FIFO costing method (managerial accounting ?)?
Q. Barna Inc Manufactures Potato Chips, their process moves to 3 departments. Materials are always added at the beginning of the month. On Nov.1 in Department A, there were 600 lbs. of potatoes in beginning inventory, during the month 7400 lbs. were added to Department A, and 7700 lbs. were completed and transferred to department B. On Nov. 30 there were 300 lbs. still remaining in Department A process. Compute the equivalent for direct materials for department A for November using FIFO costing method. Is the answer: a) 7700, b)7400, c) 7800, d)8000
Asked by LC - Thu Jul 10 22:52:25 2008 - - 1 Answers - 0 Comments

A. a) 7700 beg inv 600 + added 7100 = 7700
Answered by mule - Fri Jul 11 02:42:11 2008

FIFO method using costs of beginning inventory?
Q. The FIFO method does not use the costs of beginning inventory in computing cost per equivalent unit for the current period. a. TRUE b. false thanks!
Asked by Nathan - Thu Mar 4 22:00:26 2010 - - 2 Answers - 0 Comments

how to compute the cost of ending inventory under FIFO and LIFO method as well as the average cost method.?
Q. Minh lo Company purchased merchandise on June 1th 300(units) at $6 june 2th 400(units) at $8 June 3th 500(units) at $9 Assuming there are 400 units on hand, compute the cost of ending inventory under FIFO...LIFO and average cost method
Asked by kristin s - Sat Dec 6 16:23:45 2008 - - 1 Answers - 0 Comments

A. Ending inventory FIFO = ( 400 units @ $9 ) = $ 3,600 [ Under FIFO, the 400 units on hand would be the units most recently purchased. ] --- Ending inventory LIFO = ( 300 units @ $6 ) + ( 100 units @ $8 ) = $ 2,600 [ Under LIFO, the 400 units on hand would be the units purchased the longest time ago. You would still have the 300 units purchased on June 1 plus 100 of the units purchased on June 2. ] --- Apologies - I'm somewhat rusty on the average cost method :(
Answered by capwest5a - Sat Dec 6 20:02:57 2008

FIFO and LIFO method. Please help! will pick best answer ty?
Q. Units Units Cost Cost Beginning Inventory 1,000 $18.00 $18,000 Purchases: #1 1,800 $18.25 $32,850 #2 800 $18.50 $14,800 #31,200 $19.00 $22,800 Goods available for sale $4,800 units $88.450 cost Huton sells 2,800 units. Question 1: FIFO method- cost of goods sold for beg/end? Question 2: LIFE method cost of good sold for beg/end?
Asked by John - Thu Jul 10 13:23:04 2008 - - 1 Answers - 0 Comments

A. Q 1. FIFO: CGS = $50,850 1,000 x 18 = $18,000 1,800 x 18.25 = $32,850 End Inv = $37,600 800 x 18.50 = 14,800 1200 x 19 = 22,800 Q 2. LIFO: CGS = $52,200 1200 x 19 = 22,800 800 x 18.50 = 14,800 800 x 18.25 = 14,600 End Inv = $36,250 1000 x 18.25 = 18,250 1000 x 18 = 18,000
Answered by mule - Thu Jul 10 15:27:46 2008

How I calculate product cost in FIFO method in a table of fields Product, Date, BuyQty,BuyPrice,SellQty?
Q. I need the SQL Statement to Calculate FIFO. Don't answer like stupid.
Asked by SK ASHIR U - Fri Nov 24 03:58:50 2006 - - 1 Answers - 0 Comments

A. if you are using SQL select Product, Date, BuyQty,BuyPrice,SellQty from "table name" order by Date. if you have it in excel sort content in using Date column ;)
Answered by Labib - Fri Nov 24 04:04:18 2006

Please help confused with Lifo,Fifo, and average cost method problem using perpetual inventory system?
Q. No clue how to do this right. Beginning inventory, purchases, and sales data for portable video CD players are as follows: April 1 Inventory 50 units at 25 April 5 Sale 40 units April 14 Purchase 60 units at $36 April 21 Sale 35 units April 23 Sale 10 units April 30 Purchase 75 units at $38 The business maintains a perpetual inventory system, costing by the first-in, first-out method, last-in, first-out method, and average cost method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Please do math calculations in simple way and explain to me please how you got these calculations step by step.
Asked by lebron - Sun Oct 25 02:17:53 2009 - - 1 Answers - 0 Comments

