Financial accounting
3rd Edition
ISBN: 9780077506902
Author: David J Spieceland Wayne Thomas Don Herrmann
Publisher: Mcgraw-Hill
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Chapter 6, Problem 6.2BE
To determine
To match: Each inventory classifications with its definition.
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Match each of the following inventory classifications with its definition. Inventory Classifications Definitions
Inventory Classifications
Definitions
1. Raw materials
2. Work-in-process
3. Finished goods
a. Cost of items not yet complete by the end of theperiod.b. Inventory that has been substantially completed.c. Basic components used to build a product.
27.IAS 2, Inventories requires that the lower of cost and net realizable value shall be applied
a. to total inventories as a whole.
b. to each class of inventory.
c. on the basis of industry segment.
d. on an item-by-item basis.
am. 04.
Chapter 6 Solutions
Financial accounting
Ch. 6 - Prob. 1RQCh. 6 - Prob. 2RQCh. 6 - What is the difference among raw materials...Ch. 6 - Prob. 4RQCh. 6 - Prob. 5RQCh. 6 - What is a multiple-step income statement? What...Ch. 6 - Cheryl believes that companies report cost of...Ch. 6 - What are the three primary cost flow assumptions?...Ch. 6 - 9.Which cost flow assumption generally results in...Ch. 6 - Prob. 10RQ
Ch. 6 - Prob. 11RQCh. 6 - 12.Explain how LIFO generally results in lower...Ch. 6 - Prob. 13RQCh. 6 - Explain how freight charges, purchase returns, and...Ch. 6 - Prob. 15RQCh. 6 - Prob. 16RQCh. 6 - Prob. 17RQCh. 6 - Prob. 18RQCh. 6 - Prob. 19RQCh. 6 - How is gross profit calculated? What is the gross...Ch. 6 - 21.Explain how the sale of inventory on account is...Ch. 6 - Prob. 22RQCh. 6 - Prob. 23RQCh. 6 - Prob. 24RQCh. 6 - Prob. 6.1BECh. 6 - Prob. 6.2BECh. 6 - Calculate cost of goods sold (LO62) At the...Ch. 6 - Prob. 6.4BECh. 6 - Calculate ending inventory and cost of goods sold...Ch. 6 - Calculate ending inventory and cost of goods sold...Ch. 6 - Calculate ending inventory and cost of goods sold...Ch. 6 - Prob. 6.8BECh. 6 - Identify financial statement effects of FIFO and...Ch. 6 - Prob. 6.10BECh. 6 - Prob. 6.11BECh. 6 - Prob. 6.12BECh. 6 - Prob. 6.13BECh. 6 - Prob. 6.14BECh. 6 - Prob. 6.15BECh. 6 - Prob. 6.16BECh. 6 - Prob. 6.17BECh. 6 - Prob. 6.18BECh. 6 - Prob. 6.19BECh. 6 - Prob. 6.20BECh. 6 - Prob. 6.21BECh. 6 - Prob. 6.22BECh. 6 - Calculate cost of goods sold (LO62) Russell Retail...Ch. 6 - Prob. 6.2ECh. 6 - Prob. 6.3ECh. 6 - Calculate inventory amounts when costs are rising...Ch. 6 - Calculate inventory amounts when costs are...Ch. 6 - Record Inventory transactions using o perpetual...Ch. 6 - Record inventory purchase and purchase return...Ch. 6 - Prob. 6.8ECh. 6 - Prob. 6.9ECh. 6 - Prob. 6.10ECh. 6 - Record transactions using a perpetual system...Ch. 6 - Record transactions using a perpetual system...Ch. 6 - Prob. 6.13ECh. 6 - Prob. 6.14ECh. 6 - Calculate cost of goods sold, the inventory...Ch. 6 - Prob. 6.16ECh. 6 - Prob. 6.17ECh. 6 - Prob. 6.18ECh. 6 - Record inventory purchases and sales using a...Ch. 6 - Prob. 6.20ECh. 6 - Calculate ending inventory and cost of goods sold...Ch. 6 - Prob. 6.2APCh. 6 - Prob. 6.3APCh. 6 - Prob. 6.4APCh. 6 - Prob. 6.5APCh. 6 - Prob. 6.6APCh. 6 - Prob. 6.7APCh. 6 - Prob. 6.8APCh. 6 - Record transactions and prepare a partial income...Ch. 6 - Prob. 6.10APCh. 6 - Calculate ending inventory and cost of goods sold...Ch. 6 - Prob. 6.2BPCh. 6 - Prob. 6.3BPCh. 6 - Prob. 6.4BPCh. 6 - Prob. 6.5BPCh. 6 - Prob. 6.6BPCh. 6 - Prob. 6.7BPCh. 6 - Use the inventory turnover retio end gross profit...Ch. 6 - Record transactions and prepare a partial income...Ch. 6 - Prob. 6.10BPCh. 6 - Prob. 6.1APCPCh. 6 - Prob. 6.2APFACh. 6 - Prob. 6.3APFACh. 6 - Prob. 6.4APCACh. 6 - Prob. 6.5APECh. 6 - Prob. 6.6APIRCh. 6 - Written Communication You have just been hired as...Ch. 6 - Prob. 6.8APEM
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- The costs to be accounted for consist of which of the following? A. costs added during the period B. costs of the units in ending inventory C. costs started and transferred during the period D. costs in the beginning inventory and costs added during the periodarrow_forward10.Raw materials inventory shows the cost of completed goods available for sale to customers. True Falsearrow_forwardWhich inventory costing method is almost always done on a perpetual basis?A. specific identificationB. first-in, first-outC. last-in, first-outD. weighted averagearrow_forward
