Which assumed inventory cost flow method? (a) Usually parallels the actual physical flow of merchandise? (b) Assumes
Question:
Which assumed inventory cost flow method?
(a) Usually parallels the actual physical flow of merchandise?
(b) Assumes that goods available for sale during an accounting period are identical?
(c) Assumes that the latest units purchased are the first to be sold?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (15 reviews)
a FIFO FIFO means first in first our Earliest goods purchased are to be sold first Generally good bu...View the full answer
Answered By
Sagar Kumar
I am Mechanical Engineer with CGPA of 3.98 out of 4.00 from Pakistan. I went to Government Boys Degree College, Sehwan for high school studies.
I appeared in NUST Entrance Exam for admission in university and ranked #516. My mathematics are excellent and I have participated in many math competitions and also won many of them. Recently, I participated in International Youth Math Challenge and was awarded with Gold Honor. Now, I am also an ambassador at International Youth Math Challenge,
I have been teaching when I was in 9th class class year 2012. I have taught students from 6th class to university level.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Managerial Accounting questions
-
Which assumed inventory cost flow method: (a) Usually parallels the actual physical flow of merchandise? (b) Divides cost of goods available for sale by total units available for sale to determine a...
-
The units of an item available for sale during the year were as follows:Jan. 1 Inventory 42 units at $60Mar. 10 Purchase 58 units at $65Aug. 30 Purchase 20 units at $68Dec. 12 Purchase 30 units at...
-
The units of an item available for sale during the year were as follows: There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...
-
Current Attempt in Progress Joseph Taylor recorded the following transactions during the month of April. Apr. 3 16 20 Cash Service Revenue Rent Expense Cash Salaries and Wages Expense Cash 3,020 690...
-
The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 10,000 shares of $6 preferred shares and 100,000 common shares. In its first month, Challenger...
-
Determine (a) The x, y, and z components of the 450-N force, (b) The angles x, y, and z that the force forms with the coordinate axes. 600 N 25 450 N 35 30 40
-
Madison Cycles manually manufactures three unique bicycle models: racing, touring, and basic. All of the skilled craftspeople employed at Madison Cycles can make each of the three models. Because it...
-
An analyst has modeled the stock of a company using the Fama-French three-factor mode. The rest-free rate is 5%, the required market return is 10%, the risk premium for small stocks (rSMB) is 3.2%,...
-
8 8 8 8 8 Cinco Inc. has a new project available that requires an initial investment of $ 7 , 0 0 0 . The project will provide unlevered cash flows ( UCF ) of $ 1 , 0 0 0 a year forever. The company...
-
Coal containing 5.0 wt% S is burned at a rate of 1250lb m /mm in a boiler furnace. All of the sulfur in the coal is oxidized to SO 2 . The product gas is sent to a scrubber in which most of the SO 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? Discuss.
-
What transactions might be included in a multiple-column purchases journal that would not be included in a single column purchases journal? Discuss.
-
A mixture comprising \(30 \mathrm{~mol}\) per cent methane, \(10 \mathrm{~mol}\) per cent propane and \(30 \mathrm{~mol}\) per cent \(n\)-butane is brought to a condition of \(-15^{\circ}...
-
Discuss the opportunity cost of health care in terms of education. Why do you suppose taxpayers are willing to invest in an inefficient health care system with excess hospital capacity but unwilling...
-
US inflation kept rising during 2022 until it peaked at 9.1% in June 2022 -- a 40-year high. What type of gap does the US have and what type of expectations? Use the IS-LM-"PC" model to explain why a...
-
A brief overview of your Digital Sabbatical experience, personal reflection on the key takeaways of what you learned through it, and the impacts of social media on society. Include: A brief...
-
If water is replaced with ethanol (lower specific heat), in which direction will the equilibrium temperature move (assuming everything else about the previous situation stays the same)? What's the...
-
There are many ways that the communication of an organization's culture can be stifled. Identify two barriers to communication of organizational culture and assess how these barriers can be overcome.?
-
Three small, identical \(1.0-\mathrm{kg}\) pucks are attached to identical \(0.50-\mathrm{m}\) strings, tied together at a common center as shown in Figure P11.42. When whirled in circular motion at...
-
suppose a nickel-contaminated soil 15 cm deep contained 800 mg/kg Ni, Vegetation was planted to remove the nickel by phytoremediation. The above-ground plant parts average 1% Ni on a dry-weight bas...
-
What is independent assortment? Does independent assortment occur during mitosis or during meiosis?
-
The accompanying chart shows the qualitative characteristics of useful accounting information. Fill in theblanks. Enhancing Qualities Fundamental Qualities Usefulness Relevance Consistency (a) (e)...
-
Given the characteristics of useful accounting information, complete each of the following statements. (a) For information to be _____, it should have predictive and confirmatory value. (b) _____ is...
-
Given the characteristics of useful accounting information, complete each of the following statements. (a) For information to be _____, it should have predictive and confirmatory value. (b) _____ is...
-
Complete question 10.11 pg. 398 and turn in the written work. What is the confidence interval you calculated? (1.23, 2.34) (3.6, 3.9% -3.652: 3.912) All of the intervals are correct (3.652, 3.912)...
-
The 9 year 1 , 0 0 0 par bonds of Vail Inc.pay 1 5 percent interest. The market s required yield to maturity on a comparable risk bond is 1 6 percent. The current market price fot the bond is 9 0 0 ....
-
1. (20 points). You are a financial advisor to Mr. and Mrs. Vasquez. They are 65 years old, retired with $3 million in their pension plan portfolio. They have no other investments, and receive no...
Study smarter with the SolutionInn App