calculate the cost of ending inventory using the FIFO costing method:

Q: what is the cost of its ending inventory at cost? *

A: Retail inventory method refers to an accounting method which is used by the companies to compute the…

Q: Which of the following costing systems assigns actual costs of materials to inventory? a.normal…

A: A costing system is designed by a company to monitor the costs incurred by the company.

Q: Estimate ending inventory and cost of goods sold using the gross profit method.

A: Under gross profit method, calculation of cost of goods sold: Cost of goods sold = Sales* ( 1 -…

Q: What is the cost of ending inventory under the weighted average costing method?

A: Calculation of cost of units issued under FIFO method: Date Units issued Issue cost      5/15…

Q: What are the inventory accounts used in JIT costing?

A: JIT (Just-In-Time) inventory system is usually implemented in an organization to reduce the amount…

Q: Refer to the information in Exercise 6-7 and assume the periodic inventory system is used. Determine…

A: Introduction: FIFO: FIFO stands for First in First out  Which is used in valuating inventory.

Q: By following the LIFO process calculate the Ending inventory value.

A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…

Q: compute the number of units in ending inventory

A: Ending inventory represents the units of inventory that is remaining unsold as at a given date.…

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

A: Under LIFO method, Inventory purchased most recently are the first to be sold.

Q: ethod to use or are there other determinants that are more important in your opinion? Provide…

A: FIFO stands for first in first out. It values the inventory on the basis of first costs. The goods…

Q: Describe costing inventory using weighted average. Address the different treatment, if any, that…

A: Weighted average cost method of inventory valuation is one of the 3 methods of accounting inventory.…

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: Write out the formula for the total costs of carrying and ordering inventory, and then use…

A: The formula for the total costs of carrying and ordering inventory and using the formula to derive…

Q: What is the amount of ending inventory and cost of goods sold under the FIFO inventory costing…

A: Periodic inventory system:   The periodic inventory system records and updates the inventory after…

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: A cost accounting system uses which of the following inventory systems? a.perpetual system…

A: Inventories are assets that are sold, purchased, and manufactured in an organization as a core…

Q: When using the periodic inventory system, which inventory costing method(s) always produces the same…

A: Under the periodic inventory system. the inventory is counted usually at the end of the period and…

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

A: Lets start with basic understanding. There are two system for inventory valuation which are, (1)…

Q: FIFO method to determine its cost of inventory.

A: Under FIFO method of inventory valuation, goods come first into the store are sold first.

Q: During the costing process, to arrive at the gross profit of a trading business, which one of the…

A: Gross profit = Net sales - Cost of goods sold  where, Net sales = Gross sales - sales return and…

Q: Required: Compute the ending inventory cost using   a. Moving average method   b. FIFO method

A: The inventory can be valued using various method as LIFO, FIFO and average method.

Q: How do calculate the Cost of Goods Sold without the beginning inventory nor the ending inventory??

A: Cost of goods sold is the total costs incurred on those units of goods or products which are sold by…

Q: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when…

A: LIFO Method It is the method used for recording Inventory. Under this method, it is assumed that the…

Q: Required: -a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing…

A: a) Computation Of Cost of goods sold under FIFO, LIFO and weighted average: COGS Units    FIFO…

Q: The cost accounting system that significantly reduced inventory-carrying costs is called:

A: Just-In-Time Purchase system: A just-in-time (JIT) inventory system is a business approach that…

Q: Explain an example how to calculate net cost of inventory.

A: Net Cost of Inventory indicates the actual cost of inventory purchased. Net cost of inventory is…

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

A: Cost of goods sold can be determined at each level of transaction in perpetual inventory but in…

Q: Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending…

A: Answer FIFO (First in first out) It is the method of recording inventory in which we assume that the…

Q: Describe how costs flow from inventory to cost of goods sold for the following methods: (a) FIFO and…

A: a.

Q: a.) determine the cost assigned to ending inventory and to the cost of goods sold using FIFO.

A: Solution :

Q: 1.  Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

A: First-in-First-Out (FIFO): In this method, items purchased initially are sold first. So, the value…

Q: The purpose of costing are as follows EXCEPT: a) Value inventory b) Record costs c) Price products…

A: The purpose of costing is. 1. To Formulate cost of a product 2.  To facilitate decision making 3. To…

Q: Compute for the cost of ending inventory and cost of goods sold under Moving average (Perpetual…

A: Moving average method of inventory valuation says that cost or value of inventory changes after each…

Q: Which one of the following inventory management approaches determines the finished goods inventory…

A: Introduction: To run the day-to-day business, the inventory management system is essential or as it…

Q: Calculate the value of ending inventory and cost of goods sold

A: value of Inventory can be found out using 3 methods FIFO LIFO Weighted Average

Q: How do i calculate ending inventory and cost of goods sold using LIFO?

A: LIFO stands for last-in-first-out, in this method, goods which are produced at last are assumed to…

Q: nding Inventory and Cost of goods sold using LIFO?

A:

Q: Explain the gross profit method of estimating ending inventory.

A: Gross Profit: It refers to the difference between the sales and the cost of goods sold.

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: nventory valuation is used to calculate the cost of goods sold and cost of ending inventory. The…

A: First in First out Method This is one of the popular method of inventory valuation.  While using…

Q: Differentiate between the specific identification, FIFO, LIFO, and average cost methods used to…

A: Inventory cost flow assumptions: These are the methods used by the companies to compute the cost…

Q: Identify four inventory costing methods for assigning cost to ending inventory and cost of goods…

A: The following are the four inventory costing methods. Specific identification method (SI): Specific…

Q: Compute costs using four inventory costing methods.

A: There are 4 accepted methods of inventory costing - 1) Specific identification 2) First in first out…

Q: Calculate the value of ding system. Ending inventory Cost of goods sold $ $

A: FIFO It is the method where we assume that the goods which were purchased earlier will be sold…