Inventory costing comes in many different sizes. LIFO, FIFO, weighted average, and moving average are just some of the methods under US GAAP. Why are there so many methods available under US GAPP and why would a company prefer one over the other?1-2 paragraphs

There are many methods under US GAAP for inventory costing. This is because of the fact that, pricing ofissue of materials in not easy as the pricing of receipts. This is due to reason that…

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Inventory – LIFO/FIFOJune Transactions Sales 600 @$5.50 1,600@$5.50 1,000@$5.50 June 10 400 @ $6.00 June 18 1,400 @$6.00 June 25 200 @ $6.00 A) Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is? B) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is? C) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is? D) Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar is?my question is : what’s the different for “kept in units only? and kept in dollars” in LIFO,and FIFO perpetual system?

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Base your answer to question 15 on the following data obtained from the records of the Double Faces Shop as of December 31, 20X1.

REQUIRED: Using the work sheet provided at the back of this unit, compute the December 31, 20X1, inventory at cost, using the retail inventory method. Then answer the following question.

Question 15: The ending inventory at cost is

A. $10,833. C. $3,900.

B. $6,500. D. $2,600.

Base your answer to question 16 on the following account balances taken from the ledger of the Moon Light Corp as of December 31, 20X3.

REQUIRED: The gross profit was 30% of net sales in all previous years. Prepare an estimate of the December 31, 20X3, inventory, using the work sheet provided at the back of this unit, and then answer question 16

Question 16: The estimated December 31, 20X3, inventory, computed by using the gross-profit method of estimating inventories is

A. $123,838. C. $113,170.

B. $117,938. D. $111,210.

• Attachment 1
• Attachment 2

Inventory – December 31, 20 x0 :Cost$ 15 , 210Selling price28, 420Purchases :"Cost93, 450Selling price15 4, 900Transportation – in1 , 560Returns !Purchases :"Cost2, 220Selling price3 , 320Sales173 , 500

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inventories are tightly controlled so that overstocking and obsoescence are not normally a problem. inventory although not as liquid as  cash is subject to theft. Company’s finished packaged products are shipped immediately to customers, although large quantities of purchased merchandise are maintaind on hand. The personnel handling purchases and inventory transactions are, in general competent. Access to the warehouse is unrestrictd. what are the significant audit risks with reference to the relevant facts.

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Invent an entrepreneurial company and research it; develop financial pro forma; do an executive summary and elevator speech; and, as the capstone of the project, develop an exciting presentation for investors.This assignment is your project proposal.  You will propose the company to be formed, provide preliminary information about it, and discuss how you will research its viability and strategy.

Write a paper on the new enterprise that addresses at least the following seven sections:

• Company & Product
• Description
• Industry
• Customer
• Competitor Analysis
• Marketing Plan Research
• Primary and Secondary Research

Make sure paper body starts with a summary where there is a statement of thesis (overview of the points to be made), continues with a discussion (or specific answers to specific questions), and ends with a conclusion. The seven specific sections should be annotated and have specific answers.

All papers should be written in the third person (he, he, it, and they). Make every effort not to shift to second person (you, your) as in, “When starting a company you need money.” Try to avoid shifting to the first person (I, we) as well. It is distracting to the reader and bad style to shift persons in a paper—students often do it in the middle of a sentence.

The requirements below must be met for your paper to be accepted and graded:

• Write between 750 – 1,250 words (approximately 3 – 5 pages) using Microsoft Word in APA style, see example below.
• Use font size 12 and 1” margins.
• Include cover page and reference page.
• At least 80% of your paper must be original content/writing.
• No more than 20% of your content/information may come from references.
• Use at least three references from outside the course material, one reference must be from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the three reference requirement.
• Cite all reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) in the paper and list on a reference page in APA style.

References must come from sources such as, scholarly journals found in EBSCOhost, CNN, online newspapers such as, The Wall Street Journal, government websites, etc. Sources such as, Wikis, Yahoo Answers, eHow, blogs, etc. are not acceptable for academic writing.  

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