Q2: Match the items below by entering the appropriate code letter in the space provided. А. Merchandise Inventory F. First-in, first-out (FIFO) method В. Work in process G. Last-in, first-out (LIFO) method С. FOB shipping point Н. Average-cost method D. FOB destination I. LIFO reserve Е. Specific identification method J. Inventory turnover ratio 1. The difference between inventory reported using LIFO and inventory using FIFO. 2. Tracks the actual physical flow for each inventory item available for sale. 3. Goods that are only partially completed in a manufacturing company. 4. Cost of goods sold consists of the most recent inventory purchases.

Q2: Match the items below by entering the appropriate code letter in the space provided. А. Merchandise Inventory F. First-in, first-out (FIFO) method В. Work in process G. Last-in, first-out (LIFO) method С. FOB shipping point Н. Average-cost method D. FOB destination I. LIFO reserve Е. Specific identification method J. Inventory turnover ratio 1. The difference between inventory reported using LIFO and inventory using FIFO. 2. Tracks the actual physical flow for each inventory item available for sale. 3. Goods that are only partially completed in a manufacturing company. 4. Cost of goods sold consists of the most recent inventory purchases.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 41BE: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for...

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7/ Which one of the following methods can be applied in situations where different purchases can be physically separated, and each item sold and remaining in inventory is identified? a. All b. First In First Out (FIFO) c. Specific Identification d. Weighted Average
10.Which of the following statement(s) is (are) true about the perpetual system.A. Physical count is unnecessary for the perpetual system.B. The inventory account is used to record purchase returns and discounts.C. The system uses individual subsidiary ledgers for each inventory items.D. A formula is needed to compute for the cost of goods sold.E. The cost of sales account is debited at cost when goods are sold. A, B and C B, C and E C, D and E D, E and C
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
Merchandise inventory on the balance sheet Based on the data in Exercise 615 and assuming that cost was determined by the FIFO method, show how the merchandise inventory would appear on the balance sheet.
Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was determined by the FIR0 method, show how the inventory would appear on the balance sheet.
Our narrative and DFDs are created assuming that accounts payable result from the purchase of inventory using a perpetual inventory system. However, inventory is not the only item that a company might purchase. For each of the following situations, show the journal entry (in debit/credit journal entry format with no dollar amounts) that would result when the accounts payable was created. Make and state any assumptions you think are necessary. Situations: 1. Merchandise is purchased, and a periodic inventory process is used. 2. Merchandise is purchased, and a perpetual inventory process is used. 3. Office supplies are purchased. 4. Plant assets are purchased. 5. Legal services are purchased.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)
( Appendix 6B) Inventory Costing Methods: Periodic LIFO Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.
Do the terms FIFO, LIFO, and weighted average refer to techniques used in determining quantities of the various classes of inventory on hand? Explain.
B. assume that blue uses the perpetual iventory system compute the ending inventory cost , cost of good sold , and gros profit for the inventory costing method 4. fifo 5. lifo 6. moving average