Which of the following inventory costing methods uses the costing methods uses the cost of the...
Homework Answers
ANSWER- FIFO( FIRST IN FIRST OUT)
FIFO is the inventory costing method which uses the cost of older purchases to calculate the value of ending inventory.
Because FIFO( first in, first out) says that we will sell the oldest goods first rather than the new stock. Which is logically a good choice. For the valuation of ending inventory, FIFO inventory costing method is used as it uses the oldest price. In today's market, prices rise over time, so by using FIFO method the ending inventory is valued higher at recent costs.
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Which of the following inventory costing methods uses the costing
methods uses the cost of the...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification...
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...
When inventory costs are declining, which of the following inventory costing methods will result in the...
When inventory costs are declining, which of the following inventory costing methods will result in the highest cost of goods sold? O A. last - in, first-out OB. weighted average OC specific identification OD first-in, first-out
AutoSave Off second exam.. Zakari, SaluS File Home Insert Design Layout References Mailings Review View Help Gramma...
AutoSave Off second exam.. Zakari, SaluS File Home Insert Design Layout References Mailings Review View Help Grammarly L 6 5 4- 3- 2 21) Which of the following inventory valuation methods should be used for undque items? A) specific identfication C) weighted-average 21) B) last-in, first-out D) first-in, first-out 22) Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of goods sold? A) last-in, first-out first-in, first-out 22) B) specific identification...
Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory...
Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold for the year using the perpetual method and (a) first.in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Units Unit Cost Beginning inventory, January 1,200 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 March 1 July 1 1,400 October 29 1,000 Round the cost per unit to 3 decimal...
Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one...
Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1.200 $13 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 17 Sales: March 1 1,400 July 1 1,400 October 291,000 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost method. Hint: For weighted-average cost,...
QUESTION 49 Which of the following amounts could differ if a company, using the LIFO inventory...
QUESTION 49 Which of the following amounts could differ if a company, using the LIFO inventory costing method, shifts from a periodic inventory system to a perpetual invent system? purchases sales revenue ending merchandise inventory purchase returns QUESTION 50 Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory?! specific identification last-in, first-out weighted average first-in, first-out
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 450 units $34 per unit 12 Purchased 400 units 539 per unit 16 Sold 480 units 24 Purchased 460 units @ $40 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted average cost methods. Do not...
Which of the following inventory costing methods will always result in the same values for ending...
Which of the following inventory costing methods will always result in the same values for ending inventory and cost of goods sold regardless of whether a perpetual or periodic inventory system is used? Multiple Choice FIFO and LIFO LIFO and weighted-average cost Specific identification and FIFO FIFO and weighted-average cost LIFO and specific identification Next Visit question map Question 12 of 25 Total12
Inventory Costing Methods–Periodic Method The following data are for the Portet Corporation, which sells just one...
Inventory Costing Methods–Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $8 Purchases: February 11 1,500 May 18 1,400 10 October 23 1,100 14 March 1 Sales: 1,400 July 1 1,400 October 29 1,200 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first- out, and (c) weighted-average cost method. Round the...
Inventory Costing Methods-Perpetual Method Arrow Company is a retailer that uses the perpetual inventory system. August...
Inventory Costing Methods-Perpetual Method Arrow Company is a retailer that uses the perpetual inventory system. August 1 Beginning inventory 5 Purchased 8 Purchased 11 Sold 80 units of Product A @ $1,600 total cost 100 units of Product A @ $2,116 total cost 200 units of Product A @ $4,416 total cost 170 units of Product A @ $4,800 total sale Calculate the inventory cost of item A on August 11 (after the sale) using (a) first-in, first-out, (b) last-in,...
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...
When inventory costs are declining, which of the following inventory costing methods will result in the highest cost of goods sold? O A. last - in, first-out OB. weighted average OC specific identification OD first-in, first-out
AutoSave Off second exam.. Zakari, SaluS File Home Insert Design Layout References Mailings Review View Help Grammarly L 6 5 4- 3- 2 21) Which of the following inventory valuation methods should be used for undque items? A) specific identfication C) weighted-average 21) B) last-in, first-out D) first-in, first-out 22) Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of goods sold? A) last-in, first-out first-in, first-out 22) B) specific identification...
Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold for the year using the perpetual method and (a) first.in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Units Unit Cost Beginning inventory, January 1,200 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 March 1 July 1 1,400 October 29 1,000 Round the cost per unit to 3 decimal...
Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1.200 $13 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 17 Sales: March 1 1,400 July 1 1,400 October 291,000 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost method. Hint: For weighted-average cost,...
QUESTION 49 Which of the following amounts could differ if a company, using the LIFO inventory costing method, shifts from a periodic inventory system to a perpetual invent system? purchases sales revenue ending merchandise inventory purchase returns QUESTION 50 Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory?! specific identification last-in, first-out weighted average first-in, first-out
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 450 units $34 per unit 12 Purchased 400 units 539 per unit 16 Sold 480 units 24 Purchased 460 units @ $40 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted average cost methods. Do not...
Inventory Costing Methods–Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $8 Purchases: February 11 1,500 May 18 1,400 10 October 23 1,100 14 March 1 Sales: 1,400 July 1 1,400 October 29 1,200 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first- out, and (c) weighted-average cost method. Round the...
Inventory Costing Methods-Perpetual Method Arrow Company is a retailer that uses the perpetual inventory system. August 1 Beginning inventory 5 Purchased 8 Purchased 11 Sold 80 units of Product A @ $1,600 total cost 100 units of Product A @ $2,116 total cost 200 units of Product A @ $4,416 total cost 170 units of Product A @ $4,800 total sale Calculate the inventory cost of item A on August 11 (after the sale) using (a) first-in, first-out, (b) last-in,...
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