement) of inventory when it is purchased or sell by the business organization.

The various inventory cost flow methods are:

First-in, first-out (FIFO)

Last in, first-out (LIFO)

Average-cost

FIFO method: In FIFO method, those goods are sold first which are purchased first by the business organization.

To determine: The cost of goods sold under the FIFO method.

(b)

LIFO method: In LIFO method, those goods are sold first which are purchased in last by the business organization

To determine

The cost of goods sold under the LIFO method,

(c)

To determine

Average-cost method: In average-cost method, the value of inventory is calculated by the average of cost of goods sold which are available for the sale purpose for that period.

To determine: The cost of goods sold under average-cost method.

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Answer 5

Chapter 6, Problem 2DIE

(a)

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Inventory cost flow: It refers to the flow (movement) of inventory when it is purchased or sell by the business organization.

The various inventory cost flow methods are:

First-in, first-out (FIFO)

Last in, first-out (LIFO)

Average-cost

FIFO method: In FIFO method, those goods are sold first which are purchased first by the business organization.

To determine: The cost of goods sold under the FIFO method.

(b)

LIFO method: In LIFO method, those goods are sold first which are purchased in last by the business organization

To determine

The cost of goods sold under the LIFO method,

(c)

To determine

Average-cost method: In average-cost method, the value of inventory is calculated by the average of cost of goods sold which are available for the sale purpose for that period.

To determine: The cost of goods sold under average-cost method.

Answer 6

Chapter 6, Problem 2DIE

(a)

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Inventory cost flow: It refers to the flow (movement) of inventory when it is purchased or sell by the business organization.

The various inventory cost flow methods are:

First-in, first-out (FIFO)

Last in, first-out (LIFO)

Average-cost

FIFO method: In FIFO method, those goods are sold first which are purchased first by the business organization.

To determine: The cost of goods sold under the FIFO method.

Answer 7

Chapter 6, Problem 2DIE

(a)

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Inventory cost flow: It refers to the flow (movement) of inventory when it is purchased or sell by the business organization.

The various inventory cost flow methods are:

First-in, first-out (FIFO)

Last in, first-out (LIFO)

Average-cost

FIFO method: In FIFO method, those goods are sold first which are purchased first by the business organization.

To determine: The cost of goods sold under the FIFO method.

Answer 8

(b)

LIFO method: In LIFO method, those goods are sold first which are purchased in last by the business organization

To determine

The cost of goods sold under the LIFO method,

Answer 9

(b)

LIFO method: In LIFO method, those goods are sold first which are purchased in last by the business organization

To determine

The cost of goods sold under the LIFO method,

Answer 10

(c)

To determine

Average-cost method: In average-cost method, the value of inventory is calculated by the average of cost of goods sold which are available for the sale purpose for that period.

To determine: The cost of goods sold under average-cost method.

Answer 11

(c)

To determine

Average-cost method: In average-cost method, the value of inventory is calculated by the average of cost of goods sold which are available for the sale purpose for that period.

To determine: The cost of goods sold under average-cost method.

Answer 12

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Ch. 6 - Prob. 1Q Ch. 6 - Prob. 2Q Ch. 6 - Prob. 3Q Ch. 6 - Prob. 4Q Ch. 6 - Prob. 5Q Ch. 6 - 6. Explain the difference between the terms FOB...Ch. 6 - Prob. 7Q Ch. 6 - Prob. 8Q Ch. 6 - 9. “The selection of an inventory cost flow method...Ch. 6 - Prob. 10Q

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The cost of goods sold under the LIFO method,

Average-cost method: In average-cost method, the value of inventory is calculated by the average of cost of goods sold which are available for the sale purpose for that period.

To determine: The cost of goods sold under average-cost method.

Chapter 6 Solutions

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The cost of goods sold under the LIFO method,

Average-cost method: In average-cost method, the value of inventory is calculated by the average of cost of goods sold which are available for the sale purpose for that period. To determine: The cost of goods sold under average-cost method.

Chapter 6 Solutions

Average-cost method: In average-cost method, the value of inventory is calculated by the average of cost of goods sold which are available for the sale purpose for that period.

To determine: The cost of goods sold under average-cost method.