A company has beginning inventory of 13 units at a cost of $13 each on February 1. On February 3, it purchases 23 units at $15 each. 18 units are sold on February 5. Using the FIFO periodic inventory method, what is the cost of the 18 units that are sold? Multiple Choice $257 $234 $244 $247 $248

Q: At May 1, 2022, Sunland Company had beginning inventory consisting of 290 units with a unit cost of…

A: Ending inventory is the goods leftover in hand at the conclusion of the year.

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: 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: June Corp. sells one product and uses a perpetual inventory system. The beginning inventory…

A: There are various methods of inventory valuation like FIFO, LIFO, Weighted Average methods etc.

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: 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: ne product and uses a pe

A: Option D is correct 204 units  Calculation :   Units in the ending inventory = ( units in beginning…

Q: a company had begining inventory of 10 units at a cost of 13 each on march 1 on march 2 it purchased…

A: "First-In, First-Out” is the method of inventory management that focuses on the usage of the…

Q: Jacobs Company has inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs…

A: Note: It is assumed that periodic inventory system is used.

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: 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: Bonita Industries sells one product and uses a perpetual inventory system. The beginning inventory…

A: Perpetual Inventory System In perpetual inventory system the entries are carried out at the time of…

Q: Walstrom Company uses a perpetual inventory system and had the following inventory transactions for…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

Q: The Barton Corporation company has the following purchases and sales during the year ended December…

A: The cost of goods available for sale includes the sum of beginning inventory and goods purchased…

Q: Green Company has beginning inventory of 20 units at a cost of $12.00 each on May 1. On May 5, it…

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

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

A: On Average Cost basis;                  COGS = 137 x $13.333 = $1,827                  Closing Stock…

Q: FIFO periodic inventory method

A: Under FIFO periodic inventory method, the inventories first entered into the store are issued or…

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

A: As per LIFO method it assumes units purchased at last is sold out first. On oct4, the sold units are…

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: A company using perpetual FIFO has the following data for August: Beginning inventory: 150 units…

A: Cost of goods sold for 80 units = 80 units x $11 = $880   Sales = 80 units x $25 = $2,000

Q: Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: LIFO is the inventory valuation method as per which the goods that are bought at last are to be sold…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

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

Q: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…

A: The question is based on the concept of Cost Accounting.

Q: Larkspur Company uses a perpetual inventory system. Beginning inventory is 2,700 T-shirts at a cost…

A: Lets understand the basics. There are various type of inventory systems are followed by the entities…

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: ZARA uses a First-In-First-Out (FIFO) perpetual inventory system and has the following purchases and…

A: FIFO stands for First In and First Out. Using FIFO method, the goods that were purchased first are…

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for…

A: In FIFO method, the inventory that comes first is sold first. FIFO stands for 'First in first out'.

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: clsoing inventory = opening inventory + purchase - sales

Q: Jammer Company uses a weighted average perpetual inventory system and reports the following: 12…

A: The weighted average method is a method of inventory valuation that says that the average cost per…

Q: Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of…

A: Calculation of total cost of inventory : Date Units Rate Cost January 01 160  $20 $3,200…

Q: The company uses the perpetual inventory method. It began the month of March with 100 units of…

A: Calculation of weighted average cost per unit : Date  Particulars  Calculation  Per Unit Cost…

Q: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…

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

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

A:

Q: Sheffield Corp. uses a periodic inventory system. Details for the inventory account for the month of…

A: The units sold are calculated as difference between total units available for sale and Inventory…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Last in last out shows the inventory purchased last would be sold first.

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: No. of Units Cost per unit Jan 1 250 2.30 Jan 9 60 2.50 Jan 25 100 2.64

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: Sheffield uses the periodic inventory system. For the current month, the beginning inventory…

A: No. of units in ending inventory = Beginning inventory + purchases - sales =7100+2800+11900-13000 =…

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…

Q: A company has inventory of 17 units at a cost of $11 each on May 1. On May 5, they purchased 11…

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

Q: Larkspur, Inc. uses a perpetual inventory system. Its beginning inventory consists of 210 units that…

A: Given that, Company has beginning units = 210 @ $210 Each. During August, the company purchased 310…

Q: Madison uses the periodic inventory system. For the current month, the beginning inventory consisted…

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

Q: Given the following information, determine the cost of the inventory at June 30 using the LIFO…

A: LIFO method assumes that the inventory purchased at last will be used first or to be sold first -…

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:

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.