Match each of the following inventory classifications with its definition. Inventory Classifications Definitions Inventory Classifications Definitions 1. Raw materials 2. Work-in-process 3. Finished goods a. Cost of items not yet complete by the end of theperiod.b. Inventory that has been substantially completed.c. Basic components used to build a product.

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: When the goods are received and the receiving report has been prepared, which ledger may be…

A: Inventory: Inventories are the primary materials which are used in the production process to get the…

Q: Explain the 3 important types of Inventories

A: Explain the 3 important types of Inventories. 1. Direct raw material inventory 2. Work-in-progress…

Q: Estimate ending inventory and cost of goods sold using the retail inventory method, applying the…

A: The retail inventory method is an accounting method used to estimate the value of a store's…

Q: Inventory accounts for a merchandiser include: Select one: a. Raw material inventory b. Work in…

A: Merchandiser is a person who buys the goods and sells it at a higher for profit.

Q: A significant amount of accounting information is dedicated to planning and controlling the use of…

A: Cost of production refers to the total cost that is attributable to the production activities like…

Q: Work-in-process inventory would normally include: Select one: a. products in their original form…

A: WIP (work-in-process) is a manufacturing and supply-chain management phrase that refers to partially…

Q: Identify and explain the inventory asset and cost flows of a merchandising company.

A: Stock or stock is the goods and services a corporation keeps for the final resale intent. Inventory…

Q: escribe costing inventory using last-in, first-out. Address the different treatment, if any, that…

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

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: 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: The selected inventory costing method impacts: Multiple Choice Gross profit and net income. Sales.…

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

Q: 9. An inventory accounting policy that should be disclosed in a summary of significant accounting…

A: It is a footnote that accompany company financial statements. Such disclosure should form part of…

Q: QUESTION 1 A significant amount of accounting information is dedicated to planning and contraling…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Compute cost of goods sold using the following information: $ Finished goods inventory, beginning…

A: Given the following information: Finished goods inventory: $800 Beginning Cost of goods…

Q: The equivalent of finished goods inventory for a merchandising firm is referred to as a) inventory.…

A: Completed goods / Finished goods are the only type of inventory which is purchased or sold for…

Q: The costs to be accounted for consist of which of the following? Group of answer choices A. costs…

A: Process Costing: Process costing is a method of cost accounting in which all the costs that are…

Q: Planning and regulating inventory use and their associated expenses is the focus of a substantial…

A: When a wholesaler or trader buys items from manufacturers or wholesalers and resells them, this is…

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 one of the following groups of items best identifies various types of inventory opportunity…

A: Inventory Opportunity cost includes the costs to order and hold inventory, additionally on…

Q: The equivalent of finished goods inventory for a merchandising firm is referred to as • a)…

A: Merchandising firm means a firm which only deals in sale and purchase of a commodity but do not…

Q: 4. compute the cost of goods completed and transferred to finished goods inventory ANSWER IN EXCEL…

A: In process costing, there are two methods of calculating equivalent units. One is FIFO method and…

Q: A manufacturing company calculates cost of goods sold as follows A Beginning FG inventory+ cost of…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Calculate the amount of ending Finished Goods Inventory reported on Super Tread's balance sheet.

A: Explanation and Calculation is Given below,

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

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

Q: Match each term with the correct description. First-in, first-out (FIFO) method [ Choose ] [Choose…

A: There are various methods to compute the cost of ending inventory as well as the cost of goods sold.…

Q: When using the periodic inventory system and weighted-average inventory costing method, when is the…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

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: Manufacturing firms use which of the following three inventory accounts?   A. Materials,…

A: SOLUTION- MANUFACTURING FIRM  IS ANY FIRM THAT USES RAW MATERIAL , PARTS AND COMPONENT TO ASSEMBLE…

Q: Work-in-process inventory would normally include: Select one: a. products in their original form…

A:

Q: A manufacturing company calculates cost of goods sold as follows: Beginning FG inventory + cost of…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Requirement 2. Analyze the inventory accounts to determine the cost of goods manufactured for the…

A: Working Note: 1.Total Manufacturing cost incurred during the year Added to Beginning Work-in-process…

Q: b. Determine the ending balance of raw and in process inventory and finished goods invent Raw and In…

A: Budgeted conversion cost per unit = $78,120 / 155 *10/60 = $84 per unit

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: a. Determine the cost of goods sold for each sale and the inventory balance after each sale,…

A: Perpetual Inventory System:   Perpetual Inventory System refers to the inventory system that…

Q: Distinguish between product costs and period costs asthey relate to inventory.

A:

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.