Homework Answers
| A) | LIFO Method | |||
| B) | Finished Stock | |||
| C) | Specific Identification | |||
| D) | FOB Shipping Point | |||
| E) | FOB Destination | |||
| F) | Consigned Goods | |||
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Match the definitions with their terms. Inventory costing method that assumes the costs of the later...
Match each of the following terms (a-h) with the correct definition below. Clear All Inventory system...
Match each of the following terms (a-h) with the correct definition below. Clear All Inventory system that updates the merchandise inventory account only at the end of the accounting period based on a physical count of merchandise on hand. Periodic inventory system Statement where net income is determined by deducting all expenses from all revenues. Multiple-step income statement Inventory system that updates the merchandise inventory account for every purchase and sale transaction. FOB shipping point Payment arrangements determined by the...
Match the accounting terms with the corresponding definitions. a. The cost of the merchandise inventory that...
Match the accounting terms with the corresponding definitions. a. The cost of the merchandise inventory that the business has sold to customers. b. An amount granted to the purchaser as an incentive to keep goods that are not "as ordered". c. A type of merchandiser that buys merchadise either from a manufacturer or a wholesaler and then sells those goods to customers. d. A situation in which the buyer takes ownership (title) at the delivery destination point. e. A type...
Match the definitions to the terms. Periodic Inventory System Net Realizable Value Compatibility Principle Weighted Average...
Match the definitions to the terms. Periodic Inventory System Net Realizable Value Compatibility Principle Weighted Average Cost Benefit Principle 6 Gross Margin First-in, First-out Perpetual Inventory System Last-in, Last-out 10 Flexibility Principle 11 Control Principle FOB Match each of the options above to the items below. Free on board (point of transfer) Net sales minus cost of goods sold. Updates accounting records for each purchase and each sale of inventory Assumes that inventory items are sold in the order acquired....
25. Match each of the following terms a through j with the appropriate definition (a) Specific...
25. Match each of the following terms a through j with the appropriate definition (a) Specific identification method (b) Days' sales in inventory (c) Conservatism principle (d) Inventory turnover (e) Retail inventory method (1) Interim statements (g) Net realizable value (h) LIFO method (1) Weighted average inventory method () FIFO method (1) The accounting principle that aims to select the less optimistic estimate when two or more estimates are about equally likely. _(2) The expected sales price of an item...
1.(10 Points) Match each of the following terms a through j with the appropriate definition A....
1.(10 Points) Match each of the following terms a through j with the appropriate definition A. Specific identification method B. Days' sales in inventory C. Conservatism constraint D. Inventory turnover E. Retail inventory method F. Interim statements G. Net realizable value H. LIFO method I. Weighted average inventory methocd J. FIFO method The accounting constraint that aims to select the less optimistic estimate when two or more estimates are about equally likely. ー1 . 2. The expected sales price of...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point F. General and administrative expenses G. Gross profit H. Inventory shrinkage 1. Merchandise inventory J. Multiple-step income statement K. Periodic inventory system L. Perpetual inventory system M. Purchase allowance N. Purchases discounts O. Sales discount P. Selling expenses Q. Shrinkage R. Single-step income statement S. Trade discount __A cash discount granted from the view of the seller, indicated in the credit terms on the...
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...
THANK YOU SO MUCH I WILL BE SURE TO LEAVE A GREAT RATING AND NOTE!!!!! 20. The primary difference between the periodic and perpetual inventory systems is that a periodic system determines the inventor...
THANK YOU SO MUCH I WILL BE SURE TO LEAVE A GREAT RATING AND NOTE!!!!! 20. The primary difference between the periodic and perpetual inventory systems is that a periodic system determines the inventory on hand only at the end of the accounting period periodic system provides an easy means to determine inventory shrinkage periodic system records the cost of the sale on the date the sale is made periodic system keeps a record showing the inventory on hand at...
Please help, Periodic average cost method Cornerstone Exercise 6-32 (Algorithmic) Inventory Costing Methods: Periodic Average Cost...
Please help, Periodic average cost method
Cornerstone Exercise 6-32 (Algorithmic) Inventory Costing Methods: Periodic Average Cost (Appendix 6B) Filimonov Inc. has the following information related to purchases and sales of one of its inventory items Date Description Units Purchased at Cost 150 units$14$2,100 200 units$12$2,400 Units Sold at Retail June 1 Beginning Inventory 9 Purchase 1 14 Sale 1 22 Purchase 2 29 Sale 2 300 units $25 250 units@$14 $3,500 225 units @ $25 Assume that Filimonov uses a...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Match each of the following terms (a-h) with the correct definition below. Clear All Inventory system that updates the merchandise inventory account only at the end of the accounting period based on a physical count of merchandise on hand. Periodic inventory system Statement where net income is determined by deducting all expenses from all revenues. Multiple-step income statement Inventory system that updates the merchandise inventory account for every purchase and sale transaction. FOB shipping point Payment arrangements determined by the...
Match the definitions to the terms. Periodic Inventory System Net Realizable Value Compatibility Principle Weighted Average Cost Benefit Principle 6 Gross Margin First-in, First-out Perpetual Inventory System Last-in, Last-out 10 Flexibility Principle 11 Control Principle FOB Match each of the options above to the items below. Free on board (point of transfer) Net sales minus cost of goods sold. Updates accounting records for each purchase and each sale of inventory Assumes that inventory items are sold in the order acquired....
25. Match each of the following terms a through j with the appropriate definition (a) Specific identification method (b) Days' sales in inventory (c) Conservatism principle (d) Inventory turnover (e) Retail inventory method (1) Interim statements (g) Net realizable value (h) LIFO method (1) Weighted average inventory method () FIFO method (1) The accounting principle that aims to select the less optimistic estimate when two or more estimates are about equally likely. _(2) The expected sales price of an item...
1.(10 Points) Match each of the following terms a through j with the appropriate definition A. Specific identification method B. Days' sales in inventory C. Conservatism constraint D. Inventory turnover E. Retail inventory method F. Interim statements G. Net realizable value H. LIFO method I. Weighted average inventory methocd J. FIFO method The accounting constraint that aims to select the less optimistic estimate when two or more estimates are about equally likely. ー1 . 2. The expected sales price of...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point F. General and administrative expenses G. Gross profit H. Inventory shrinkage 1. Merchandise inventory J. Multiple-step income statement K. Periodic inventory system L. Perpetual inventory system M. Purchase allowance N. Purchases discounts O. Sales discount P. Selling expenses Q. Shrinkage R. Single-step income statement S. Trade discount __A cash discount granted from the view of the seller, indicated in the credit terms on the...
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...
Please help, Periodic average cost method
Cornerstone Exercise 6-32 (Algorithmic) Inventory Costing Methods: Periodic Average Cost (Appendix 6B) Filimonov Inc. has the following information related to purchases and sales of one of its inventory items Date Description Units Purchased at Cost 150 units$14$2,100 200 units$12$2,400 Units Sold at Retail June 1 Beginning Inventory 9 Purchase 1 14 Sale 1 22 Purchase 2 29 Sale 2 300 units $25 250 units@$14 $3,500 225 units @ $25 Assume that Filimonov uses a...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
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