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A: Working Notes:-

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A: Standard  labor hours  = Standard labor hours for Actual production

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A: Transfer price means the price charged by one department from another department for the goods or…

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A: Direct  material purchases (in pounds)  = Total direct material required  for quarter  + Ending…

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A: The answer is stated below:

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A: Consolidated sales refer to the compiled sales of a company with its subsidiaries as well.

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A: Margin of safety  = Total sales - Break even sales

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A: Impairment of assets means when there is reduction in value of asset over the period of time.

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A: The answer has been mentioned below.

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A: Treasury stock are those stocks which have been repurchased by the company.

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A: The answer has been mentioned below.

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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.