compute the number of units in ending inventory

Q: Under a perpetual inventory system, what are the four inventory costing methods and how does each…

A: The four inventory costing methods are: Specific identification FIFO (First-In, First-Out), LIFO…

Q: Identify the costs of merchandise inventory.

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: When using a perpetual inventory system and the weighted-average inventory costing method, when does…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Inventory and Purpose of Inventory management

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Calculate ending inventory under FIFO and LIFO both with workings

A: Formula: Ending inventory = Beginning inventory + Purchases - sales units

Q: What is the ending inventory value for May?

A: Average cost method:  The average cost method is a cost valuation method used for the valuation of…

Q: What is a LIFO inventory pool? How is the cost of ending inventory determined when pools are used?

A:

Q: Match each of the following inventory classifications with its definition. Inventory Classifications…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

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

A: FIFO FIFO stands for “First-In, First-Out”. It is a method used for cost flow assumption purposes in…

Q: Explain which physical units of goods should be included in inventory.

A: Inventory:   It refers to an accounting term used to describe the goods in various stages in the…

Q: Define beginning inventory and ending inventory

A: The beginning inventory and ending inventory are explained as below,   The Inventory can be defined…

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: Determine the ending inventory under a perpetual inventory system using Moving Average and LIFO…

A: Inventory valuation refers to the valuation of inventories using the valuation methods such as FIFO…

Q: What is meant by the term gross margin? Describe costing inventory using first-in, first-out.…

A: What is meant by the term gross margin?

Q: (a) Determine units available for sale and cost of goods available for sale. (b) Using FIFO method,…

A: solution concept inventory valuation method various method of inventory valuation can be used major…

Q: Cost of goods sold is debited each time a sale is made under which of the following inventory…

A: The carrying value of the goods that are sold during a given period of time are termed as cost of…

Q: Which inventory method is being used when the natural flow of goods is followed? a.) Specific ID b.)…

A: Inventory Valuation: - This is defined as the valuation wherein the changes between the value of the…

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: Which of the following measures the length of time it takes to acquire, sell, and replace inventory?…

A: Numbers of days to sell inventory: This ratio is determined as the number of days a particular…

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: The inventory costing method that reports the most current prices in ending inventory is Oa. average…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: Determine ending inventory by applying the retail inventory method.

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

Q: Analyze T-accounts given below: Raw material inventory Balance $15

A: Cost can be defined as the money and cash equivalents spent on products or related services that…

Q: Define total inventory costs (TIC)

A: The formula to compute total inventory cost as follows:

Q: Weighted Average Cost (Periodic) Units Cost Goods Available for Sale Cost of Goods Sold Ending…

A: Inventory Valuation: It is an asset held for sale in the ordinary course of business. It is used in…

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: Compute the correct amount of inventory.

A: Inventory is the stock which the company has in order to sell them in the normal course of the…

Q: The costs to be accounted for consist of which of the following? costs added during the period…

A: >Process Costing includes costing for each process  accounted for as "Work In Process" accounts.…

Q: What was the amount of the ending inventory?

A: Ending inventory refers to the inventory or stock of goods that is left unsold at the end of the…

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: Use the information in the account records on the Inventory tab to calculate the total cost of…

A: FIFO means First In, First Out. That means the cost of ending inventory comprises of cost of…

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: How does each transaction effect on inventory inventory balance?

A: Whenever any sales, purchase, sale return and purchase returns transactions are there, then it will…

Q: Required: Hemming uses a periodic inventory system.    (a) Determine the costs assigned to ending…

A: FIFO is first in first out inventory valuation method in which inventories which are purchased first…

Q: Explain the inventory accounting system.

A: Inventory accounting is the body of accounting that used to valuing and accounting for changes in…

Q: NEED ANSWER ASAP Q: USING THE BALANCE SHEET PROVIDED, WHAT IS THE AVERAGE FINISHED GOODS INVENTORY?…

A: Finished goods inventory means amount of remaining unsold finished goods held by the business. This…

Q: Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost…

A: Step 1  Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a…

Q: a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the…

A: a. The following calculations shows the COGS and ending inventory for prepaid cell phones:…

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: 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…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.