Question

In: Accounting

Which assumed inventory cost flow method: usually parallels the actual physical flow of merchandise? divides cost...

Which assumed inventory cost flow method:

  1. usually parallels the actual physical flow of merchandise?
  2. divides cost of goods available for sale by total units available for sale to determine a unit cost?
  3. assumes that the latest units purchased are the first to be sold?

Solutions

Expert Solution

Which assumed inventory cost flow method:

1. usually parallels the actual physical flow of merchandise?


Related Solutions

Cost for inventory purposes should be determined by the inventory cost flow method most clearly reflecting...
Cost for inventory purposes should be determined by the inventory cost flow method most clearly reflecting periodic income. Students should respond to the three questions presented below: 1. Describe the fundamental cost flow assumptions for the average cost, FIFO and LIFO inventory cost flow methods. 2. Discuss the reasons for using LIFO in an inflationary economy. 3. Where there is evidence that the utility of inventory will be less than cost, what is the proper accounting treatment, and under what...
If merchandise inventory is being valued at cost and the price level is decreasing, which of...
If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing - FIFO, LIFO, or Weighted Average cost - will yield a. the highest inventory cost b. the lowest inventory cost c. the highest gross profit d. the lowest gross profit please explain the answer thoroughly.
If merchandise inventory is being valued at cost and the price level is decreasing, which of...
If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing--LIFO, FIFO, or weighted average will yield a. the highest inventory cost b. the lowest inventory cost c. the highest gross profit d. the lowest gross profit 2. A manufacturer shipped merchandise to a retailer on a consignment basis. If the merchandise is unsold at the end of the period, in whose inventory should the merchandise be included?
Estimate the cost of the ending merchandise inventory
Based on the following data , estimate the cost of the ending merchandise inventoryParticularsAmount$Sales92,50,000Estimated Gross profit rate 36%Beginning merchandise inventory1,80,000Purchase (net)59,45,000Merchandise available for sale61,25,000 
Which inventory cost flow method/assumption would be most suitable for antique furniture? Justify your choice.
Which inventory cost flow method/assumption would be most suitable for antique furniture? Justify your choice.
2. "The selection of an inventory cost flow method is a decision made by accountants." Do...
2. "The selection of an inventory cost flow method is a decision made by accountants." Do you agree? Explain. Once a method has been selected, what accounting requirement applies?
The selection of an inventory cost flow method is a decision made by accountants.” Do you...
The selection of an inventory cost flow method is a decision made by accountants.” Do you agree? Explain. Once a method has been selected, what accounting requirement applies?
"Inventory Cost Flow Assumptions" Compare and contrast the different inventory cost flow assumptions. Explain the consequences...
"Inventory Cost Flow Assumptions" Compare and contrast the different inventory cost flow assumptions. Explain the consequences that result from the use of alternative inventory cost flow assumptions.
In a process cost flow, which of the manufacturing cost accounts (Raw Materials Inventory, Manufacturing Overhead,...
In a process cost flow, which of the manufacturing cost accounts (Raw Materials Inventory, Manufacturing Overhead, and Factory Labor) is debited at the time the costs are incurred and credited at the time the costs are assigned to Work in Process accounts?
The flow of water through soil depends on the porosity of the soli which is assumed...
The flow of water through soil depends on the porosity of the soli which is assumed to be normally distributed. To compare two types of sandy soil n1=16 measurements are to be taken on the porosity of soil A and n2=21 measurements are to be taken on soil B Assume that the two sample variances S12= 0.01, S22= 0.02. (a) construct a 95% confidence interval for ratio of variances (variance2/variance1). Is there any evidence that two population variances are qual....
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT