Homework Answers
Answer) The Cost of Inventory items changes during the year
During the time of rising material prices, LIFO Method results in a higher cost of goods sold, lower profits. During the period of declining material material prices, FIFO Method yields the same results.
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5 & 6 Question 11 (of 20) One inventory cost flow assumption will result in different...
[ACCOUNTING Chapters 5&6 KQuestion 8 (of 20) 8. The inventory cost flow assumption describes the flow...
[ACCOUNTING Chapters 5&6 KQuestion 8 (of 20) 8. The inventory cost flow assumption describes the flow of product cost O from the asset (inventory) account and to the revenue (sales) account. O from the warehouse to the customer O from the revenue (sales) account and to the expense (cost of goods sold) account O from the asset (inventory) account and to the expense (c ost of goods sold) account
Denzel Inc., uses the LIFO cost-flow assumption to value inventory. Inventory for Denzel Inc. on January...
Denzel Inc., uses the LIFO cost-flow assumption to value inventory. Inventory for Denzel Inc. on January 1, 2015 was 400 units at a LIFO cost of $60 per unit. During the first quarter of 2015, Denzel purchased 500 units costing an average of $70 per unit, and sold 600 units at a retail price of $100 per unit. Assuming Denzel Inc. does not expect to replace the units of beginning inventory sold, what is the amount of cost of goods...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with 1,900 units of inventory carried at LIFO cost of $68 per unit. During the first quarter, it purchased 5,450 units at an average cost of $98 per unit and sold 6,200 units at $190 per unit. Assume the company does not expect to replace the units of beginning inventory sold; it plans to reduce inventory by year-end to 500 units. What amount of cost...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with 1,700 units of inventory carried at LIFO cost of $64 per unit. During the first quarter, it purchased 5,350 units at an average cost of $94 per unit and sold 6,000 units at $170 per unit. Assume the company does not expect to replace the units of beginning inventory sold; it plans to reduce inventory by year-end to 500 units. What amount of cost...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with 1,700 units of inventory carried at LIFO cost of $64 per unit. During the first quarter, it purchased 5,350 units at an average cost of $94 per unit and sold 6,000 units at $170 per unit. Assume the company expects to replace the units of beginning inventory sold in April at a cost of $96 per unit and expects inventory at year-end to be...
In a periodic inventory system, the cost of goods sold is determined as follows Select one:...
In a periodic inventory system, the cost of goods sold is determined as follows Select one: O a A physical count is made of all tems sold throughout the year, and a cost flow assumption is applied at year-end O b. Year-end inventory, plus purchases during the O c. Net sales, less the balance in the Gross Profit account year, less the inventory at the beginning of the year
1a Which inventory cost flow assumption generally results in the lowest reported amount for inventory when...
1a Which inventory cost flow assumption generally results in the lowest reported amount for inventory when inventory costs are rising? Specific identification. First-in, first-out (FIFO). Last-in, first-out (LIFO). Average cost. 1 points 1b At the beginning of the year, Johnson Supply has inventory of $5,200. During the year, the company purchases an additional $20,000 of inventory. An inventory count at the end of the year reveals remaining inventory of $3,000. What amount will Bennett report for cost of goods...
ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the...
ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10. Jan 1 Beginning Inventory 8 @ $12= $96 Jan 5 Purchase 12 @ $15= $180 Jan 25 Purchase 10 @ $18= $180 Jan 10 Sale 11 units x $50 each Jan 30 Sale 3 units x $55 each
5 Inventory and Prepaids (10 Points) Saved Mannisto Inc. uses the FIFO inventory cost flow assumption....
5 Inventory and Prepaids (10 Points) Saved Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $222,805 and average assets of $1,497,010. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $43,620 more than under FIFO, and its average assets would have been $40,580 less than under FIFO. Required: a. Calculate the firm's ROI...
5 pts Question 21 Grandma's Gift Store uses the FIFO cost flow assumption. Calculate its cost...
5 pts Question 21 Grandma's Gift Store uses the FIFO cost flow assumption. Calculate its cost of goods sold for the month of July and its ending inventory at July 31. July 1 July 10 July 31 Beginning inventory Purchase Ending inventory 500 @ $4 800 @$5 300 HTML Editor BI VAAI ETIX SE - V O 12pt - Paragraph -
[ACCOUNTING Chapters 5&6 KQuestion 8 (of 20) 8. The inventory cost flow assumption describes the flow of product cost O from the asset (inventory) account and to the revenue (sales) account. O from the warehouse to the customer O from the revenue (sales) account and to the expense (cost of goods sold) account O from the asset (inventory) account and to the expense (c ost of goods sold) account
In a periodic inventory system, the cost of goods sold is determined as follows Select one: O a A physical count is made of all tems sold throughout the year, and a cost flow assumption is applied at year-end O b. Year-end inventory, plus purchases during the O c. Net sales, less the balance in the Gross Profit account year, less the inventory at the beginning of the year
5 Inventory and Prepaids (10 Points) Saved Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $222,805 and average assets of $1,497,010. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $43,620 more than under FIFO, and its average assets would have been $40,580 less than under FIFO. Required: a. Calculate the firm's ROI...
5 pts Question 21 Grandma's Gift Store uses the FIFO cost flow assumption. Calculate its cost of goods sold for the month of July and its ending inventory at July 31. July 1 July 10 July 31 Beginning inventory Purchase Ending inventory 500 @ $4 800 @$5 300 HTML Editor BI VAAI ETIX SE - V O 12pt - Paragraph -
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