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. LIFO method: In LIFO method, those goods are sold first which are purchased in last by the business organization To determine: The cost of ending inventory and cost of goods sold under the FIFO method and LIFO method and prove the cost allocated.

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Answer 1

Question

Chapter 6, Problem 5E

(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.

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

To determine: The cost of ending inventory and cost of goods sold under the FIFO method and LIFO method and prove the cost allocated.

(b)

To determine

The total of cost of ending inventory and cost of goods sold for FIFO method, and LIFO method.

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Cumberland Industries reported net sales of $5.75 million and beginning total assets of $2.20 million and ending total assets of $2.90 million. What is the average total asset amount? a. $2.75 million b. $3.10 million c. $2.55 million d. $0.45 million e. $1.38 million

Please provide the correct answer to this general accounting problem using valid calculations.

I need help with this general accounting question using standard accounting techniques.

Answer 2

Question

Chapter 6, Problem 5E

(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.

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

To determine: The cost of ending inventory and cost of goods sold under the FIFO method and LIFO method and prove the cost allocated.

(b)

To determine

The total of cost of ending inventory and cost of goods sold for FIFO method, and LIFO method.

Expert Solution & Answer

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Answer 3

Question

Chapter 6, Problem 5E

(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.

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

To determine: The cost of ending inventory and cost of goods sold under the FIFO method and LIFO method and prove the cost allocated.

(b)

To determine

The total of cost of ending inventory and cost of goods sold for FIFO method, and LIFO method.

Expert Solution & Answer

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Answer 4

Question

Chapter 6, Problem 5E

(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.

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

To determine: The cost of ending inventory and cost of goods sold under the FIFO method and LIFO method and prove the cost allocated.

(b)

To determine

The total of cost of ending inventory and cost of goods sold for FIFO method, and LIFO method.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 5E

(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.

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

To determine: The cost of ending inventory and cost of goods sold under the FIFO method and LIFO method and prove the cost allocated.

(b)

To determine

The total of cost of ending inventory and cost of goods sold for FIFO method, and LIFO method.

Answer 6

Chapter 6, Problem 5E

(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.

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

To determine: The cost of ending inventory and cost of goods sold under the FIFO method and LIFO method and prove the cost allocated.

Answer 7

Chapter 6, Problem 5E

(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.

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

To determine: The cost of ending inventory and cost of goods sold under the FIFO method and LIFO method and prove the cost allocated.

Answer 8

(b)

To determine

The total of cost of ending inventory and cost of goods sold for FIFO method, and LIFO method.

Answer 9

(b)

To determine

The total of cost of ending inventory and cost of goods sold for FIFO method, and LIFO method.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

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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