Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the following except. Multiple Choice LIFO method. FIFO method. Specific identification method. Weighted average method. Retail method.

Q: complete the following table which compares the effects of LIFO,  FIFO and weighted-average…

A: Inventory valuation in costing is done using mainly three methods namely FIFO, LIFO and weighted…

Q: Max Company has chosen to use an allowance account. When the cost of goods sold method is used with…

A: Full form of NRV is Net Realizable Value.

Q: Income statement format that separates cost of goods sold into categories? Select one: a. Detailed…

A: The multiple-step income statement shows the cost in a separation method. So that we can easily…

Q: Based on the following data, make a comparison between the use of the flow of inventory costs…

A: FIFO:  Under this method, the inventory that is bought first is to be sold first. Thus the ending…

Q: The inventory valuation method that has the advantages of assigning an amount to inventory on the…

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and…

Q: Which of the following companies would be more likely to use the specific identification inventory…

A:

Q: Which of the following statements is true? Multiple Choice Product costs and variable costs are…

A: Product cost means the cost which are incurred to create a product that is intended for sale to the…

Q: Describe how to find inventory value using the average cost method.

A: Inventory: It is a list of goods or stock of goods which is held for doing a business. It includes…

Q: Give examples of costs included in annual carrying costs of inventory when using the EOQ decision…

A:

Q: In a cost-divided income statement, changes in purchased goods (merchandise) must be reported under…

A: Following is the answer to the given question

Q: Discuss the effect of absorption and marginal costing on inventory valuation and profit…

A: Absorption costing also written as full costing. Under this method, all costs are considered in…

Q: For commercial reasons, a weighted average and inventory system from lifo fifo should be considered.

A: The LIFO (Last in, first-out) The LIFO accounting method is used to value inventory. This method is…

Q: Explain the (a) lower of cost or net realizable value (LCNRV) approach and the (b) lower of cost or…

A: LCNRV (Lower of Cost or Net Realizable Value) approach:   It is an approach that compares the cost…

Q: There are numerous inventory costing methods including FIFO, LIFO, and Weighted Average methods.…

A: Ans. There are 3 methods to value inventory and these are FIFO, LIFO and weighted average. Different…

Q: The cost method that will yield an ending inventory value that is somewhere between possible high…

A: Inventory valuation has 4 Methods - 1. FIFO 2. LIFO 3. Weighted Average 4. Specific Identification…

Q: The table below lists financial statement items that may be affected by the use of either the FIFO…

A: Rising costs is the situation when the prices keeps on increasing with time.

Q: Regardless of the inventory costing system used, cost of goods available for sale must be allocated…

A: Cost of good available comprises of beginning inventory and purchases during the period and are…

Q: Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

A:

Q: Which of the following is not a common cost flow assumption used in costing inventory? O First-in,…

A: Companies assign costs to products through inventory costing, often known as inventory cost…

Q: Applying Lower of Cost or Market value (LCM) to following items to determine fare inventory value.…

A: LCM or the lower of cost or market method is used to value a company’s inventory. The inventory is…

Q: Refer to the data in attached image. 1.Using the perpetual inventory system, compute the cost of…

A: FIFO stands for First-In First-Out LIFO stands for Last-In First-Out

Q: If merchandise inventory is being valued at cost and the price level is decreasing, which of the…

A: Inventory cost is calculated by LIFO, FIFO and average cost method. Under LIFO method, inventory…

Q: Which one the following types of cost is most likely to be included in determining the cost of…

A: Freight in cost is concerned with the inventory value and should be included in determining the cost…

Q: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

A: Cost of goods sold are the cost of the inventory which has been sold by the company during the year…

Q: Which of the following statements about the valuation of the inventory is correct, according to PAS…

A: Philippine Accounting Standards (PAS) 2 Inventories guides how to record or value inventories in the…

Q: When computing the cost-to-retail percentage for the average cost retail method, included in the…

A: Cost to retail percentage or ratio is the rate of percentage which is used to see the percentage of…

Q: Which of the three methods of inventory costing— FIFO, LIFO, or weighted average cost—will in…

A: First-In-First-out (FIFO): FIFO is a method used for recording inventory sold. In this method the…

Q: Which of the following statements about FIFO is true? Select one: a. All of the statements are…

A: FIFO is the First-in and First-out method of valuation of Inventory. Under this method, it is…

Q: Explain how the retail inventory method can be made to approximate the lower of cost or market rule.

A: Retail inventory method:   It takes into account. all the retail amounts that is, the current…

Q: Requirements: Compute for the ending inventory and cost of goods sold under each of the following…

A: Specific identification method - Under the specific identification method each inventory item is…

Q: Compute cost of goods sold and gross profit using the FIFO inventory costing method and using the…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method of…

Q: What will be the correct answer for weight average cost method for ending inventory and cost of…

A: Weighted average Cost per unit=11-6×$70+14×$10511-6+14=$182019=$95.79

Q: The cost of goods sold can be determined only after a physical count of inventory on hand under the…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: The beginning inventory costs and the product costs of the current period are combined to determine…

A: Process costing is used where the product is generated through multiple processes. It is mainly used…

Q: Which of the following is not a step in the retail inventory method process? a.Compute the cost of…

A: The question is based on the concept of Cost Accounting.

Q: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold…

A: 1) Determination of cost of goods sold & ending inventory under specific identification method:…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.