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Question 10 Under O FIFO O LIFO O Weighted Average O Specific identification method, the ending inventory is valued based on the oldest purchase.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 3E: Inventory Write-Down Byron Company has five products in its inventory and uses the FIFO cost flow...

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Question 19 If inventory prices are rising the method of inventory valuation that gives the highest profit and the highest ending inventory is: a. FIFO. b. LIFO. c. Weighted average. d. Perpetual method.
1a The inventory cost flow method that reports the earliest costs in ending inventory is a. LIFO b. weighted average cost c. FIFO d. specific identification
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d. days in inventory e. inventory turn over f. average collection period
Under which inventory cost flow assumption is the cost of the most recent purchases likely to remain in inventory? Select one: A. FIFO B. Weighted average cost C. LIFO
Inventory Write-Down Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows: Required: 1. What is the correct inventory value, assuming the LCNRV rule is applied to each item of inventory? 2. What is the correct inventory value, assuming the LCNRV rule is applied to the total of inventory? 3. Next Level Comment on any differences that result from applying the LCNRV rule to individual items compared to the total of inventory.
Under which inventory cost flow assumption is the oldest cost of inventory items likely to remain on the balance sheet? Select one: A. Weighted average B. FIFO C. FIFO
Under which inventory cost flow assumption is the cost of the most recent purchase matched first with sales revenues? Select one: A. FIFO B. Weighted average cost C. LIFO
31. Apply the Retail Inventory Method to calculate the cot of ending invery Cost Beginning inventory Net purchanes Sales Ratail $20.224 $31600 59.508 97000 .00
QUESTION 11 Match the term on the left to the appropriate description on the right. v Cost of goods available for sale (COGAS) A. A valuation rule applied to ending inventory. v LIFO reserve B. The maximum value that cost of goods sold (COGS) can be in a period. C. The amount by which inventory measured under FIFO would exceed inventory measured under LIFO v Lower-of-cost-or-market v Inventory turnover ratio. D. An inventory cost flow assumption. E. A measure for evaluating a company's inventory management. v FIFO (first-in, first out) v Periodic inventory F. A system for calculating COGS based on ending inventory value.
le Three Assignment - ACC X * CengageNOWv2 | Online teachin x m/ilm/takeAssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator=&inprogre... 向 n eBook Show Me How Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 68 $24 $28 SAW9 141 12 10 Previous Next Check My Work 6:37 AM 45°F 11/13/2021 4- 9144 brt sc delete PA
Question #1 Unit cost/ Units Sales price Opening Inventory 2,000 3.70 Purchase #1 8,000 4.10 Sale #1 6,000 12.00 Purchase #2 5,000 4.30 Sale #2 3,000 12.00 Compute the following: a) Ending inventory (Perpetual) using FIFO. b) COGS (Perpetual) using moving weighted average. c) Ending inventory (Periodic) using weighted average.