Given the following data what is the ending inventory value using the FIFO method A.PurchasesB.SalesC.50 units at 50/unitD.25 units at 55/unitE.60 units at 45/unitF.30 units at 50/unitG.70 units at 40/unitH.45 units at 40/unit...
Other retailers prefer to calculate ending inventory using the first in, first out (FIFO) method. It assumes that the oldest items you bought were sold first, and is used by accountants throughout periods of economic uncertainty. Let’s say you’re calculating the ending inventory for your ret...
Using FIFO, the 700 items sold would have been assigned the following cost: ((200 units purchased previously x $20) + (500 units x $20) = $14,000 COGS. The items in ending inventory would have been assigned the following cost: ((100 units x $24) + (200 units x $25)) = $7,...
A. FIFO. B. Weighted average cost. C. LIFO. 相关知识点: 试题来源: 解析 [答案]A [解析] FIFO values ending inventory using the most recent costs of goods purchased. CFA Level I "Inventories," Michael A. Broihahn Sections 3.2,3.3,3.4反馈...
Cost of goods sold and ending inventory under three methods (FIFO,LIFO,Weighted average)uinv
Given the following data and assuming a periodic inventory system, what is the ending inventory value using the FIFO method? Purchases Sales 50 units at 50/unit 25 units at 55/unit 60 units at 45/unit 30 units at 50/unit 70 units at 40/unit 45 units at 45/unit A. 3,200. B. 3,...
Under the FIFO method, we will use the oldest inventoryat the time of the salefirst. You must calculate Cost of Goods Sold for each sale individually. Watch this video on the FIFO Method. Using the inventory record format, the transactions from the video would look like this under the FIFO...
Using the Quantities in the Company’s Inventory System A second method which can be used for interim financial statements is to calculate the ending inventory by using the quantities on the company’s inventory system. Those quantities are multiplied by the actual unit costs that reflect the comp...
会计关于LIFO FIFO AVERAGE COSTWhich method results in a cost of ending inventory that is close to the current cost of replacing the inventoryAVERAGE COST LIFOFIFO答案是FIFO为什么. 答案 FIFO,是先进先出法,题目问的是下面哪种方法导致期末存货的成本接近目前存货的重置成本.答案是先进先出法,先进来的存货...
What is the ending cost of inventory using FIFO, LIFO and average cost methods? Explain the implications of the three different methods on a company?s balance sheet and income statement. Beginning I Which, if any, of the following cost flow assumptions is not affec...