10. Zaynab Company uses a periodic inventory system. Its records show the following for the month of May, in which 60 units were sold. Units Unit Cost Total Cost May 1Inventory 30 15 Purchase 22 24 Purchase 38 Totals OMR 9 JOMR 270 11 242 12 456 90 OMR968 Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO and Average-cost methods.

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Some of the methods are used to value inventories are FIFO, LIFO and weighted average method.

Q: Nash's Trading Post, LLC uses a periodic inventory system. Details for the inventory account for the…

A: Formula: Sales units = Beginning inventory + Purchases - Ending inventory. Gross profit = Sales -…

Q: Sheridan Company uses the periodic inventory system. For the current month, the beginning inventory…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Marigold Company uses a periodic inventory system. For April, when the company sold 550 units, the…

A: Definition:   Periodic inventory system: The method or system of recording the transaction related…

Q: In its first month of operations, Concord Company made three purchases of merchandise in the…

A: Solution: Cost of ending inventory under FIFO will consider of 210 units from 3rd purchase and 150…

Q: Buffalo Industries uses a periodic inventory system. Its records show the following for the month of…

A: Periodic Inventory System:  Periodic inventory system is a system, in which the inventory is updated…

Q: Better Bottles, Inc., uses a periodic inventory system and has the following information available:…

A: LIFO method: Under the last-in, first-out (LIFO) method of inventory valuation Inventory purchased…

Q: Teat Mountain uses a periodic inventory system in April, 600 units were sold and the following…

A: In the context of the given question, we are required to compute ending inventory and cost of goods…

Q: Carla Vista Lighting had a beginning inventory of 18 units at a cost of $7 per unit on August 1.…

A: Solution: Under FIFO method of inventory costing, inventory purchased first is considered as sold…

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

A: Total units available for sale = 30 + 50 + 25 = 105 units Units sold = 60 units Ending inventory =…

Q: Miguel, Inc. uses a periodic inventory system. The company's beginning inventory of a particular…

A: For the purpose of inventory valuation, there are many methods that are used. These are first in…

Q: (A) Al Falah Co. uses a periodic inventory system. Its records show the following for the month of…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Flounder Corp. uses a periodic inventory system and reports the following for the month of June.…

A: Determine weighted-average cost per unit.

Q: Muscat Company has the following .inventory information Units Per unit price Total July 1 Beginning…

A: Average Cost = Total Cost of InventoryTotal number of Units

Q: Brinker, Inc. uses the perpetual inventory system. The following information is available for the…

A: Under FIFO, the management assumed that the product being sold is from the units purchased first and…

Q: Muscat Company has the following inventory information. Units Per unit price Total July 1 Beginning…

A: Inventory costing is defined as the process of allocating cost to the inventory associated with the…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…

A: In this question, the data is given about Culver corporation uses a periodic inventory system and we…

Q: Sunland Company uses a periodic inventory system and reports the following for the month of June.…

A:

Q: AL ZAIN ltd uses a periodic inventory system. Its records show the following for the month of May,…

A: Calculate the cost of goods sold and ending inventory cost under FIFO.

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Average cost method of inventory says that cost of ending inventory and cost of goods sold should be…

Q: Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the…

A: As per FIFO method, goods purchased first will be sold first which means ending inventory should be…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21…

A: Solution:- a)Calculation of Ending inventory using FIFO method as follows:- Rule:- As per FIFO…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: FIFO METHOD It is an accounting method for valuation of assets. Under FIFO method , inventory of…

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: Total cost of goods available for sale = $11,850 Total units available for sale = 1,000 units Ending…

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: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…

A: FIFO Cost of ending inventory  (210 x 7) + (40 x6) = 1710 Cost of goods sold = (100 x 5) + (325 x6)…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…

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

Q: Concord Co. uses a periodic inventory system. Its records show the following for the month of May,…

A:

Q: Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in…

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

Q: The following information is taken from the inventory records of the CNB Company for the month of…

A: As per periodic inventory system, inventory records are not updated every transaction, they are…

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

A: Working: FIFO   Purchases+Beginning Inv. Cost of Goods Sold Balance in Inventory Date Units…

Q: 4. AL ZAIN Itd uses a periodic inventory system. Its records show the following for the month of…

A: Total units available for sale = 80 units Total units sold = 46 units Ending inventory (units) =…

Q: Flora’s Gifts reported the following current-month data for its only product. The company uses a…

A:

Q: Zaynab Company uses a periodic inventory system. Its records show the following for the month of…

A: Ending inventory is the part of inventory that the entity couldn't sell in the current financial…

Q: Mama's Mexican Meals, Inc., had the following activity for an inventory item during June: Unit Units…

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

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…

A: Inventory valuation methods are different methods used to allocate the value to the inventory. They…

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate the weighted- average unit cost:

Q: Cheyenne Corp, uses a periodic inventory system and reports the following for the month of June.…

A: First-in-first out method- Under FIFO method inventory that is brought at earlier dates( Older…

Q: Undew Inc's inventory records showed the following data for an item it sells regularly. Date Units…

A:

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A: Calculating units sold: Units sold = Total units available for sale - Units in ending inventory = 96…

Q: Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June.…

A: Computation of weighted-average unit cost: Resulting excel sheet is as follows:

Q: 4. AL ZAIN Itd uses a periodic inventory system. Its records show the following for the month of…

A:

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24…

A: a) Inventory cost by FIFO method - As per FIFO method, goods purchased first will be sold first,…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Lemke Corp. uses a perpetual inventory system with a (moving) weighted average inventory costing…

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

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: Periodic Inventory System:- This is the inventory system where entries get updated on a periodic…

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Flounder corp. uses a periodic inventory system. Its records show the following for the month of may…

A: Calculation of Ending Inventory Using the method of FIFO (First in First out), LIFO (Last in First…

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

A: In the periodic inventory system, the cost of goods sold and the inventory on hand is calculated at…

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.