- 25) A major difference between GAAP and IFRS with respect to accounting for inventories is: a)guidelines on ownership of goods. b)costs to include in inventories. c)the use of LIFO cost flow assumption. d) the use of LCNRV.arrow_forwardThe beginning inventory costs and the product costs of the current period are combined to determine the average cost of equivalent units of production under the ________. A. weighted- method B. conversion costs method C. first-in, first-out method D. equivalent units methodarrow_forwardDefine total inventory costs (TIC)arrow_forward
- Lean Accounting Com-Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion Model. The process consists of a lean cell for each product. The data that follow concern only the Lion Model lean cell. For the year, Com-Tel Inc. budgeted these costs for the Lion Model production cell: Conversion Cost Categories Budget $104,500 39,600 14,300 $158,400 Labor Supplies Utilities Total Com-Tel plans 2,400 hours of production for the Lion Model cell for the year. The materials cost is $56 per unit. Each assembly requires 18 minutes of cell assembly time. There was no May 1 inventory for either Raw and In Process Inventory or Finished Goods Inventory. The following summary events took place in the Lion Model cell during May: a. Electronic parts were purchased to produce 8,150 Lion Model assemblies in May. b. Conversion costs were applied for 7,750 units of production in May. c. 7,600 units were completed and transferred to finished goods in May. d. 7,370 units…arrow_forward9. An inventory accounting policy that should be disclosed in a summary of significant accounting policies is a. Composition of inventory into raw materials, work in process and finished goods b. Major backlog of inventory orders c. Method used for pricing inventory d. All of these should be disclosed in the summary of significant accounting policies.arrow_forwardah - ELearning Which method tracks the actual physical flow of goods and each item of inventory is marked, tagged, or coded with unit cost. O a. First in, first out O b. Last in, last out O c. Weighted average method O d. Specific identification method 20 A contingent liability should be recorded in the accounts when: O a. it is reasonably possible the contingency will happen, but the amount cannot be reasonably estimated O b. it is probable the contingency will happen, and the amount owed can be reasonably estimated O citis reasonably possible the contingency will happen, and the amount can be reasonably estimated Od itis probable the contingency will happen, but the amount cannot be reasonably estimated ut of ous page Next page Next activity ous activity ump to. Chapter-1-PPT-Slides- Introduction to the Conceptual Framework for Financial Reporting SIGNMENT - Intermediate ACcounting 1 -in touch AFR 10) a A F2 F5 F6 F7 F8 F9 F10 F11 F3 F4 GIO 144 &arrow_forward
- 1-Which of the following will be classified under inventory? a. Raw Materials b. All the above c. Work-in-progress d. Finished goods 2-Multiple-step income statements: a. Show income from operations but not gross profit b. Show gross profit but not income from operations c. Show both gross profit and income from operations d. Show neither gross profit nor income from operations 3-Goods returned to suppliers will be recorded in which books of prime entry? a. General Journal b. Sales Journal c. Purchase Journal d. Sales ledger 4-The following is the financial information of XYZ company: Operating Expenses RO 45,000 Sales Revenue RO 150,000 Cost of Goods Sold RO 90,000 The Gross Profit Margin in terms of percentage will be a. 30 b. 10 c. 40 d. 70 5-Mr. Salim Mr. Salman are running a restaurant business in Nizwa. Which of the following would be classified as a Fixed asset for their restaurant business? a. Cash in hand in the…arrow_forward7. Inventory excludes... A. Goods purchased for resale B. Finished goods produced C. Construction works in progress D. Raw materialsarrow_forwardWhich of the following costing systems assigns actual costs of materials to inventory? a.normal costing system b.standard costing system c.actual costing system d.both "actual costing system" and "normal costing system"arrow_forward
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