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. In First-in-First-Out method, the cost of initially purchased items are considered as cost of goods sold, for the items which are sold first. The value of the ending inventory consists the recent purchased items. In Last-in-First-Out method, the cost of last purchased items are considered as cost of goods sold, for the items which are sold first. The value of the closing stock consists the initial purchased items. To Compute: The cost of ending inventory and cost of goods sold using FIFO.

Question

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Answer 1

Question

Chapter 6, Problem 6.6E

(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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using FIFO.

(a)(2)

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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using LIFO.

(b)

To determine

The costing method which gives highest ending inventory.

(c)

To determine

The costing method which gives higher cost of goods sold.

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Answer 2

Question

Chapter 6, Problem 6.6E

(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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using FIFO.

(a)(2)

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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using LIFO.

(b)

To determine

The costing method which gives highest ending inventory.

(c)

To determine

The costing method which gives higher cost of goods sold.

Expert Solution & Answer

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Answer 3

Question

Chapter 6, Problem 6.6E

(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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using FIFO.

(a)(2)

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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using LIFO.

(b)

To determine

The costing method which gives highest ending inventory.

(c)

To determine

The costing method which gives higher cost of goods sold.

Expert Solution & Answer

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Check out sample textbook solution

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Answer 4

Question

Chapter 6, Problem 6.6E

(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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using FIFO.

(a)(2)

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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using LIFO.

(b)

To determine

The costing method which gives highest ending inventory.

(c)

To determine

The costing method which gives higher cost of goods sold.

Expert Solution & Answer

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Check out sample textbook solution

03:59

Answer 5

Chapter 6, Problem 6.6E

(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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using FIFO.

(a)(2)

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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using LIFO.

(b)

To determine

The costing method which gives highest ending inventory.

(c)

To determine

The costing method which gives higher cost of goods sold.

Answer 6

Chapter 6, Problem 6.6E

(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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using FIFO.

Answer 7

Chapter 6, Problem 6.6E

(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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using FIFO.

Answer 8

(a)(2)

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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using LIFO.

Answer 9

(a)(2)

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.

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

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

To Compute: The cost of ending inventory and cost of goods sold using LIFO.

Answer 10

(b)

To determine

The costing method which gives highest ending inventory.

Answer 11

(b)

To determine

The costing method which gives highest ending inventory.

Answer 12

(c)

To determine

The costing method which gives higher cost of goods sold.

Answer 13

(c)

To determine

The costing method which gives higher cost of goods sold.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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Answer 18

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Answer 19

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Answer 20

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Answer 21

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Answer 22

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Answer 23

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Answer 24

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Answer 25

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Chapter 6 Solutions