A. Hello there, Lets start with the easiest method FIFO. Beginning Inventory is $1250 (50 x $25) April 5 sale. The COGS is $1000 (40 x $25) and the inventory is now $250 (10 x $25). April 14 purchase. Inventory is now $2410 (10 x $25 and 60 x $36) April 21 sale. COGS is $1150 (10 x $25 and 25 x $36). The inventory is now $1260 (35 x $36). Under FIFO you sold the oldest units first. In this sale you sold what was left of the original inventory (10 units at a cost of $25) and the remaining 25 units sold came from the April 14th purchase. You have 35 units left from the April 14th purchase. April 23 sale. COGS $360 (10 x $36) Inventory is now $900. You have 25 units left at a cost of $36 from the April 14th purchase. April 30… [cont.]
Answered by Norm Jones - Sun Oct 25 03:31:19 2009

compute the cost of the ending inventory under the FIFO method and the LIFO method.?
Q. In its first month of operations, Cerretti Company made three purchases of merchandise in the following sequence: (1) 300 units at $29, (2) 400 units at $38, and (3) 500 units at $44. Assuming there are 300 units on hand, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Ceretti uses a periodic inventory system. FIFO Ending Inventory = $___ LIFO Ending Inventory = $___
Asked by aznhkstar - Sat Jan 23 23:14:11 2010 - - 1 Answers - 0 Comments

A. Both ending inventories will be the same as only 300 units are left in inventory. 300 x $44=
Answered by douglas - Sat Jan 23 23:38:30 2010

Can you help me answer so financial accounting questions?
Q. True Or False 1.When companies sell their receivables to other companies, the transaction is called factoring. 2.Allowance for Doubtful Accounts is a liability account. 3.When an accounts receivable that has been written off is subsequently collected, the account receivable is reinstated. 4.The accounts receivable turnover measures the length of time in days it takes to collect a receivable 5.During inflationary periods, the use of FIFO method of costing inventory will yield an inventory amount for the balance sheet approximating the current replacement cost. 6.Under the periodic inventory system, the merchandise inventory account continuously discloses the amount of inventory on hand. 7.When using the FIFO inventory costing… [cont.]
Asked by G-man55 - Sun Jun 28 21:28:22 2009 - - 2 Answers - 0 Comments

A. 1. TRUE 2. FALSE. It's a contra asset account. 3. TRUE 4. FALSE. It's the number of times in an operating cycle (normally one year) the company collects its receivable balance 5. TRUE 6. FALSE 7. FALSE 8. TRUE 9. FALSE 10. TRUE 11. TRUE 12. TRUE 13. TRUE 14. FALSE. It must be probable and easily estimated. 15. TRUE Multiple Choice 1. d. Assess risk 2. b. Direct write off method 3. a. contra asset, credit 4. d. $8,000 5. a. $4,250 6. b. FOB shipping point 7. b. Last-in, first-out 8. a. Owners equity is overstated 9. a. $92,000 10. a. $30,000 11. a. Fixed assets 12. a. $40,600 13. a. FICA tax 14. c. Period of the sale of the product
Answered by Sandy - Mon Jun 29 05:39:29 2009

Explain the procedure for FIFO and LIFO cost adjustments using the average cost method. ?
Q. Explain the procedure for FIFO and LIFO cost adjustments using the average cost method. ?
Asked by Debra Nutton - Thu Sep 18 14:22:49 2008 - - 1 Answers - 0 Comments

A. Fifo method--- you charge out product costs to cost of goods sold expense in the order that in which the item was acquired. Known as first in - first out Lifo method--- It selects the last item that was purchased first and works backwards until you have total cost for the # of units sold, known as last in - first out. Fifo is the better way to go.
Answered by Mary C - Thu Sep 18 14:40:23 2008

What are the benefits of using FIFO as an inventory method?
Q. Why would a company like Future Shop choose to switch from average cost system to a FIFO system? Also, what would that have to do to enact this change? What GAAP's are involved?
Asked by DAVID C - Fri Apr 3 17:28:58 2009 - - 1 Answers - 0 Comments

