A company had inventory on July 1 of 5 units at a cost of $16 each. On July 2, they purchased 9 units at $28 each. On July 6 they purchased 5 units at $25 each. On July 8, 8 units were sold for $58 each. Using the LIFO periodic inventory method, what was the value of the inventory on July 8 after the sale?

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: The units of an item available for sale during the year were as follows:Jan. 1…

A: a.

Q: A company purchased 130 units for $30 each on January 31. It purchased 170 units for $25 each on…

A: Cost of goods sold = 130 * $30 + 40 * $25 Cost of goods sold = $3,900 + $1,000

Q: The units of an item available for sale during the year were as follows: January 10 Inventory 27…

A: This Numerical has covered the concept of Valuing of Ending Inventory Under Periodic Method. In the…

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: Wildhorse Lighting had a beginning inventory of 31 units at a cost of $7 per unit on August 1.…

A: Total goods available for sale=Beginning inventory+Purchases=31+36+46+41=154

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: Eastview Company uses a perpetual LIFO inventory system, and has the following purchases and sales:…

A: Cost of goods sold for 120 units is $1320 which is obtained by multiplying 120 units with the unit…

Q: During the year, TRC Corporation has the following inventory transactions.For the entire year, the…

A: Inventory valuation is a method of finding the actual cost of the goods left unsold at the end of a…

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

A: The average cost per unit is computed as total cost of goods available for sale divided by number of…

Q: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: Solution:   Date Particulars Unit  Unit cost Total cost July 1 Purchases 10 91 9,10 3…

Q: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: LIFO : Last In First Out

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 11…

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

Q: the following units of an item were available for sale during the year: Beginning inventory 25…

A: Solution-1                                               Fifo Mehod   Sno Receipt Issue Balance…

Q: The units of an item available for sale during the year were as follows:   March 1 Inventory 10…

A: Definition: Periodic Inventory System: A periodic inventory system is a system in which the…

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: During the year, Trombley Incorporated has the following inventory transactions.For the entire year,…

A: 1a.

Q: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: In LIFO (Last In First Out ) Method, the goods received last are dispatched first, so the ending…

Q: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

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

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

A: Beginning Inventory         500 First Purchase       700   Second Purchase       800   Third…

Q: A company using the periodic inventory system has inventory costing $183 on hand at the beginning of…

A: Cost of goods sold = Beginning inventory + merchandise  purchased - Ending inventory

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: The units of an item available for sale during the year were as follows: January 10 January 15…

A: FIFO is First in first out method of inventory valuation method in which inventories purchased first…

Q: The units of an item available for sale during the year were as follows: 8 units at $27 6 units at…

A: FIFO is the inventory method in which inventory purchased first will be sold first. Under LIFO…

Q: On November 8 it sold 12 units for $54 each using the LIFO perpetual inventory method what was the…

A: LIFO method is that method of accounting of inventory in which the ubits which are purchased in last…

Q: Using FIFO, the cost of goods sold for the sale of 23 units on July 31 is ____ and the inventory…

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

Q: he units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units @…

A: solution ending inventory             =7 units a inventory cost by FIFO =under FIFO the goods…

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: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,010…

A: Particulars Units Price per unit Total value Jan. 1 1010 $126           1,27,260…

Q: ntercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: LIFO: LIFO stands for Last in First out. Last received inventory should be sold first.

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

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

Q: A company using the periodic inventory system has inventory costing $137 on hand at the beginning of…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000…

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

Q: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: FIFO method: FIFO stands for First In First out. Under this method, the units purchased first are…

Q: The following units of an item were available for sale during the year: Beginning inventory 22 units…

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

Q: Hazards company had the following dald. Beginning inventory (on May 1) $190 Purchases during May…

A: The direct expenses of manufacturing the commodities supplied by a corporation are referred to as…

Q: On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625.…

A: In This Numerical the 1st two parts are covered the concept of Inventory valuation Under FIFO…

Q: er unit January 26 40 units sold What is the value of inventory at 31 January using the FIFO method?…

A: First in, first out (FIFO) is an accounting approach that prioritises the sale of assets acquired…

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

A:

Q: Given below is information about beginning inventory and purchases for the current year for Peterson…

A: Formula: Gross profit = Sales - cost of goods sold Deduction of cost of goods sold from sales value…

Q: Jessie Stores uses the periodic system of calculating inventory. The following information is…

A: The first in, first-out (FIFO) inventory valuation method is based on the cost flow assumption that…

Q: A company uses a periodic inventory system.  The beginning inventory was $20,000, purchases amounted…

A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale…

Q: Mahmood's company has beginning inventory of 35 units at a cost of $40 each on December 1. On…

A:

Q: Klump Co. uses a perpetual inventory system and had the following inventory transactions for the…

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

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

A: Periodic Inventory System: The periodic inventory system, records inventory balance on hand…

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: 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: The beginning inventory of screws on Jan 1 was 1,000 units at $20.00. Inventory on hand was 800…

A: Cost of goods refers to the expenses which are related to production or manufacturing the goods to…

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.