Perpetual Inventory and Weighted Average Costing

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  400856 Inventory costing comes in many different sizes. LIFO, FIFO, weighted average, and moving average are just some of the methods under US GAAP.

• Perpetual & Periodic Inventory System

  Merchandise Inventory Suggested example of Table: Income Statement: Periodic FIFO Periodic LIFO Periodic Weighted Average Perpetual FIFO Perpetual LIFO Perpetual Moving Average Sales Cost of Goods Sold Gross Margin

• Perpetual Inventory COsting Method

  Weighted Average: In order to determine the weighted-average, you need to add all the costs of the items purchased during the year and divide the result by the number of items purchased. Then multiply ending inventory by the average cost.

• Perpetual inventory calculations for Parker Company

  Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) specific identification (Note: The units sold consist of 500 units from beginning inventory and 100 units from the March 13 purchase), and (d) weighted average. 4.

• Inventory Cost Flows and Net Income

  Jan. 21: Sold 2,700 units @ $12 each Jan. 22: Purchase 3,000 units @ $7 each = $21,000 Jan. 30: Sold 2,000 units @ $12 each a) Assume the company applies Moving Weighted Average inventory costing in a perpetual inventory system

• Inventory Valuation Methods Compared

  378198 Compare and contrast FIFO, LIFO, and weighted average methods. Compare and contrast two of the following inventory valuation methods: first in-first out (FIFO), last in-first out (LIFO), or weighted average.

• Fundamental Accounting Principles - Various Questions

  Answer FIFO and LIFO. LIFO and weighted-average cost. specific identification and FIFO. FIFO and weighted-average cost. On December 31 of the current year, Hewett Company reported an ending inventory balance of $215,000.

• Inventory Accounting

  GM $32 EI $28 Weighted Average= GAFS/# UNITS WA= $60/30 = $2 COGS= WA times units sold COGS = $2 times 16= $32 EI= WA times units unsold EI= $2 times 14 = $28 PERPETUAL MOVING WEIGHTED AVERAGE SALES $64 COGS

• Inventory Records of Neer Company

  This solution is comprised of a detailed explanation to answer the inventory at January 31, using the weighted-average method if Neer maintains and does not maintain perpetual inventory records.