FAST PLZ - Which of the following element of cost is important in calculating the cost of closing inventory? a. Market price of Opening stock. b. Cost price of goods sold c. Market price of good sold d. Sales price of goods sold

Q: 28-Which of the following element of cost is important in calculating the cost of closing inventory?…

A: Closing inventory is amount remaining unsold at the end of the period.

Q: Which of the following is false regarding the LIFO method of inventory valuation? a. The material…

A: Last-In-First-Out method(LIFO) is one of the method of inventory valuation where units sold are…

Q: __ cost of inventory is incurred due to non availability of material a. Stock-out cost b. Ordering…

A: Stock out Cost:- It is the loss of revenue due to stock not available when customer demand it. In…

Q: Identify that if prices are rising, which inventory cost flow method will produce the highest amount…

A: solution Identify that if prices are rising, which inventory cost flow method will produce the…

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: Choose the statement which is correct. Assume that inventory prices are rising. Select one: a. The…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Lower-of-Cost-or-Market Method On the basis of the data shown below:   Item Inventory Quantity…

A: Lower-of-cost-or-market: The lower-of-cost-or-market (LCM) is a method which requires the reporting…

Q: This inventory costing method requires recalculation of the average cost of all items in stock after…

A: Inventory valuation is basically based on the flow of inventory. It is up to the company which…

Q: If the inventory is valued at cost and the price level is steadily increasing, which type of…

A: Under FIFO, goods that are purchased initially are sold first, however, under LIFO it is assumed…

Q: Under the lower of cost or market inventory valuation rule, market value of inventory is defined as:…

A: Market value is the price of an item/product prevailing in the market on the given date.

Q: Which of the following statements regarding the lower of cost and net realizable value (LCNRV) rule…

A: The rule of valuing the inventory at cost or net realizable value is also called as Prudence concept…

Q: Using Average - perpetual, how much is the cost of ending inventory per unit? Using Average -…

A: Under average cost method of inventory, average cost per unit of inventory is used for calculation…

Q: Which of the following statements is incorrect?

A: Cost of Goods Sold: Cost of Goods sold is the Cost of the items that are sold it is calculated for…

Q: Required: 1. What is the estimated fire loss if OOO Company applies the conservative retail…

A: Retail inventory method  refers to the method used by retailers who resell products in order to…

Q: On the basis of the data shown below: Item Inventory Quantity Cost per Unit Market Value per Unit…

A: As per  lower of cost or market method, we need to consider inventory value at lower of market value…

Q: Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Cost per Market Value…

A: The principle is inventory should be valued at lower or cost of reliasable value which ever is lower…

Q: JFC Corporation values its inventory by using retail method: 1. How much is the ending inventory at…

A: Retail Inventory Method Retail inventory method which is used to measure the merchandise inventory…

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 gross profit method and retail inventory method C Are both estimates of ending inventory and…

A: In company, there is a requirement of valuation of the inventory to find out the cost of the goods…

Q: The inventory evaluation method which does not represent the actual ending inventory value is?…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which of the following is the same as 'net realisable value' of inventory?   a. proceeds of sale…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: Assume that a firm separately determined inventory under FIFO and LIFO and then compared the…

A: FIFO is a method of costing inventory in which the inventory purchased first is out first for…

Q: 1. Calculate the value of closing inventory using the Weighted average cost inventory valuation…

A: As per weighted average cost inventory valuation method, cost per unit is calculated by dividing the…

Q: The process of recording inventory that gives a lower cost of a commodity sold in an income…

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

Q: Which of the following statement is not valid as it applies to inventory costing method?  A) If…

A: The correct answer is Option (d)

Q: 1) If the ending inventory is to be valued at approximately lower-of-cost-or-net realizable value,…

A: Cost to retail ratio may be defined as the division of cost of goods available for sale and retail…

Q: JFC Corporation values its inventory by using retail method:   1. How much is the ending inventory…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Assuming no beginning inventory, what can be said about the trend of inventory prices if cost of…

A: The Various methods used to valuate inventory are (1) Last In, First Out (LIFO) (2) First In, First…

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: Which one of the following statements is true? a. Under conditions of rising prices, the LIFO…

A: Step 1    Last in, first-out (LIFO) is inventory method in which the costs of the most recent…

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: If merchandise inventory is being valued at cost and the purchase price is steadily falling, which…

A: Inventory can be valued using many ways such as : FIFO LIFO Weighted Average Average cost

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: Match the term on the left to the appropriate description on the right. v Cost of goods available…

A: Cost of goods available for sale is used for calculating cost of goods sold, COGS=COGAS-Ending…

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

A:

Q: A business uses a perpetual inventory system. During periods of rising prices, cost of goods sold…

A: In FIFO the earliest  goods ( beginning) will be sold first.

Q: What is the dollar-value method of LIFO inventory valuation?What advantage does the dollar-value…

A:

Q: Selling expenses are shown in which of the following statement? a. Cost of Goods Sold b. Profit and…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Instructions: 1. Compute the estimated cost of ending inventory using the conservative approach 2.…

A: Particulars  Cost Retail Beginning inventory 650,000 1,200,000 Add: Net Purchases (Purchase -…

Q: Which of the following regarding the lower of cost ormarket rule for inventory are true?(i) The…

A: Option c is correct.

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: answer the following regarding inventories.   The inventory costing method which in a period of…

A: The correct Answer is Last-in, First-out (LIFO) Method

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.