Explain each of the four differences for the FIFO and Weighted-Average methods for the Process Cost system: Which method is more difficult to use?, What happens when there are similar results for both methods?, Which method is superior to use?, and Which method is more accurate?. Explain and compare each of the for differences for the FIFO and Weighted-Average methods of the Process Cost system.
Explain each of the four differences for the FIFO and Weighted-Average methods for the Process Cost...
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 FIFO method is conceptually superior to the weighted-average method. Explain by comparing the two methods.
periodic inventory using FIFO, LIFO, and weighted average cost methods Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $35 $420 Jan. 1 Inventory 540 Purchase 15 units at $36 Aug. 7 380 Purchase 10 units at $38 Dec. 11 $1,340 37 units There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is...
e7-6 analyzing and interpreting the financial statement effects of periodic fifo, lifo, and weighted average cost LO 7-3 an e') weighted average cost methods. E7-6 Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost Onion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assum its accounting records provided the...
The cost of units completed can differ materially between the weighted average and the FIFO methods of process costing. II. Weighted-average cost per equivalent unit includes the costs for beginning work in process plus costs for work done in the current period. III. The FIFO process costing method assigns (or keeps) the cost of work done on beginning inventory separate from the cost of work done during the current period. IV. A major advantage of the weighted-average process costing is...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at $43 Aug. 7 Purchase 18 units at $44 Dec. 11 Purchase 15 units at $45 $172 792 675 $1,639 37 units ermine the inventory cost There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Det using (e) the first-in,...
E7-7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO. and Weighted Average Cost Scoresby Inc. tracks the number of units purchased and sold throughout each year but annlies inventory costing method at the end of the year, as if it uses a periodic inventory system. Assum its accounting records provided the following information at the end of the annual accountine period, December 31. LO 7-3 Transactions Units Unit Cost 3,000 $ 8 a. Inventory, Beginning For the year:...
peridic inventory using fifo, lifo, and weighted average cost methods... plz help me! Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 9 units at $38 Inventory Purchase Purchase $342 656 Aug. 7 Dec. 11 16 units at $41 10 units at $43 430 35 units $1,428 There are 18 units of the item in the physical inventory at December 31. The periodic...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units at $26 $182 Aug. 7 Purchase 17 units at $29 493 Dec. 11 Purchase 11 units at $30 330 35 units $1,005 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $32 $416 July 7 Purchase 7 units at $35 245 Nov. 23 Purchase 5 units at $37 185 25 units $846 There are 7 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...