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. First-in-First-Out (FIFO): In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items. Last-In, First-Out (LIFO): In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items. To compute: The cost of goods sold under LIFO.

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Answer 1

Question

Chapter 8, Problem 8.19E

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.

First-in-First-Out (FIFO):

In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.

Last-In, First-Out (LIFO):

In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.

To compute: The cost of goods sold under LIFO.

2.

To determine

To Explain: The disclosure required to report the effects of the problem.

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Question

Chapter 8, Problem 8.19E

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.

First-in-First-Out (FIFO):

In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.

Last-In, First-Out (LIFO):

In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.

To compute: The cost of goods sold under LIFO.

2.

To determine

To Explain: The disclosure required to report the effects of the problem.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 8, Problem 8.19E

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.

First-in-First-Out (FIFO):

In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.

Last-In, First-Out (LIFO):

In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.

To compute: The cost of goods sold under LIFO.

2.

To determine

To Explain: The disclosure required to report the effects of the problem.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.19E

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.

First-in-First-Out (FIFO):

In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.

Last-In, First-Out (LIFO):

In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.

To compute: The cost of goods sold under LIFO.

2.

To determine

To Explain: The disclosure required to report the effects of the problem.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.19E

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.

First-in-First-Out (FIFO):

In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.

Last-In, First-Out (LIFO):

In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.

To compute: The cost of goods sold under LIFO.

2.

To determine

To Explain: The disclosure required to report the effects of the problem.

Answer 6

Chapter 8, Problem 8.19E

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.

First-in-First-Out (FIFO):

In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.

Last-In, First-Out (LIFO):

In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.

To compute: The cost of goods sold under LIFO.

Answer 7

Chapter 8, Problem 8.19E

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.

First-in-First-Out (FIFO):

In First-in-First-Out method, the costs of initial purchased items are sold first. The value of the ending inventory consist the recent purchased items.

Last-In, First-Out (LIFO):

In Last-in-First-Out method, the costs of last purchased items are sold first. The value of the closing stock consist the initial purchased items.

To compute: The cost of goods sold under LIFO.

Answer 8

2.

To determine

To Explain: The disclosure required to report the effects of the problem.

Answer 9

2.

To determine

To Explain: The disclosure required to report the effects of the problem.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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