bi

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Related to beginning inventory: Average Inventory, Ending Inventory

Bi,

symbol for the element bismuthbismuth
[Ger. Weisse Masse=white mass], metallic chemical element; symbol Bi; at. no. 83; at. wt. 208.98040; m.p. 271.3°C;; b.p. about 1,560°C;; sp. gr. 9.75 at 20°C;; valence +3 or +5.
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Bi

(electricity)
(chemistry)

bi

(networking)
The country code for Burundi.

BI

(Business Intelligence) See BI software.
References in periodicals archive ?
To explain the beginning inventory further and to clarify a point that can be confusing, let us use the months of October and November as examples.
(11.) $44,997 = $2,435 of prior period overhead that was scheduled to be taken out of inventory (i.e., the budgeted fixed overhead in beginning inventory of $17,600 less the budgeted fixed overhead in ending inventory of $15,165) + $42,562 of current period overhead actually put into the inventory account (i.e., for Box A = 300 x 2 x 23.6453; for Box B = 400 x 3 x 23.6453).
The beginning inventory, stated at the 1991 year-end price level, is $21,000.
This information includes inventory holding cost, marginal stock for stock out, marginal cost of subcontracting, hiring and training cost, lay-off cost, labour hours required, straight line cost, overtime cost, beginning inventory, size of workforce and safety stock coefficient.
As a result, the door seems slightly ajar for the taxpayer to allocate a reasonable portion of a bargain price to inventory and freezing it as beginning inventory.
The only difference is to include the Update First Period Less Beginning Inventory query after Append Less Beginning Inventory to Direct Materials Budget (6) and before Append Direct Materials to be Purchased (7).
Allowance to Reduce Inventory to 1,400 Market Value ($2,000-$600) COGS 1,400 In fact, the only entry that should have been made to the allowance arises from the 300 units of Item A in beginning inventory that were sold in 2012.
Retail selling price of beginning inventory + Initial retail selling prices of purchases
Original (Partial) Income Statement for 20X5--LIFO For Year Ended December 31 20X5 Sales $510,000 Cost of sales: Beginning inventory 7,200 Purchases 365,050 Goods available for sale 372,250 Ending inventory 12,250 Cost of goods sold 360,000 Gross profit 150,000 Selling, general & administrative expenses 44,000 Income before tax 106,000 Income taxes (30%) 31,800 Net income $74,200 Exhibit 3 ABC Co.
In the dollar-value LIFO calculation appearing in Table 1, EI and BI represent ending inventory and beginning inventory, respectively.
TAXPAYER'S METHOD: Ending inventory is computed, as follows: Base Year Cost Earliest Cost LIFO Unit Total Unit Total Index Year Item Units Cost (X) Cost (Y) (Y/X) 1992 B 100 $20 $2,000 $20 $2,000 100% 1992 Base Year LIFO Cost Index Value Beginning Inventory $ 0 N/A $ 0 Layer 1 2,000 100% 2,000 Ending Inventory $2,000 $2,000 LIFO Value ($25 X 100) = $2,500 LIFO Value 2,000 LIFO Reserve $ 500 IRS METHOD: Units manufactured after the purchase (C) would be treated as separate from the bargain purchase units (B).
COGS can be said to be the beginning inventory plus the purchases minus the ending inventory - COGS = BI + P - EI.

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