A cost accounting system uses which of the following inventory systems? a.perpetual system b.periodic system c.a hands-on system d.both a periodic and perpetual system

Q: Under what circumstances can you envision management using alternative one rather than alternative…

A: Given flowcharts below illustrates two alternative inventory ordering methods.

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: Calculate ending inventory under FIFO and LIFO both with workings

A: Formula: Ending inventory = Beginning inventory + Purchases - sales units

Q: Refer to the information in Exercise 6-7 and assume the periodic inventory system is used. Determine…

A: Introduction: FIFO: FIFO stands for First in First out  Which is used in valuating inventory.

Q: The flowchart below illustrates two alternative inventory ordering methods.  based on this…

A: Alternative two is used sometimes by the managers who do not have command over computer controls for…

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

A: There are several methods of inventory costing and inventory valuation like FIFO, LIFO , average…

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: Essay question Explain the application of AVERAGE cost flow assumption in determining .cost of goods…

A: Average cost flow assumption is a calculation companies use to assign costs to inventory goods, cost…

Q: Which inventory system provides a better matching of revenue and expenses - Weighted Average, Moving…

A: Following is the answer to given problem

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: Distinguish inventory-costing systems using sequential tracking from those using backflush costing

A: Definition:   Inventory costing system: Inventory costing system is a system that is used to compute…

Q: Describe costing inventory using weighted average. Address the different treatment, if any, that…

A: Weighted average cost method of inventory valuation is one of the 3 methods of accounting inventory.…

Q: Define each of the following terms: e. Red-line method; two-bin method; computerized inventory…

A: The red line strategy could be a strategy for stock control, as is the two-bin strategy. Within the…

Q: What is meant by the term gross margin? Describe costing inventory using first-in, first-out.…

A: What is meant by the term gross margin?

Q: Required: Hemming uses a perpetual inventory system.    2. Determine the costs assigned to ending…

A: LIFO is the inventory valuation method in which inventories purchased at last will be sold first in…

Q: Which inventory costing method is almost always done on a perpetual basis?A. specific…

A: There are two type of inventory systems that are being used. One is perpetual inventory system and…

Q: A small manufacturing or trading concern maintains its inventory on which system   a. Average…

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and…

Q: Cost of goods sold is debited each time a sale is made under which of the following inventory…

A: The carrying value of the goods that are sold during a given period of time are termed as cost of…

Q: ) Is the accounting cycle in a merchandising operations different from a service operations?…

A: 1) yes the accounting cycle in a merchandising operations is different from a service operations .…

Q: Calculate (a) ending inventory and (b) Cost of goods sold under the LIFO and AVCO inventory costing…

A: LIFO is the inventory valuation method in which the goods that are bought at the end are sold first…

Q: FIFO method find Cost of goods sold and Ending inventory values.

A: Formula: FIFO : FIFO stands for First in First out. Which means first received inventory to be sold…

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: Explain in detail the factors suggesting preptual and periodic inventory system

A: PERPECTUAL INVENTORY SYSTEM  In this system, the inventory is recorded on a regular basis. The…

Q: (True or false) Under the perpetual inventory system, on a work sheet, cost of sales will be shown…

A: Cost of Sales - Cost of Sales is the cost incurred by the company to earn sales for the…

Q: Define total inventory costs (TIC)

A: The formula to compute total inventory cost as follows:

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: The two systems of measuring inventory are: Select one: a. perpetual and periodic b. periodic and…

A: Answer: Option a

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: I need number 2. Determine the costs assigned to ending inventory and to cost of goods sold using…

A: Step 1 Inventory management system is the process of managing the flow of inventory

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

A: Solution :

Q: calculate the cost of ending inventory using the FIFO costing method:

A: Under the FIFO method of inventory costing it is assumed that the first goods purchased are also the…

Q: Explain the difference between the flow of cost and the flow of goods as it relates to inventory.

A: Flow of cost means allocation of various cost to  inventory  It refers to a process of allocating…

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: Required: Hemming uses a periodic inventory system.    (a) Determine the costs assigned to ending…

A: FIFO is first in first out inventory valuation method in which inventories which are purchased first…

Q: The purpose of costing are as follows EXCEPT:   Price products Make decisions record cost Formulate…

A: The purpose of costing  1. To fix the price of the product 2.  For decision making  3.  For…

Q: Explain the differences between a Perpetual Inventory system and a Periodic Inventory System.…

A: Periodic Inventory System:-  Its an Inventory Valuation Method where inventory account is updated at…

Q: Using LIFO method, determine cost of goods sold (COGS) and ending inventory (S).

A: C) Calculation of Cost of goods sold & ending inventory using LIFO: 127 units sold on April 15…

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 costs of ending inventory is similar under both periodic and perpetual inventory system if…

A: The given question is related to inventory valuation. The first method of inventory valuation is the…

Q: Identify four inventory costing methods for assigning cost to ending inventory and cost of goods…

A: The following are the four inventory costing methods. Specific identification method (SI): Specific…