Calculate the value of ending inventory and cost of goods sold

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: a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of…

A: Ending inventory is computed by adding the beginning inventory and purchases and then subtracting…

Q: 2 Calculate ending inventory using the lower of cost and net realizable value.

A: The Inventory is  recorded at cost or NRV in the financial position so that inventory is valued…

Q: Cost of ending inventory b. Calculate the cost of goods sold using the LIFO (en Cost of goods sold

A: LIFO (Last in first out) It is an accounting method to record inventory and finding cost of goods…

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: Gross profit , Ending inventory , Cost of goods sold under Lifo.

A: Formula: Gross profit = Sales - cost of goods  sold.

Q: How to calculate sales revenue from Cost of Goods Sold, inventory, or cost of goods available for…

A: Without selling price per unit, calculation of sales revenue is not possible with the given details.…

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: his account is used to recognize the cost of an inventory that is sold as expens

A: Solution: When inventory is sold, then this cost should be transferred to Cost of goods sold…

Q: a. What value should be assigned to the ending inventory using FIFO? b. What value should be…

A: FIFO method: Under this method of inventory valuation, it is assumed that item of inventory…

Q: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the…

A:

Q: Is the book value of inventory on hand a relevant cost? Why?

A: Bearing on the future:   The significances of decisions are borne in the future, not the past. To be…

Q: True or false If transportation costs are the responsibility of the buyer, they should be added to…

A: Correct answer-True

Q: FIFO method find Cost of goods sold and Ending inventory values.

A: Formula: FIFO : FIFO stands for First in First out. Which means first received inventory to be sold…

Q: Cost of goods available for sale is calculated by adding: A beginning inventory to net purchases and…

A: The cost of products available for sale is the cost of raw materials and labor used to make goods…

Q: What is the cost of ending inventory

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

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: I need number 3.  Determine the cost assigned to ending inventory and to cost of goods sold using…

A: In this Numerical has Covered the Concept Inventory Valuation Through FIFO method.  1.FIFO:- As The…

Q: Which of the following is equal to the cost of goods sold? a. net purchases plus the excess of…

A: The question is related to cost of goods sold. The cost of goods sold is calculated with the help of…

Q: The cost of goods available for sale is allocated between * O beginning inventory and ending…

A: Gross profit = Sales - Cost of goods sold  Sales = Cost of goods sold  + Gross profit  Cost of goods…

Q: Using the LIFO​ method, calculate the cost of ending inventory and cost of goods sold for Cambell…

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

Q: How do I calculate cost of goods sold What numbers do I use to get finished goods inventory

A: Cost of Goods Sold : it the cost of goods which are sold. it is the original cost and does not…

Q: Compute the cost of the ending inventory and the cost of goods sold under FIFÓ, LIFÓ, and…

A:

Q: What is the effect on the cost of goods sold, gross profit, and net income if ending merchandise…

A: Ending inventory is the value of inventory available on hand at the end of the accounting period.

Q: s the cost of goods sold from the income statement part include the cost of goods in inventory?

A: Cost of Goods Sold=Beginning Inventory+Purchases for the period-Ending Inventory

Q: What are the reasons for making an estimate of the value of ending inventory?

A: Ending inventory is the value of goods available in the stock at the end of the period

Q: Question One : define inventory costing methods and compare between them in term of cost of goods…

A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…

Q: Required: Compute the cost of the ending inventory and the cost of goods sold under FIFO Method.

A: Given:              Opening Inventory 200 units @ $5              Purchase 300 Units @ $6…

Q: The sum of ending inventory and cost of goods sold isa. net purchases.b. beginning inventory.c. cost…

A: Cost of goods sold is the cost price of the goods at which the goods are sold.

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

A: a.

Q: Compute the Cost transferred Out and Cost of Ending Inventory

A: CAPTURED Inc. produces small plastic toys and follows process costing method. A Less than 8%…

Q: This cost includes the purchase price of goods and the related expenses incurred to prepare the…

A: Answer: cost of goods sold includes the cost that are incurred for the any goods.

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: inventory is added to Total Goods Available for Sale when computing for Cost of Goods Sold. True F

A: Solution: False. The statement that Ending inventory is added to Total Goods Available for Sale when…

Q: What does it mean that product costs fl ow through inventory on their way to the income statement?

A: Product costs: The costs incurred to acquire the merchandise, ship the stock, prepare the…

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

A: Answer to the first question: The type of cost that is directly related to the cost of inventory is…

Q: Which of the following is used to determine the cost of goods sold? a. Beginning Inventory +…

A: Net Purchases = Purchases - Purchase return - Purchase discount Direct Expenses = Freight in etc.

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: Cost of goods available for sale consist of two elements: beginning inventory and ending inventory…

A: Introduction: Beginning inventory: Inventory value at the beginning of the accounting period called…

Q: According to our authors, define “cost” as it relates to determining the value of inventory. Provide…

A: Value of inventory is the cost associated with the company's inventory at the end of a reporting…

Q: Cost of goods sold is given by:

A: Cost of goods sold:   Cost of goods sold is the total of all the expenses incurred by a company to…

Q: beginning finished goods inventory plus cost of goods manufactured equals cost of goods sold true…

A: COGS represents the cost of the products that are sold by the entity.