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Help Save & Exit Submit Identify the inventory costing method best described by each of the...
Identify the inventory costing method best described by each of the following separate statements. Assume a...
Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs 1. Assigns the lowest amount to cost of goods sold 2. Mimics the actual flow of inventory. 3. |Yields the lowest gross profit. 4. Tends to smooth out the erratic changes in costs. 5. Matches the cost of items exactly with the revenues they generate. FIFO Specific identification Weighted average LIFO
Required: Choose the method of inventory valuation that corresponds to each of the statements that follow:...
Required: Choose the method of inventory valuation that corresponds to each of the statements that follow: 1. FIFO 2. LIFO 3. Weighted average. 4. Specific identification Matches actual flow of goods with actual flow of costs in most cases Matches old costs with new sales prices Results in the lowest net income in periods of falling prices Matches recent costs with new sales prices Does not assume any particular flow of goods Best suited for situations in which inventory consists...
9 QS 5-18 Contrasting inventory costing methods LO A1 Identify the inventory costing method best described...
9 QS 5-18 Contrasting inventory costing methods LO A1 Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs pints eBook 1 2. 3. 4. 5 Tends to smooth out the erratic changes in costs. Inventory on the balance sheet approximates its current cost. Precisely matches the costs of items with the revenues they generate. Cost of goods sold approximates its current cost. Better matches current costs with revenues. Ask...
The drop down menu option for each of these is A)LIFO B)FIFO te the sentence by...
The drop down menu option for each of these is
A)LIFO
B)FIFO
te the sentence by selecting the correct term using the drop-down list During a period of regularly rising purchase costs, the method yields the highest reported Sselect cost of goods sold amount on the income statement. During a period of regularly rising purchase costs, the method yields the lowest income tax select expense. During a period of steadily rising costs, the method results in the highest amount of...
Which of the following statements on inventory turnover is incorrect? a. Inventory turnover is equal to...
Which of the following statements on inventory turnover is incorrect? a. Inventory turnover is equal to the cost of goods sold divided by average inventory. b. When costs are rising, inventory turnover under LIFO will be lower than under FIFO. c. When costs are decreasing, inventory turnover under LIFO will be lower than under FIFO. d. When costs are rising, inventory turnover under LIFO will be higher than under FIFO. Which of the following statements is incorrect? a.Inventory write-offs decrease...
I need a more detailed answer Inventory Project i Saved Help Save & Exit Submit Check...
I need a more detailed answer
Inventory Project i Saved Help Save & Exit Submit Check my work Required information [The following information applies to the questions displayed below.) Part 3 of 4 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. points Date Activities Units Sold at Retail Mar. Beginning inventory Mar. 5 Purchase Units Acquired at Cost 100 units@ $50.00 per unit 400 units@ $55.00 per eBook 400 units...
There are four methods for inventory costing: LIFO, FIFO, weighted average and specific identification. What are...
There are four methods for inventory costing: LIFO, FIFO, weighted average and specific identification. What are the differences between each method? How does each method affect the balance sheet and the income statement? What do I mean when I say that inventory costing methods are not related to the physical flow of inventory? Please give an example.
The LIFO method of valuing inventory in an environment of rising prices and costs, generally results...
The LIFO method of valuing inventory in an environment of rising prices and costs, generally results in the following : All of the above An assumption that more recently acquired inventory is used for current production - leading to higher COGS and lower accounting profits Leads to a Balance Sheet that understates the market value of the inventory that remains Leads to a lower amount of corporate income tax being paid
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary under the perpetual system. R. Are meressary to adjust the loventory account to the actual inventory Must be taken at least once a month. D. Requires the use of hand-held portable computers. Are a necessary under the cost to benefit constraint. 22. During a period of steadily rising costs, the inventory valuation method that yields lowest reported net income is: A. Specific identification method....
Generally, which inventory costing method approximates most closely the current cost for each of the following?...
Generally, which inventory costing method approximates most closely the current cost for each of the following? 1. Cost of goods sold Ending inventory LIFO FIFO 2. Lifo Lifo 3. Fifo Fifio 4. Fifo Lifo Marsh Company had 150 units of product A on hand at January 1, year 2, costing $21 each. Purchases of product A during the month of January were as follows: Units Unit cost Jan. 10 200 $22 18 250 23 28 100 24 A physical count on...
Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs 1. Assigns the lowest amount to cost of goods sold 2. Mimics the actual flow of inventory. 3. |Yields the lowest gross profit. 4. Tends to smooth out the erratic changes in costs. 5. Matches the cost of items exactly with the revenues they generate. FIFO Specific identification Weighted average LIFO
Required: Choose the method of inventory valuation that corresponds to each of the statements that follow: 1. FIFO 2. LIFO 3. Weighted average. 4. Specific identification Matches actual flow of goods with actual flow of costs in most cases Matches old costs with new sales prices Results in the lowest net income in periods of falling prices Matches recent costs with new sales prices Does not assume any particular flow of goods Best suited for situations in which inventory consists...
9 QS 5-18 Contrasting inventory costing methods LO A1 Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs pints eBook 1 2. 3. 4. 5 Tends to smooth out the erratic changes in costs. Inventory on the balance sheet approximates its current cost. Precisely matches the costs of items with the revenues they generate. Cost of goods sold approximates its current cost. Better matches current costs with revenues. Ask...
The drop down menu option for each of these is
A)LIFO
B)FIFO
te the sentence by selecting the correct term using the drop-down list During a period of regularly rising purchase costs, the method yields the highest reported Sselect cost of goods sold amount on the income statement. During a period of regularly rising purchase costs, the method yields the lowest income tax select expense. During a period of steadily rising costs, the method results in the highest amount of...
I need a more detailed answer
Inventory Project i Saved Help Save & Exit Submit Check my work Required information [The following information applies to the questions displayed below.) Part 3 of 4 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. points Date Activities Units Sold at Retail Mar. Beginning inventory Mar. 5 Purchase Units Acquired at Cost 100 units@ $50.00 per unit 400 units@ $55.00 per eBook 400 units...
26. An ventory available. that yields the 21. Physical cons of inventory: 1. Are not necessary under the perpetual system. R. Are meressary to adjust the loventory account to the actual inventory Must be taken at least once a month. D. Requires the use of hand-held portable computers. Are a necessary under the cost to benefit constraint. 22. During a period of steadily rising costs, the inventory valuation method that yields lowest reported net income is: A. Specific identification method....
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