Periodic Inventory System: Periodic inventory system 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. First-in-First-Out: In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items. Last-in-First-Out: In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items. To Compute: The ending inventory at September 30 and cost of goods sold using the FIFO, and LIFO methods.

Question

Want to see the full answer?

Answer 1

Question

Chapter 6, Problem 6.4E

(a)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

To Compute: The ending inventory at September 30 and cost of goods sold using the FIFO, and LIFO methods.

(b)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

The sum of ending inventory and cost of goods sold under FIFO, and LIFO, and to discuss what is noticed from those answers.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Provide answer this general accounting question

General accounting question

Do fast answer of this question general accounting question

Answer 2

Question

Chapter 6, Problem 6.4E

(a)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

To Compute: The ending inventory at September 30 and cost of goods sold using the FIFO, and LIFO methods.

(b)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

The sum of ending inventory and cost of goods sold under FIFO, and LIFO, and to discuss what is noticed from those answers.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 6, Problem 6.4E

(a)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

To Compute: The ending inventory at September 30 and cost of goods sold using the FIFO, and LIFO methods.

(b)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

The sum of ending inventory and cost of goods sold under FIFO, and LIFO, and to discuss what is noticed from those answers.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 6, Problem 6.4E

(a)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

To Compute: The ending inventory at September 30 and cost of goods sold using the FIFO, and LIFO methods.

(b)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

The sum of ending inventory and cost of goods sold under FIFO, and LIFO, and to discuss what is noticed from those answers.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 6, Problem 6.4E

(a)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

To Compute: The ending inventory at September 30 and cost of goods sold using the FIFO, and LIFO methods.

(b)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

The sum of ending inventory and cost of goods sold under FIFO, and LIFO, and to discuss what is noticed from those answers.

Answer 6

Chapter 6, Problem 6.4E

(a)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

To Compute: The ending inventory at September 30 and cost of goods sold using the FIFO, and LIFO methods.

Answer 7

Chapter 6, Problem 6.4E

(a)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

To Compute: The ending inventory at September 30 and cost of goods sold using the FIFO, and LIFO methods.

Answer 8

(b)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

The sum of ending inventory and cost of goods sold under FIFO, and LIFO, and to discuss what is noticed from those answers.

Answer 9

(b)

To determine

Periodic Inventory System:

Periodic inventory system 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.

First-in-First-Out:

In First-in-First-Out (FIFO) method, the costs of the initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists of the recent purchased items.

Last-in-First-Out:

In Last-in-First-Out (LIFO) method, the costs of the last purchased items are considered as the cost of goods sold, for the items which are sold first. The value of the closing stock consists of the initial purchased items.

The sum of ending inventory and cost of goods sold under FIFO, and LIFO, and to discuss what is noticed from those answers.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

Ch. 6 - Prob. 1Q Ch. 6 - 2. An item must possess two characteristics to be...Ch. 6 - Prob. 3Q Ch. 6 - 4. (a) Rochelle Company ships merchandise to Jay...Ch. 6 - 5. Katz Hat Shop received a shipment of hats for...Ch. 6 - 6. Explain the difference between the terms FOB...Ch. 6 - 7. Kyle Ebert believes that the allocation of cost...Ch. 6 - 8. What is the major advantage and major...Ch. 6 - 9. “The selection of an inventory cost flow method...Ch. 6 - 10. Winch assumed inventory cost flow...

Concept explainers

Videos

Want to see the full answer?

Chapter 6 Solutions