Explain how the specific identification method of valuing inventory works. Why do most entities not use this
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 35% (14 reviews)
With the specific identification method the cost of each speci...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
Under what circumstances is it acceptable to confirm accounts receivable before the balance sheet date?
-
Under what circumstances is an inventory rollback or roll-forward typically performed? How valid is the evidence yielded by this audit procedure? Explain.
-
Under what circumstances is it advantageous to take a deduction rather than a credit for taxes paid in a foreign country?
-
5 Melbourne Corporation has traditionally made a subcomponent of its major product. Annual production of 30,000 subcomponents results in the following costs: Direct materials Direct labor Variable...
-
After the French Revolution in 1789, France experienced a hyperinflation similar to Zimbabwes (although much smaller in magnitude). At one point, the French currency was worth so little that people...
-
In what ways do cultural hegemonies shape societal narratives, and how might counter-narratives disrupt entrenched paradigms ?
-
Smart Manufacturing Systems Pty Ltd provides the following information. Required (a) Calculate total manufacturing costs for the period ending 30 June 2025. (b) Calculate cost of goods manufactured...
-
Sandi Teter's regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a January pay period, Sandi works 47 hours. Sandi's federal income tax...
-
Determine the missing amount for each separate situation involving manufacturing cost flows. (1) (2) (3) Direct materials used $ 150,680 $ 34,090 Direct labor used 75,200 45,920 Factory overhead...
-
Edmund and Lydia Stefanek of Little Rock, Arkansas, are using Excel to track their family budget to determine whether they can afford the monthly loan payments that would come with the purchase of a...
-
Why is it necessary to count inventory when a perpetual inventory control system is used? Explain. Why is it necessary to count inventory when a periodic inventory control system is used? Explain.
-
Onslow Ltd. (Onslow) is a small public company trading on a Canadian stock exchange. Onslow's managers have a bonus plan that is based on net income and the managers believe that the amount of...
-
You have recently been given the responsibility to update all of the companys job descriptions to comply with the Fair Labor Standards Act (FLSA) classifications. The company president believes his...
-
Applied Economics (Give me examples of poster-picture then explain) DIRECTION: Look, and observe the economy that the Philippines has, on a 1/8 illustration board make a poster about Philippine's...
-
Fickel Company has two manufacturing departments-Assembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $16.00 per direct labor-hour and $12.00 per...
-
In order to evaluate the suitability of these personality measures for inclusion in your company's planned selection process, you need to evaluate how well they predict performance. Your boss has...
-
The December 3 1 , 2 0 2 4 , unadjusted trial balance for Demon Deacons Corporation is presented below. \ table [ [ Accounts , Debit,Credit ] , [ Cash , $ 8 , 0 0 0 , ] , [ Accounts Receivable, 1 3 ,...
-
Answer the essay question with in-depth explanations and provide text evidence (such as quotes) as if possible Essay Question: John Keats once suggested that truly artistic people are capable "of...
-
Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?
-
Vectors are drawn from the center of a regular n-sided polygon in the plane to the vertices of the polygon. Show that the sum of the vectors is zero.
-
European Patents. Cincera (1997) performed count panel data regressions of patent activity using 181 international manufacturing firms investing substantial amounts in R\&D over the period 1983 to...
-
Michael Sharpe, former Deputy Chairman of the International Accounting Standards Board (IASB), made the following comments to the 63rd Annual Conference of the Financial Executives Institute (FEI)....
-
Alan Rodriquez has recently completed his first year of studying accounting. His instructor for next semester has indicated that the primary focus will be the area of financial accounting....
-
Celia Cruz, a recent graduate of the local state university, is presently employed by a large manufacturing company. She has been asked by Angeles Ochoa, controller, to prepare the companys response...
-
Scenario: Yarning Circle and Talking Stick Sarah has recently been employed by Blue Bay Early Learning Centre. Sarah is very proud of having just achieved the Diploma of Children's Services and she...
-
The principal at your school decides to retire, and several well-qualified teachers on the staff apply for the position. Mr. England has been teaching for four years and has his administrator's...
-
Sandi's parents have been divorced since she was five years old. She is now seven. She lives with her mother and visits her father every other weekend. He brings her to school on Monday mornings...
Study smarter with the SolutionInn App