INVENTORIES at Rizal Technological University | Flashcards & Summaries

Lernmaterialien für INVENTORIES an der Rizal Technological University

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TESTE DEIN WISSEN
The cost of beginning inventory plus the total cost of purchases during the period is divided by the total units purchased plus those in beginning inventory.

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TESTE DEIN WISSEN
Weighted Average Method (WAM)
Lösung ausblenden
TESTE DEIN WISSEN
Under this method, a new weighted average unit cost must be computed after every purchase and return.
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TESTE DEIN WISSEN
WAM - Perpetual
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TESTE DEIN WISSEN
The inventory is thus expressed in terms of earlier or old prices and the cost of goods sold is representative of recent or new prices.
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TESTE DEIN WISSEN
Last In, First Out (LIFO)
Lösung ausblenden
TESTE DEIN WISSEN
PAS 2, par 9, provides that inventories shall be measured at the __________.
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TESTE DEIN WISSEN
Lower of Cost and Net Realizable Value (LCNRV)
Lösung ausblenden
TESTE DEIN WISSEN
It is the estimated price in the ordinary course of business less the estimated cost of completion and the estimated cost of disposal.
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TESTE DEIN WISSEN
Net Realizable Value (NRV)
Lösung ausblenden
TESTE DEIN WISSEN
The cost of inventories may not be recoverable under the following circumstances:

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TESTE DEIN WISSEN
All of the above.
Lösung ausblenden
TESTE DEIN WISSEN
It is also known as "Cost of Goods Sold Method" because any loss on inventory writedown or gain on reversal of inventory writedown is not accounted separately but buried in the cost of goods sold. 
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TESTE DEIN WISSEN
Direct Method
Lösung ausblenden
TESTE DEIN WISSEN
This is also called as "Loss Method" because it is recorded at cost and any loss on inventory is accounted for separately.
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TESTE DEIN WISSEN
Allowance Method
Lösung ausblenden
TESTE DEIN WISSEN
These are obligations of the entity to acquire certain goods sometime in the future at a fixed price and fixed quantity.
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TESTE DEIN WISSEN
Purchase Commitments
Lösung ausblenden
TESTE DEIN WISSEN
PAS 2, par 4, provides that inventories of agricultural, forest, and mineral products are measured at __________ at a certain stage of production.

Lösung anzeigen
TESTE DEIN WISSEN
Net Realizable Value (NRV)
Lösung ausblenden
TESTE DEIN WISSEN
PAS 2, par 3, provides that commodities of broker-traders are measured at __________.
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TESTE DEIN WISSEN
Fair Value Less Cost of Disposal (FVLCOD)
Lösung ausblenden
TESTE DEIN WISSEN
"The goods first purchased are first sold." 
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TESTE DEIN WISSEN
First In, First Out (FIFO)
Lösung ausblenden
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Q:
The cost of beginning inventory plus the total cost of purchases during the period is divided by the total units purchased plus those in beginning inventory.

A:
Weighted Average Method (WAM)
Q:
Under this method, a new weighted average unit cost must be computed after every purchase and return.
A:
WAM - Perpetual
Q:
The inventory is thus expressed in terms of earlier or old prices and the cost of goods sold is representative of recent or new prices.
A:
Last In, First Out (LIFO)
Q:
PAS 2, par 9, provides that inventories shall be measured at the __________.
A:
Lower of Cost and Net Realizable Value (LCNRV)
Q:
It is the estimated price in the ordinary course of business less the estimated cost of completion and the estimated cost of disposal.
A:
Net Realizable Value (NRV)
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Q:
The cost of inventories may not be recoverable under the following circumstances:

A:
All of the above.
Q:
It is also known as "Cost of Goods Sold Method" because any loss on inventory writedown or gain on reversal of inventory writedown is not accounted separately but buried in the cost of goods sold. 
A:
Direct Method
Q:
This is also called as "Loss Method" because it is recorded at cost and any loss on inventory is accounted for separately.
A:
Allowance Method
Q:
These are obligations of the entity to acquire certain goods sometime in the future at a fixed price and fixed quantity.
A:
Purchase Commitments
Q:
PAS 2, par 4, provides that inventories of agricultural, forest, and mineral products are measured at __________ at a certain stage of production.

A:
Net Realizable Value (NRV)
Q:
PAS 2, par 3, provides that commodities of broker-traders are measured at __________.
A:
Fair Value Less Cost of Disposal (FVLCOD)
Q:
"The goods first purchased are first sold." 
A:
First In, First Out (FIFO)
INVENTORIES

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Eine der INVENTORIES Zusammenfassungen auf StudySmarter | Rizal Technological University

HOW TO SOLVE ENDING INVENTORY?

Required to Solve.

1. GAS (RETAIL AND COST)

2. NET SALES

3. ENDING INVENTORY

4. COGS

Using Conservative Approach, nileless everything about sa markdown sa pagkuha ng GAS. 

Using Average Approach, kasama na ang net markup at ang net markdown sa pagcompute ng GAS.

Using FIFO Approach, hindi kasama ang Beg Inventory sa pagcompute ng GAS.

*Conservative cost is lower than average cost. 

HOW TO COMPUTE FOR COGS?

GAS LESS ENDING INVENTORY = COGS 

*Ang GAS amount ay yung amount sa cost hindi retail.

Under computation of Net Sales, yung employee discount at spoilage and breakage ay addition







INVENTORIES

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