Accounting Subject 11:59VOD 4GIndependent from requirement 1, assuming Elmo's Music uses the moving-weighted-averagecost method. Calculate theamounts Elmo's Music should report for ending inventory and costof goods sold

The illustration above serves as a guide for calculating the costs of ending inventory and the cost…

Answered: 11:59 VOD 4G Independent from…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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
Identify that if prices are rising, which inventory cost flow method will produce the highest amount of ending inventory? A. Weighted average B. LIFO C. FIFO S. LIFO, FIFO, and weighted average will all produce the same amount of cost of goods sold.
Compute the ending inventory cost using : a. Moving Average Method b. FIFO Method c. LIFO Method
Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 150 $27 $31 SAW9 314 14 10 Feedback
A v2.cengagenow.com Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 58 $29 $24 SAW9 119 15 20 Check My Work Previous Next All work saved. Save and Exit Submit Assignment for Grac %24
Compute for the cost of ending inventory and cost of goods sold using: a. FIFO - periodic b. Weighted average c. Moving average
Required: 15. If the FIFO cost flow method is used, the sale return shall be costed back into inventory at what unit cost?16. If the average cost flow method is used, the sale return shall be costed back into inventory at what unit cost?
1. Calculate the number and cost of goods available to sell 2. Calculate the number of units in ending inventory 3. Calculate the cost of ending inventory and cost of goods sold use the FIFO,LIFO, Weighted cost average methods. Thank you In advance!
find cost of goods sold ending inventory and gross margin using FIFO and weighted average Kindly answer in text with all workings
Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 131 $28 $25 SAW9 259 14 19
I need number 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
QUESTION 11 Match the term on the left to the appropriate description on the right. v Cost of goods available for sale (COGAS) A. A valuation rule applied to ending inventory. v LIFO reserve B. The maximum value that cost of goods sold (COGS) can be in a period. C. The amount by which inventory measured under FIFO would exceed inventory measured under LIFO v Lower-of-cost-or-market v Inventory turnover ratio. D. An inventory cost flow assumption. E. A measure for evaluating a company's inventory management. v FIFO (first-in, first out) v Periodic inventory F. A system for calculating COGS based on ending inventory value.

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11:59 VOD 4G Independent from requirement 1, assuming Elmo's Music uses the moving-weighted-averagecost method. Calculate the amounts Elmo's Music should report for ending inventory and cost of goods sold