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. To determine: The selection of diamonds for selling that should follow by W Gems to maximize the gross profit.

Question

Falcon Enterprises reported a net income of.... Please provide answer the general accounting question

Answer 1

Question

Chapter 6, Problem 6.6AP

(a)

(1)

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.

To determine: The selection of diamonds for selling that should follow by W Gems to maximize the gross profit.

(b)

To determine

To calculate: The cost of goods sold and gross profit under FIFO method.

(c)

To determine

To calculate: The cost of goods sold and gross profit under LIFO method.

(d)

To determine

To explain: The cost flow method that should be used by W Gems.

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Answer 2

Question

Chapter 6, Problem 6.6AP

(a)

(1)

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.

To determine: The selection of diamonds for selling that should follow by W Gems to maximize the gross profit.

(b)

To determine

To calculate: The cost of goods sold and gross profit under FIFO method.

(c)

To determine

To calculate: The cost of goods sold and gross profit under LIFO method.

(d)

To determine

To explain: The cost flow method that should be used by W Gems.

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Answer 3

Question

Chapter 6, Problem 6.6AP

(a)

(1)

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.

To determine: The selection of diamonds for selling that should follow by W Gems to maximize the gross profit.

(b)

To determine

To calculate: The cost of goods sold and gross profit under FIFO method.

(c)

To determine

To calculate: The cost of goods sold and gross profit under LIFO method.

(d)

To determine

To explain: The cost flow method that should be used by W Gems.

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Answer 4

Question

Chapter 6, Problem 6.6AP

(a)

(1)

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.

To determine: The selection of diamonds for selling that should follow by W Gems to maximize the gross profit.

(b)

To determine

To calculate: The cost of goods sold and gross profit under FIFO method.

(c)

To determine

To calculate: The cost of goods sold and gross profit under LIFO method.

(d)

To determine

To explain: The cost flow method that should be used by W Gems.

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Answer 5

Chapter 6, Problem 6.6AP

(a)

(1)

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.

To determine: The selection of diamonds for selling that should follow by W Gems to maximize the gross profit.

(b)

To determine

To calculate: The cost of goods sold and gross profit under FIFO method.

(c)

To determine

To calculate: The cost of goods sold and gross profit under LIFO method.

(d)

To determine

To explain: The cost flow method that should be used by W Gems.

Answer 6

Chapter 6, Problem 6.6AP

(a)

(1)

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.

To determine: The selection of diamonds for selling that should follow by W Gems to maximize the gross profit.

Answer 7

Chapter 6, Problem 6.6AP

(a)

(1)

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.

To determine: The selection of diamonds for selling that should follow by W Gems to maximize the gross profit.

Answer 8

(b)

To determine

To calculate: The cost of goods sold and gross profit under FIFO method.

Answer 9

(b)

To determine

To calculate: The cost of goods sold and gross profit under FIFO method.

Answer 10

(c)

To determine

To calculate: The cost of goods sold and gross profit under LIFO method.

Answer 11

(c)

To determine

To calculate: The cost of goods sold and gross profit under LIFO method.

Answer 12

(d)

To determine

To explain: The cost flow method that should be used by W Gems.

Answer 13

(d)

To determine

To explain: The cost flow method that should be used by W Gems.

Answer 14

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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...

To calculate: The cost of goods sold and gross profit under FIFO method.

To calculate: The cost of goods sold and gross profit under LIFO method.

To explain: The cost flow method that should be used by W Gems.

Chapter 6 Solutions