3. LP Trading had a beginning inventory on November 1 of 45 units of goods at a cost of $50 per unit. During the year, the following purchases, purchase returns, sales and sales returns were made. Nov 05 Sale 30 units at $85 Nov 15 Sale 65 units at $75 Nov 07 Sale return 5 units at $85 Nov 16 Sale return 10 units at $75 Nov 10 Purchase 95 units at $65 Nov 20 Purchase 50 units at $45 Nov 10 Purchase return 10 units at $65 Nov 28 Sale 35 units at $65 LP Trading uses a periodic inventory system.

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: A periodic inventory system is a form of accounting stock valuation practice. In this system, the…

Q: 3) Inventory data for Williams Door Products Corporation for the month of October are as follows:…

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

Q: Pella Corporation uses a moving average perpetual inventory system. April 2, 10 units were purchased…

A: The NUmerical has covered the concept of Moving Average Method Under Perpetual method of Inventory.…

Q: A company uses a weighted-average perpetual inventory system. The following transactions took place…

A: THE WEIGHTED AVERAGE PERPETUAL INVENTORY SYSTEM RECALCULATES A NEW UNIT COST WHENEVER A NEW PURCHASE…

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A: The weighted average inventory costing method is the method under which the average cost per unit of…

Q: Co. C has the following units of beginning inventory and purchases for the year: beginning inventory…

A: Under FIFO method, units which are purchased first are sold first .  Under FIFO method , ending…

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

A:

Q: A company uses the periodic inventory system and had the following activity during the current…

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

Q: On 1st May, the Opening Inventory balance of a product is 200 units @ 10 per unit. Using the…

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A: Inventory valuation refers to the technique that is used by businesses to identify the value of the…

Q: On 1st May, the Opening Inventory balance of a product is 200 units @ 10 per unit. Using the…

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and…

Q: A company had the following purchases during its first year of operations: Purchases 20 units at S 5…

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

Q: Use the information below to answer the following question. The following units of an inventory item…

A: Weighted Average: Under the weighted average method, a weighted average cost is calculated and the…

Q: For the next two (2) questions: ABC Company uses the periodic inventory system. The inventory…

A: Under periodic inventory system, we would determine the cost of goods available for sale and units…

Q: Marin Company uses a perpetual inventory system. Beginning inventory is 5,000 T-shirts at a cost…

A: Under Weighted Average method, using perpetual inventory system, value of ending inventory and Cost…

Q: A company reported the following June activity for its VC-30 lubricant, which had a balance of 310…

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

Q: Determine the ending inventory cost by (a) FIFO (b) LIFO (c) Average Cost.   a. b. c.

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: The following lots of a particular commodity were available for sale during the year Beginning…

A: Using LIFO method, the units purchased at last are sold first and older inventory is left in the…

Q: Acme-Jones Corporation uses a weighted-average perpetual inventory system. August 2, 10 units were…

A: 1. COST OF GOODS SOLD : = NUMBER OF UNITS SOLD X WEIGHTED AVERAGE COST PER UNIT  2. WEIGHTED AVERAGE…

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

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

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A: Under LIFO inventory system, the goods received last are despatched first. Gross Profit is computed…

Q: A company had inventory on July 1 of 5 units at a cost of $16 each. On July 2, they purchased 9…

A: LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the…

Q: On 1st March, Sea View Ltd. had the Opening Inventory balance of a product is 220 units @ 22 per…

A: Total sales value refers to the total sales revenue earned by the entity during the period. It is…

Q: Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. Inventory 300 units at $8…

A: (a)Calculate weighted average unit cost after October 22 purchases.

Q: 1. The Eccentric Store had a beginning inventory on August 1 of 50 units of goods at a cost of $30…

A: COGS: It refers to the direct cost of manufacturing goods required to be sold by the company

Q: The inventory data for an item for November are:   Nov.  1 Inventory 20 units at $19          4…

A: The perpetual inventory system seems to be an inventory control strategy that uses technology to…

Q: Inventory records for Marvin Company revealed the following: Cost Mar. 1 Beginning inventory 960…

A: Under FIFO method the oldest products in inventory have been sold first.

Q: A company uses the periodic inventory system and had the following activity during the current…

A: Particulars No. of Units Cost per unit Total Value Beginning Inventory 100 $20 $2000…

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

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A: FIFO method means First in First Out. It means inventory which is purchased first will be sold…

Q: Purchases During the Period Sales During the Period 1st Purchase 500 units 1,000 units P2 1st Sale…

A:

Q: A company had inventory on November 1 of 5 units at a cost of $27 each. On November 2, they…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Ajay’s annual inventory count took place on 7 July 20X6. The inventory value on this date was…

A: We have the following information: Inventory value on 7th July 20X6: $38,950 Sales: $6,500…

Q: Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10…

A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average cost method FIFO…

Q: Use the following information to calculate the a) value of inventory on hand on Mar 31, b) cost of…

A: Inventory valuation is used to determine the value of the total inventory hold by the business at…

Q: ginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at…

A: Cost of goods sold are valued at cost applying various methods of inventory valuation. First in…

Q: 27) Inventory records for Marvin Company revealed the following:   Date Transaction Number of Units…

A: First-in-First-Out (FIFO): In this method, items purchased initially are sold first. So, the value…

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

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Q: A company's inventory records report the following in November of the current year: 5 units e $13…

A: LIFO (Last-in, First-Out) is one of the inventory method where all the latest inventory to be sold…

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Q: Assume that Wally World uses a perpetual weighted average inventory system. During the period, it…

A: Beginning inventory  value  = 10×$12 =$120 Purchase  = 10×$15 =$150

Q: Ajay's annual inventory count took place on 7 July 20X6. The inventory value on this date was…

A: Given Inventory ending balance, purchases and sales. We need to Find Inventory balance in beginning.

Q: Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it…

A: Compute the value of ending inventory after October 4 sale under LIFO method as shown below:

Q: July 1, purchased 10 units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

Q: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are…

A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: Purchases During the Period Sales During the Period 1st Purchase 500 units P2 1st Sale 600 units P7…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…