Homework Answers
| Answer : Optoin B [ FIFO ] |
| Explanation : In FIFO method, the goods which are purchased first are sold out first and the ending inventory is from the recent purchases |
| If you have any doubt then please ask |
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10. Which inventory costing method generally results in the most recent costs being assigned to ending...
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)
4. Determine the costs assigned to ending inventory and to cost of goods SUIU USM LIPU....
4. Determine the costs assigned to ending inventory and to cost of goods SUIU USM LIPU. ded Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased #of Cost Trost Date Cost of Goods Sold # of units Cost Cost of sold per unit Goods Sold per units Inventory Balance Cost Inventory...
At the end of January 2018, the records of Regina Company showed the following for a...
At the end of January 2018, the records of Regina Company showed the following for a particular item that sold at $18 per unit. Assume that all sales and purchases are on account: Transactions Units Amount $2,500 Inventory, January 1, 2018 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 500 (400) 600 3,600 (300) 160 1,280 Required: 1. Assuming the use of a perpetual inventory system, prepare a summarized statement through gross profit on sales under...
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...
thise are the possible joirnal entries Fairfield Company's raw materials inventory transactions for the most recent...
thise
are the possible joirnal entries
Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: $ 11,6ee 113.00 Beginning raw materials Purchases of raw materials Raw materials issued Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 46,009 For Job 101 33,5ee For Job 102 14,000 Used on multiple jobs 1. & 2. Prepare the journal entries for materials. Of no entry is required for a transaction/event, select "No Journal Entry Required in the first...
14. In preparing closing entries b. each expense account will be credited. e. the dividends accou...
14. In preparing closing entries b. each expense account will be credited. e. the dividends account will be debited if there is net income for the period d. the dividends account will be debited. 15. In a period of rising prices, FIFO will have a. lower net income than LIFO. b. lower cost of goods sold than LIFO c. lower income tax expense than LIFO. d. lower net purchases than LIFO Equipment was purchased for $150,000. Freight charges amounted to...
The records of Fremont Corporation's initial and unaudited accounts show the following ending inventory balances, which...
The records of Fremont Corporation's initial and unaudited accounts show the following ending inventory balances, which must be adjusted to actual costs. Work-in-process inventory Finished goods inventory Units 210,000 25,000 Unaudited Costs $ 817,542 364,740 As the auditor, you have learned the following information. Ending work-in-process inventory is 40 percent complete with respect to conversion costs. Materials are added at the beginning of the manufacturing process, and overhead is applied at the rate of 80 percent of the direct labor...
Required information Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer)...
Required information Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $12 cash per unit (for a total cost of $24,000). 5 Allied sold 1,000 of the units in inventory for $16 per unit (invoice total: $16,000) to Macy Co. under credit terms 2/10, n/60. The goods...
purchased 475 units of inventory for $2850 on account from sparkle, co. on terms, 3/10 n/20
Journalizing purchase and sale transactions, making closing entries, preparing financial statements, and computing the gross profit percentageCrystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Hudson Cleaning uses the perpetual inventory system. During December 2017,Crystal Clear Cleaning completed the following transactions:Dec 2. Purchased 475 units of inventory for $2850 on account from Sparkle, Co. on terms,3/10, n/20Purchased 600 units of inventory from Borax on account with terms 2/10, n/30. The total invoice...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to...
4. Determine the costs assigned to ending inventory and to cost of goods SUIU USM LIPU. ded Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased #of Cost Trost Date Cost of Goods Sold # of units Cost Cost of sold per unit Goods Sold per units Inventory Balance Cost Inventory...
At the end of January 2018, the records of Regina Company showed the following for a particular item that sold at $18 per unit. Assume that all sales and purchases are on account: Transactions Units Amount $2,500 Inventory, January 1, 2018 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 500 (400) 600 3,600 (300) 160 1,280 Required: 1. Assuming the use of a perpetual inventory system, prepare a summarized statement through gross profit on sales under...
thise
are the possible joirnal entries
Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: $ 11,6ee 113.00 Beginning raw materials Purchases of raw materials Raw materials issued Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 46,009 For Job 101 33,5ee For Job 102 14,000 Used on multiple jobs 1. & 2. Prepare the journal entries for materials. Of no entry is required for a transaction/event, select "No Journal Entry Required in the first...
14. In preparing closing entries b. each expense account will be credited. e. the dividends account will be debited if there is net income for the period d. the dividends account will be debited. 15. In a period of rising prices, FIFO will have a. lower net income than LIFO. b. lower cost of goods sold than LIFO c. lower income tax expense than LIFO. d. lower net purchases than LIFO Equipment was purchased for $150,000. Freight charges amounted to...
The records of Fremont Corporation's initial and unaudited accounts show the following ending inventory balances, which must be adjusted to actual costs. Work-in-process inventory Finished goods inventory Units 210,000 25,000 Unaudited Costs $ 817,542 364,740 As the auditor, you have learned the following information. Ending work-in-process inventory is 40 percent complete with respect to conversion costs. Materials are added at the beginning of the manufacturing process, and overhead is applied at the rate of 80 percent of the direct labor...
Required information Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $12 cash per unit (for a total cost of $24,000). 5 Allied sold 1,000 of the units in inventory for $16 per unit (invoice total: $16,000) to Macy Co. under credit terms 2/10, n/60. The goods...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to...
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