A. FIFO first in first out allows the company to take advantage of the depreciation on the older equipment/products to reduce their taxes and gets rid of the older products first. Here is a video on this - GAAP Principles involved: Consistency. Relevance. Reliability. Comparability.
Answered by Karla - Fri Apr 3 17:45:54 2009

When would you use FIFO and when would you use Average Cost as an inventory method. Why?
Q. This is an accounting question.
Asked by mshelena - Sat Sep 29 20:34:24 2007 - - 2 Answers - 0 Comments

A. This question is not as simple as the others are making it sound and cannot be explained clear enough here alone. It is not really a question of preference. Different methods can be used (but depending on whether or not you are a public company or not, there are stipulations about changing methods). Depending on the method, net income can be inflated which make the company look great on paper. This is not always great because income taxes will be higher. On the flip side, you can use an inventory method that deflates net income and in-turn lowers taxes. Though your net income is not really less, it just may make it appear that it is tied up in inventory. It just depends on what inventory you choose to apply to the inventory ledger. … [cont.]
Answered by Chris G - Sun Sep 30 01:14:39 2007

is there any simple software for working out cost and profit by FIFO,LIFO,average cost method?
Q. say i buy and sell different shares,each time i buy and sell any share i have quantity and rate of shares...after entering all details for a year,i want to know the closing balance of all shares unsold and and the rate for purpose of closing stock,and also the profit/loss of each shares that was bought and sold during the year
Asked by bummy - Sun Jun 18 23:16:14 2006 - - 4 Answers - 0 Comments

A. FIFO, LIFO, and Average Cost generally refer to merchandise, especially food inventory. I'm not sure it really applies to stocks.
Answered by unknown - Sun Jun 18 23:20:31 2006

Accounting FIFO?
Q. Assume the following data for Smithsonian Company for 20X5: Beginning Inventory 10 units at $70 each March 18 Sale 8 Units June 10 Purchase 20 Units at $80 each October 10 Sale 15 Units Referring to Table 2, under the perpetual FIFO method, cost of goods sold on the income statement would be: (16) $1,700 $1,740 $560 $2,000
Asked by mke - Sun Jul 1 19:59:37 2007 - - 1 Answers - 0 Comments

A. The answer is $1,740.00 Selling 8 units at $70 each = $ 560.00 Selling 2 units at $80 each = $ 140.00 Selling 13 units at $80 each = $1040.00 For a total cogs of $1,740.00
Answered by KC - Sun Jul 1 20:51:10 2007

How to find Gross margin using FIFO and LIFO method?
Q. Hagel Company had beginning inventory of 100 units that cost $5 each. These items were purchased with cash in the previous accounting period. During the current accounting period, Hagel paid cash to purchase 500 units of inventory at a price of $6 each. Hagel sold 520 units of inventory at a cash price of $10 per unit. Thanks
Asked by chi - Tue Sep 30 19:11:40 2008 - - 2 Answers - 0 Comments

A. beginning inventory 100 units @ $5 purchased 500 units @ $6 Total: 600 units $3500 Sold 520 units Ending inventory 80 units Under FIFO Sales 520 @ $10; $5200 COGS (100 @ $5 + 420 @ $6) $3020 Gross margin $2180 GM percentage 41.92% Under LIFO Sales 520 @ $10; $5200 COGS (500 @ $6 + 20 @ $5) $3100 Gross margin $2100 GM percentage 40.38%
Answered by Sandy - Tue Sep 30 22:51:03 2008

Accounting- LIFO FIFO basic question?
Q. Which inventory costing method most closely approximates current cost for each of the following: 1. Ending Inventory - FIFO Cost of Goods Sold - FIFO 2. Ending Inventory - FIFO Cost of Goods Sold - LIFO 3. Ending Inventory - LIFO Cost of Goods Sold - FIFO 4. Ending Inventory - LIFO Cost of Goods Sold - LIFO
Asked by Nic - Thu Mar 19 23:30:34 2009 - - 1 Answers - 0 Comments

