.Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to cents and totals to dollar.) 2.Explain the differences i

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales…

A: Ending units=Beginning units+Purchases -Units sold=260+340+440+190-800=430 units

Q: Required: Complete the table below to estimate the average cost of ending inventory and cost of…

A: The inventory can be valued using various approaches as Periodic or perpetual inventory systems.

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Using weighted method, the units cost is calculated as total cost of goods available for sale…

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Inventory: Inventory is a physical item of trade sold by suppliers during their accounting period.…

Q: Using the data below, determine the ending inventory amount assuming the weighted average method…

A: The periodic inventory system is an inventory valuation system that computes ending inventory at the…

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Average cost per unit = Total cost of Goods available for sale / Total no. of units available for…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Formula: Average price per unit = Total purchases value / number of units purchased. Division of…

Q: Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to…

A: LIFO: Last-In First Out:- As per LIFO method, units purchased last are sold first. Hence, March .2…

Q: Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25…

A: Comments; Multiple Questions asked  FIFO - It is a method of inventory valuation in which goods…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Weighted average cost is one the techniques of valuing inventory and preparing the store ledgers. In…

Q: Compute the June 30 inventory and the June cost of goods sold using the LIFO (last in first out )…

A: Solution:- Computation of the June 30 inventory and the June cost of goods sold using the LIFO (last…

Q: Calculate the cost of goods sold dollar value for B65 Company for the month, considering the…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Mojo Industries tracks the number of units purchased and sold throughout each accounting period but…

A: In the given question we need to compute the amount of goods available for sale . ending inventory…

Q: Inventory Costing Methods and the Perpetual Method Kay & Company experienced the following events in…

A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Average cost per unit = Total cost of goods available for sale  / Total no. of units available for…

Q: Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25…

A: Under the FIFO method, the earliest purchases are sold first. Therefore, the cost of goods sold…

Q: Lee Ltd. has the following units and costs for the month of April. Beginning inventory, April 1,…

A: Periodic inventory method: It is a inventory valuation method. In this method inventory account is…

Q: 1. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using…

A:

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Last in, first out (LIFO) is a method of inventory accounting in which the most recently made things…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: LIFO means last in first out where as FIFO means first in first out. In FIFO , cost of goods sold is…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…

A: Gross Margin = Sales - Cost of goods sold

Q: Park Company’s perpetual inventory records indicate the following transactions in the month of June:…

A: ''Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: The Luann Company uses the periodic inventory system. The following July data are for an item in…

A: Step 1: Compute the ending inventory (in units) as follows:

Q: Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25…

A:

Q: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…

A: The cost of goods sold can be determined using various methods like FIFO, LIFO, and the weighted…

Q: Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: DeForest Company had the following transactions for the month. Sales for the month are $85 per unit.…

A: The inventory valuation is done using various methods as: LIFO FIFO WEIGHTED AVERAGE METHOD

Q: Morgenstern Ltd. has the following units and costs for the month of April. 1. Beginning inventory,…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Consider the following transactions for A67 Company for the month shown in chronological order:…

A: # of units Unit cost Total Beginning Inventory 800 $50 $40,000 Purchased 600 $52 $31,200…

Q: Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: Calculate the cost of goods sold dollar value for B65 Company for the month, considering the…

A:

Q: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the…

A: The perpetual method updates the records after each transaction of purchase and sale.

Q: Riedel Company's inventory records showed the following transactions for the fiscal period ended…

A: Introduction LIFO means Last In First Out - from the name itself we can understand, items purchased…

Q: Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month,…

A: Periodic inventory system is the one whereby the records of the inventory are maintained at the end…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO…

A: Under the LIFO method, goods purchased at last are sold first and the initial purchases constitute…

Q: Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: n chronological order, the inventory, purchases, and sales of a single product for a recent month…

A: Solution: Introduction: A Perpetual Inventory system is a system which is automatically recorded and…

Q: The following are the transactions for the month of July.       Units Unit Cost Unit Selling…

A: The Store ledger has been made based on FIFO periodic methos as above.

Q: Consider the following information:     Units Cost per unit Total costs Goods in inventory at…

A: Under Weighted average cost method, value of ending inventory and cost of goods sold is calculated…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…

A: Under LIFO purchases made at last are sold first.    In this question, 3900 units are sold. So first…

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

A: Solution a: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

Q: Marilee's Electronics uses a periodic inventory system and the average cost retail method to…

A: The retail inventory technique seems to be an accounting method for estimating the worth of a…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Under the weighted average method for the valuation of inventory, the weighted average cost per unit…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: Blossom Company uses the perpetual inventory system and had the following purchases and sales during…

A: The different methods to valuate inventory are LIFO, FIFO and weighted average method.

Q: Presented below is information related to Blowfish radios for the Hootie Company for the month of…

A: The inventory valuation methods value the inventory on different basis like FIFO, LIFO and weighted…

Q: the ending inventory balance using the average cost method is?

A: Under the weighted average cost method, each unit of inventory is valued as below, Cost of each…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.