Homework Answers
Correct option is: A. Merchandise are sold in the order in which they are received
Under FIFO method that is First in First out states that Inventory first purchased should be sold first therefore Merchandise are sold in the order in which they are received pr purchased
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Bentley Manufacturing Co. uses the FIFO method of costing its inventory, which indicates that: Select one:...
Which of the following statement is true regarding inventory costing? Select one: O A. Under FIFO,...
Which of the following statement is true regarding inventory costing? Select one: O A. Under FIFO, the first units purchased are sold and ending inventory is made up of the most recent purchase O B. The cost of ending inventory is the same Under the LIFO and FIFO methods. O C. Both statements are true O D. None of the above statements are true Petty Cash is reserved for large purchases or repairs such as the replacement of a truck...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification...
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Which inventory costing method results in the lowest ending inventory during a period of rising merchandise...
Which inventory costing method results in the lowest ending inventory during a period of rising merchandise inventory cost? a.) Weighted-average b.) Specific identification c.) First-in, first-out (FIFO) d.) Last-in, first-out (LIFO)
Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the...
Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross protit. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost...
periodic inventory system merchandise inven LO2 • P6-2A. Inventory Costing Methods-Periodic Method Tally Stores uses the...
periodic inventory system merchandise inven LO2 • P6-2A. Inventory Costing Methods-Periodic Method Tally Stores uses the periodic inventory for its merchandise inventory. The April 1 inventory for one of the items in the merchandise tory consisted of 120 units with a unit cost of $330. Transactions for this item during April follows: April 9 Purchased 40 units @ $345 per unit. 14 Sold 80 units @ $550 per unit. 23 Purchased 20 units @ $360 per unit. 29 Sold 40...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method....
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending
merchandise inventory using the FIFO inventory costing method.
Enter the transactions in chronological order, calculating new
inventory on hand balances after each transaction. Once all of the
transactions have been entered into the perpetual record,
calculate the quantity and total cost of merchandise inventory
purchased, sold, and on hand at the end...
A manufacturing company uses the FIFO method in its process costing system. In the Cutting Department...
A manufacturing company uses the FIFO method in its process costing system. In the Cutting Department in June, units were 25% complete with respect to conversion in the beginning work in process inventory and 30% complete with respect to conversion in the ending work in process inventory. Other data for the department for June follow: units Conversion costs Beginning work in process inventory 20,000 50,000 Units started into production during the month 145,000 180,000 Units completed and transferred out 140,000...
Which of the following statement is true regarding inventory costing? Select one: O A. Under FIFO, the first units purchased are sold and ending inventory is made up of the most recent purchase O B. The cost of ending inventory is the same Under the LIFO and FIFO methods. O C. Both statements are true O D. None of the above statements are true Petty Cash is reserved for large purchases or repairs such as the replacement of a truck...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
Inventory Costing Methods . Periodic Method Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 120 units with a unit cost of $335. Transactions for this item during April were as follows: April 9 Purchased 40 units $355 per unit 14 Sold 80 units @ $560 per unit 23 Purchased 20 units @ $360 per unit 29 Sold 40 units Required a. Calculate...
Bentley Enterprises uses process costing to control costs in the manufacture of Dust Sensors for the mining industry. The following information pertains to operations for November (CMA Exam adapted) Work in process, November 1st Started in production during November Work in process, November 30th Units 17,880 118,000 25,880 The beginning inventory was 60% complete as to materials and 20% complete as to conversion costs. The ending inventory was 80% complete as to materials and 40% complete as to conversion costs....
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periodic inventory system merchandise inven LO2 • P6-2A. Inventory Costing Methods-Periodic Method Tally Stores uses the periodic inventory for its merchandise inventory. The April 1 inventory for one of the items in the merchandise tory consisted of 120 units with a unit cost of $330. Transactions for this item during April follows: April 9 Purchased 40 units @ $345 per unit. 14 Sold 80 units @ $550 per unit. 23 Purchased 20 units @ $360 per unit. 29 Sold 40...
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending
merchandise inventory using the FIFO inventory costing method.
Enter the transactions in chronological order, calculating new
inventory on hand balances after each transaction. Once all of the
transactions have been entered into the perpetual record,
calculate the quantity and total cost of merchandise inventory
purchased, sold, and on hand at the end...
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