A. 2
Answered by Beardo - Fri Mar 20 08:01:44 2009

Anyone Understand the FIFO method of Accounting?
Q. Ok so I am in my first year of accounting and I have a question...we are doing a FIFO, LIFO, and a Weighted Average sample problem and I have the formula but on the FIFO inventory sheet can there be a negative inventory? I put in the beginning inventory...here it is...maybe someone could help me with what I am doing wrong... Jan. 1 Beg. Inventory 120 units @ $6.00 = $720 Jan. 10 Sales 70 units @ $15 Mar. 7 Purchase 200 units @ $5.50 = $1,100 Mar. 15 Sales 125 units @ $15 July 28 Purchase 500 units @ $5.00 = $2,500 Oct. 3 Purchase 375 units @ $4.40 = $1,650 Oct. 5 Sales 600 units @ $15 Dec. 19 Purchase 100 units @ $4.10 = $410 Totals: 1,295 units Acquired at Cost $6,380 under units Acquired at Cost 795 Units Sold at Retail... I… [cont.]
Asked by moonshadow - Sun Sep 30 17:50:51 2007 - - 2 Answers - 0 Comments

A. I think i have answered the same question of yours elsewhere.. :-)
Answered by Kishore - Tue Oct 2 07:07:10 2007

When prices are increasing which inventory method will produce the highest cost of goods sold? LIFO or FIFO?
Q. When prices are increasing which inventory method will produce the highest cost of goods sold? LIFO or FIFO?
Asked by Janine M - Wed Jun 25 06:22:50 2008 - - 1 Answers - 0 Comments

A. Lifo because the most recent purchases carry higher prices are also charged first to the CGS.
Answered by mule - Wed Jun 25 07:15:06 2008

Intermediate ACCT II ? (A) Brown Corporation uses the FIFO method for internal and (B) Kingman Company had 400?
Q. A.) Brown Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2007 was $60,000. The balance in the same account at the end of 2008 is $90,000. Brown's Cost of Goods Sold account has a balance of $450,000 from sales transactions recorded during the year. What amount should Brown report as Cost of Goods Sold in the 2008 income statement? 1. $420,000 2. $450,000 3. $480,000 4. $540,000 B.) Kingman Company had 400 units of "Dink" in its inventory at a cost of $6 each. It purchased 600 more units of "Dink" at a cost of $9 each. Kingman then sold 700 units at a selling price of $15 each. The LIFO liquidation… [cont.]
Asked by bimareno - Thu Apr 9 20:09:20 2009 - - 1 Answers - 0 Comments

A. A. $450,000 B. $900
Answered by Nick - Thu Apr 9 23:40:54 2009

I need some help with these accounting questions
Q. 1.Transactions that affect inventories on hand have an effect on both the balance sheet and the income statement. A)True B)False 2.The matching principle requires that the cost of goods sold be matched against the ending merchandise inventory in order to determine income. A)True B)False 3.A company may use more than one inventory costing method concurrently. A)True B)False 4.An error that overstates the ending inventory will also cause net income for the period to be overstated. A)True B)False 5.Under the FIFO method, the costs of the earliest units purchased are the first charged to cost of goods sold. A)True B)False 6.The gross profit method is based on the assumption that the rate of gross profit remains constant from one year… [cont.]
Asked by Hope - Tue Aug 5 14:39:43 2008 - - 1 Answers - 0 Comments

A. 1. True 2. False 3. False 4. True 5. True 6. True 7. C 8. C 9. D 10. A 11. D 12. B 13. C 14. C 15. B
Answered by capwest5a - Tue Aug 5 15:55:15 2008

do answer questions about accounting transactions?
Q. Accounting Changes and Error Correction Exercise 21-3: Change in principle; Change in inventory methods Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventory to the FIFO method at the beginning of 2003. The inventory as reported at the end of 2002 using LIFO would have been $60 million higher using FIFO. Retained earnings had been reported at the end of 2002 as $780,000 (reflecting the LIFO method). The tax rate is 40%. Required: 1.Calculate the balance in retained earning at the time of the change (beginnings of 2003) as it would have been reported if FIFO had been used in prior years. 2.Prepare the journal entry at the beginning of 2003 to record the change in principle. Exercise 21-10: Change in… [cont.]
Asked by cirilo22rodriguez - Fri Jan 27 11:29:12 2006 - - 3 Answers - 0 Comments

A. Hope you had fun with your homework. You should at least try them and then ask what you did wrong. We can't be there for you during your exams.
Answered by theworldisdoomed - Sat Mar 11 21:25:19 2006