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. FIFO : In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items. LIFO : In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items. Average cost method : In a verage cost method the cost of inventory is priced at the average rate of the goods available for sale. Formula for weighted average cost method: Weighted-average Cost = Total Cost of Goods Available For Sale Total Number of Units Available For Sale To determine: The cost of goods available for sale.

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Answer 1

Question

Chapter 6, Problem 6.2BP

(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.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In average cost method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To determine: The cost of goods available for sale.

(b)

To determine

The ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost method.

(c)

To determine

To explain: The cost flow method which results in the highest inventory amount for the balance sheet and the highest cost of goods sold for the income statement.

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Hi expert please give me answer general accounting question

L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Assume another customer has returned a pair of duck boots (original cost $109) to L.L. Bean. What journal entry would L.L. Bean make to process the return and refund the original purchase price to the customer?

Kreeps Corporation produces a single product

Answer 2

Question

Chapter 6, Problem 6.2BP

(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.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In average cost method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To determine: The cost of goods available for sale.

(b)

To determine

The ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost method.

(c)

To determine

To explain: The cost flow method which results in the highest inventory amount for the balance sheet and the highest cost of goods sold for the income statement.

Expert Solution & Answer

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Answer 3

Question

Chapter 6, Problem 6.2BP

(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.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In average cost method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To determine: The cost of goods available for sale.

(b)

To determine

The ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost method.

(c)

To determine

To explain: The cost flow method which results in the highest inventory amount for the balance sheet and the highest cost of goods sold for the income statement.

Expert Solution & Answer

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Answer 4

Question

Chapter 6, Problem 6.2BP

(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.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In average cost method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To determine: The cost of goods available for sale.

(b)

To determine

The ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost method.

(c)

To determine

To explain: The cost flow method which results in the highest inventory amount for the balance sheet and the highest cost of goods sold for the income statement.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 6.2BP

(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.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In average cost method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To determine: The cost of goods available for sale.

(b)

To determine

The ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost method.

(c)

To determine

To explain: The cost flow method which results in the highest inventory amount for the balance sheet and the highest cost of goods sold for the income statement.

Answer 6

Chapter 6, Problem 6.2BP

(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.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In average cost method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To determine: The cost of goods available for sale.

Answer 7

Chapter 6, Problem 6.2BP

(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.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In average cost method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To determine: The cost of goods available for sale.

Answer 8

(b)

To determine

The ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost method.

Answer 9

(b)

To determine

The ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost method.

Answer 10

(c)

To determine

To explain: The cost flow method which results in the highest inventory amount for the balance sheet and the highest cost of goods sold for the income statement.

Answer 11

(c)

To determine

To explain: The cost flow method which results in the highest inventory amount for the balance sheet and the highest cost of goods sold for the income statement.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 6 - The key to successful business operations is...Ch. 6 - Prob. 2Q Ch. 6 - What is just-in-time inventory management? What...Ch. 6 - Prob. 4Q Ch. 6 - Prob. 5Q Ch. 6 - Prob. 6Q Ch. 6 - Prob. 7Q Ch. 6 - Prob. 8Q Ch. 6 - What is the major advantage and major disadvantage...Ch. 6 - The selection of an inventory cost flow method is...

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The ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost method.

To explain: The cost flow method which results in the highest inventory amount for the balance sheet and the highest cost of goods sold for the income statement.

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