Which one of the following inventory management approaches determines the finished goods inventory level and then works backward until the raw material needs are determined? A. Just-in-time B. Extended EOQ C. Materials requirements planning D. Economic order quantity

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: What is the cost of ending inventory under the weighted average costing method?

A: Calculation of cost of units issued under FIFO method: Date Units issued Issue cost      5/15…

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

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

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: Prepare a memorandum containing responses to the following items. a.    Describe the cost flow…

A: a.

Q: Which of the following is an advantage of the periodic inventory system?A. frequent physical…

A: When a physical inventory count is performed, a periodic inventory system just updates the ending…

Q: If the beginning finished goods inventory (in units) is more than the desired finished goods ending…

A: Total production required is calculated as sum of forecasted unit sales and planned finished goods…

Q: What are the objectives of inventory control in the production process?

A:

Q: Difference between two bin method and just in time inventory management technique

A: Two-bin inventory control method is also called as kanban which is quite associated or related with…

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

A: Under LIFO method, Inventory purchased most recently are the first to be sold.

Q: How does Just-In-Time (JIT) system help minimize the inventory investment? Explain.

A: Just-In-Time (JIT) is used for that inventory which is owned by business at reduced amount on…

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: Give examples of costs included in annual carrying costs of inventory when using the EOQ decision…

A:

Q: 3. Inventory management requires the firm to balance the quantity of inventory on hand for…

A: EOQ  provides  an order quantity where  holding costs and ordering costs are minimized.

Q: The ability to lower overall inventory warehousing costs is an advantage of which type of system…

A:

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: Write out the formula for the total costs of carrying and ordering inventory, and then use…

A: The formula for the total costs of carrying and ordering inventory and using the formula to derive…

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

A: Solution Purchase cost Ordering, holding, and shortage costs make up the three main categories of…

Q: a. What value should be assigned to the ending inventory using FIFO? b. What value should be…

A: FIFO method: Under this method of inventory valuation, it is assumed that item of inventory…

Q: Which of the following is an advantage of the periodic inventory system? Group of answer choices…

A: The periodic inventory system is a method of inventory valuation, where inventory is valued at the…

Q: The First- In- First- Out method, which is mainly utilized to assign the average cost of production…

A: First in first out (FIFO) is one of the method of inventory valuation, under which inventories which…

Q: When using the periodic inventory system, which inventory costing method(s) always produces the same…

A: Under the periodic inventory system. the inventory is counted usually at the end of the period and…

Q: Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

A:

Q: Required: Compute the ending inventory cost using   a. Moving average method   b. FIFO method

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

Q: Inventory cost is least likely to include:A. production-related storage costs.B. costs incurred as a…

A: Transportation costs incurred to ship inventory to customers are an expense and may not be…

Q: Annan’s statement regarding the perpetual and periodic inventory systems is most significant when…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

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: Product costs … a. are costs that are included in the determining the value of the inventory. b. are…

A: The costs can be classified as product cost and period cost.  The product costs are the costs that…

Q: Calculate the order quantity that would minimize the cost of item

A: Only the first part is solved, since only that is specified to be solved.

Q: Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending…

A: Answer FIFO (First in first out) It is the method of recording inventory in which we assume that the…

Q: View Policies Current Attempt in Progress Which costing method cannot be used to determine the cost…

A: As per accounting standard, cost of inventory should be calculated as lower of cost or net…

Q: If the beginning finished goods inventory (in units) and the desired finished goods ending inventory…

A: Following is the answer to given question

Q: a.) determine the cost assigned to ending inventory and to the cost of goods sold using FIFO.

A: Solution :

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: The purpose of costing are as follows EXCEPT: a) Value inventory b) Record costs c) Price products…

A: The purpose of costing is. 1. To Formulate cost of a product 2.  To facilitate decision making 3. To…

Q: Which of the three methods of inventory costing— FIFO, LIFO, or weighted average cost—will in…

A: First-In-First-out (FIFO): FIFO is a method used for recording inventory sold. In this method the…

Q: Which of the following statements is true?     Direct costs are allocated to cost objects using a…

A: There are two type of costs incurred and accounted for in business. It can be direct costs or…

Q: When would slicing and dicing be an appropriate OLAP tool? Give an example of inventory

A: OLAP means Online Analytical Processing. It includes decision support, modeling, information…

Q: What will be the correct answer for weight average cost method for ending inventory and cost of…

A: Weighted average Cost per unit=11-6×$70+14×$10511-6+14=$182019=$95.79

Q: The cost of goods sold can be determined only after a physical count of inventory on hand under the…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

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: Differentiate between the specific identification, FIFO, LIFO, and average cost methods used to…

A: Inventory cost flow assumptions: These are the methods used by the companies to compute the cost…