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Never results in either the highest or lowest possible net income Rarely used with a perpetual...
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted...
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted average 5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system 6. Rarely used with a perpetual inventory system 7. Produces results that are similar to the specific identification method 8. Widely used for tax purposes 9. Never results in either the highest or lowest possible net income 10. Produces the highest gross profit when costs are...
1 points A company that prepares its financial statements according to International Financial Reporting Standards (IFRS)...
1 points A company that prepares its financial statements according to International Financial Reporting Standards (IFRS) can use each of the following inventory valuation methods except FIFO. LIFO Average cost All of these methods can be used, 1 points are Ramen Inc. adopted dollar value LIFO (DVL) as of January 1, 2021, when it had a cost inventory of $600,000. Its inventory as of December 31, 2021, was 5667800 at year end costs and the cost index was 1.06. What...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost of Goods Sold account is used. c. two entries are required to record a sale. d) All of these answer choices are correct sold for 2017, net income for 2017, and assets at December 31, 2018, respectively, are a. overstatement, understatement, overstatement. 32. If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods overstatement, understatement, no effect....
True or False Unsold consigned merchandise should be included in the consignee’s inventory. If ending inventory...
True or False Unsold consigned merchandise should be included in the consignee’s inventory. If ending inventory for the year is understated, net income for the year is overstated. In the inventory for the year is overstated, owner’s equity reported on the balance sheet at the end of the year is understated. The specific identification inventory method should be used when the inventory consists of identical. Low cost units that are purchased and sold frequently. Of the three widely used inventory...
Which cost flow assumption generally results in the highest reported amount of net income in periods...
Which cost flow assumption generally results in the highest reported amount of net income in periods of rising inventory costs? Multiple Choice LIFO. FIFO. Weighted-average. Income will be the same under each assumption. Which cost flow assumption must be used for financial reporting if it is also used for tax reporting? Multiple Choice LIFO. FIFO. Weighted-average. Under a perpetual inventory system: Multiple Choice Cost of good sold is recorded with a period-end adjusting entry. Purchase discounts are not recorded. Inventory...
Lyon Center began operations on July 1. It uses a perpetual inventory system. During July, the...
Lyon Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Sales Units Units 7 Unit Cost $62 July 1 July 6 July 11 3 $66 July 14 July 21 July 27 Calculate average cost for each unit. (For calcula rs purpose round unit costs to 2 decimal places, eg. 15.25.) July 1 $ July 6 $ Determine the ending inventory under a perpetual inventory system...
PLEASE explain how to get the answer ? Alternative Inventory Methods Garrett Company has the following...
PLEASE explain how to get the answer ? Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 5.90 May 5 Purchase 250 5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required:...
Purchases Date Units Unit Cost Sales Units July 1 9 $68 July 6 6 July 11...
Purchases
Date
Units
Unit Cost
Sales Units
July 1
9
$68
July 6
6
July 11
5
$76
July 14
5
July 21
7
$83
July 27
6
Determine the ending inventory under a perpetual inventory system
using (1) FIFO, (2) moving-average, and (3) LIFO. (For
calculation and answers purpose round unit costs to 2 decimal
places, e.g. 15.25 and ending inventory values to 0 decimal places,
e.g. 515.)
FIFO
MOVING-AVERAGE
LIFO
The ending inventory under a perpetual inventory system...
L02. How are merchandise inventory costs determined under a perpetual inventory system Use the following information...
L02. How are merchandise inventory costs determined under a perpetual inventory system Use the following information to answer the next 2 questions: Beginning Inventory January 1st = 100 units x $10 = $1,000 Purchases on January 15th = 100 units x S12 = $1,200 a) Using the perpetual system and FIFO method, what is the Cost of Goods Sold if we sell 125 units on January 20th? Please show work b) Using the perpetual system and LIFO method, what is...
E8-10 (L03) (FIFO and LIFO—Periodic and Perpetual) Inventory information for Part 311 of Monique Aaron Corp....
E8-10 (L03) (FIFO and LIFO—Periodic and Perpetual) Inventory information for Part 311 of Monique Aaron Corp. dis- closes the following information for the month of June. June 1 11 20 Balance Purchased Purchased 300 units @ $10 800 units @ $12 500 units @ $13 June 10 15 27 Sold Sold Sold 200 units 500 units 300 units $24 $25 $27 Instructions (a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory...
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted average 5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system 6. Rarely used with a perpetual inventory system 7. Produces results that are similar to the specific identification method 8. Widely used for tax purposes 9. Never results in either the highest or lowest possible net income 10. Produces the highest gross profit when costs are...
1 points A company that prepares its financial statements according to International Financial Reporting Standards (IFRS) can use each of the following inventory valuation methods except FIFO. LIFO Average cost All of these methods can be used, 1 points are Ramen Inc. adopted dollar value LIFO (DVL) as of January 1, 2021, when it had a cost inventory of $600,000. Its inventory as of December 31, 2021, was 5667800 at year end costs and the cost index was 1.06. What...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost of Goods Sold account is used. c. two entries are required to record a sale. d) All of these answer choices are correct sold for 2017, net income for 2017, and assets at December 31, 2018, respectively, are a. overstatement, understatement, overstatement. 32. If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods overstatement, understatement, no effect....
Lyon Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Sales Units Units 7 Unit Cost $62 July 1 July 6 July 11 3 $66 July 14 July 21 July 27 Calculate average cost for each unit. (For calcula rs purpose round unit costs to 2 decimal places, eg. 15.25.) July 1 $ July 6 $ Determine the ending inventory under a perpetual inventory system...
Purchases
Date
Units
Unit Cost
Sales Units
July 1
9
$68
July 6
6
July 11
5
$76
July 14
5
July 21
7
$83
July 27
6
Determine the ending inventory under a perpetual inventory system
using (1) FIFO, (2) moving-average, and (3) LIFO. (For
calculation and answers purpose round unit costs to 2 decimal
places, e.g. 15.25 and ending inventory values to 0 decimal places,
e.g. 515.)
FIFO
MOVING-AVERAGE
LIFO
The ending inventory under a perpetual inventory system...
L02. How are merchandise inventory costs determined under a perpetual inventory system Use the following information to answer the next 2 questions: Beginning Inventory January 1st = 100 units x $10 = $1,000 Purchases on January 15th = 100 units x S12 = $1,200 a) Using the perpetual system and FIFO method, what is the Cost of Goods Sold if we sell 125 units on January 20th? Please show work b) Using the perpetual system and LIFO method, what is...
E8-10 (L03) (FIFO and LIFO—Periodic and Perpetual) Inventory information for Part 311 of Monique Aaron Corp. dis- closes the following information for the month of June. June 1 11 20 Balance Purchased Purchased 300 units @ $10 800 units @ $12 500 units @ $13 June 10 15 27 Sold Sold Sold 200 units 500 units 300 units $24 $25 $27 Instructions (a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory...
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