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Inventory is valued using the first in first out method (FIFO). The opening inventory was 12 units costing £ 8 each. Purchases were 60 units at £ 10 each, then sales of 18 units were made, followed by sales of 23 units. It is asked to value the closing inventory (to the closest one) A 286 B 300 C 280 D 310
In a process cost system, the amount of work in process inventory is valued by a.multiplying units in ending inventory by the direct materials cost per unit b.allocating departmental costs between completed and partially completed units c.finding the sum of all completed jobs d.finding the sum of all open job costs
If inventory is being valued at cost and the price level is steadily rising, which of the following three methods of costing—FIFO, LIFO, or weighted average cost—will yield the lowest annual after tax net income? Which method will yield the highest after tax net income in a scenario where the price level is steadily declining? Which of the three methods of inventory will in general yield an inventory cost most nearly approximating current replacement cost?
(a) if merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing-FIFO, LIFO, ir weighted average. (d) the lowest gross profit?
Assume your organization has the following inventory changes during the year: Beginning Inventory 15 units Valued at $10,000 each February purchases 13 units at $11,500 each June purchases 20 units at $12,000 each Total units used 42 Calculate the value of the ending inventory and the value of the inventory used (the inventory expense) for the year, using both the FIFO and the LIFO method of cost-flow.
Assume your organization has the following inventory changes during the year: Beginning Inventory 15 units Valued at $10,000 each February purchases 13 units at $11,500 each June purchases 20 units at $12,000 each Total units used 42 Calculate the value of the ending inventory and the value of the inventory used (the inventory expense) for the year, using both the FIFO and the LIFO method of cost-flow.
!Question # 2: A retailer has a beginning monthly inventory valued at $60,000 at retail and $35,000 at cost. Net purchases during the month are $140,000 at retail and $70,000 at cost. Transportation charges are $17,000. Sales are $150,000. Markdowns and discounts equal $20,000. A physical inventory at the end of the month shows merchandise valued at $10,000 (at retail) on hand. Compute the following: a. Total merchandise available for sale – at cost and at retail b. Cost complement...
Parry Company has five different inventory items that are valued by the lower or net realizable value method applied on an individual basis. The normal markup on all items is 20% of cost. The following information was obtained from the accounting records. item/cost replacement cost net realizable value net realizable value - normal profit designated market value final inventory value A. 5000 4550 4600 B. 3200 3240 3120 C. 4500 4050 4200 D. 3600 2400 3400 E. 2500 2550 2530...
Company X had a beginning inventory at December 31 2019 valued at $811,00 purchased with a 6 month note at 6% due May 2020. The company had a number of purchases during the new year equal to $352,000. The ending inventory count indicated 60 units valued at $493,100. Assume sales of the year was $1,105,000 and the tax rate was 23%. Assume General Administration expenses for the year were $61,000. The company had an extraordinary gain of 49,000. Prepare an...