A company just starting business uses a periodic inventory system. A physical count of merchandise inventory on June 30- reveals that there are 320 units on hand. The company made the following three inventory purchases in June. # of Units Unit Cost Total Costs June 1 150 $10 $1,500 June 10 200 $9 $1,800 June 15 250 $8 $2,000 Using the LIFO inventory method, the value of the Ending Inventory on June 30 is Select one:

Q: Patricia Flynn owns a business called Patty's Place. The company uses a periodic inventory system.…

A: Journal entry is a type of book keeping, which record and report the financial transaction that…

Q: Cost Selling   Retail Selling Price Inventory of merchandise, June 30 Rs300,000 Rs500,000…

A: a) Cost of Goods Sold It refers to the cost incurred by a company that is directly related to…

Q: Funky Fashions uses a periodic inventory system. The beginning inventory of a particular product,…

A: Inventory valuation means valuing the inventory at the time of its sale and purchase using methods…

Q: Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the…

A: LIFO: Last-In First Out:- As per LIFO method, units purchased last are sold first.  Hence, April 23…

Q: A company just starting business made the following four inventory purchases in June: June 1 June 10…

A: The items of inventory are used as those arrived or bought first followed by those bought next. This…

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

A: In organization, there are two system for inventory valuation. (1) Perpetual Inventory system (2)…

Q: A company just starting business made the following four inventory purchases in June: June 1 110…

A: Using average method, the average cost per unit is calculated as total cost of goods available for…

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

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

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: Blossom Company just began business and made the following four inventory purchases in June: June 1…

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

Q: A company just starting the business made the following four inventory purchases in June: Unit Unit…

A: Average method of inventory accounting focuses on the average price of the goods available for sales…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but ap at…

A: Let's understand some basics Ending Inventory is the goods which are purchased but no yet sold at…

Q: A company just starting its business made the following four inventory purchases in June: Date…

A: Gross profit is defined as the excess of the selling price of the goods over the cost of goods sold.…

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

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

Q: A company just starting its business made the following four inventory purchases in June:

A: Cost per unit. = Total Cost / No.of units purchased   June 1 : $832/260 = $3.2 June 10 : $1056/320 =…

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

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

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: 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 Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180…

A: The calculations are attached below. You may kindly note that all amounts are in $.

Q: Fight Company is a wholesaler of office supplies. The FIFO periodic inventory is used. The entity…

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

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: FIFO: FIFO stands for First in First out. It means first received inventory to be sold first.

Q: AL Fanar company uses aperiodic inventory system. The beginning balance of inventory and the…

A: First in, First out (FIFO) method -  As per FIFO, goods purchased first will be sold first which…

Q: uly 1               150 units              $5.20                 $  780 July 10             200…

A: Inventory may be : Opening Inventory  Closing Inventory  Number of units sold = Number of units…

Q: Funky Fashions uses a periodic inventory system. The beginning inventory of a particular product,…

A: Under FIFO method the inventory that is being issued will be used from the stock that was purchased…

Q: Fight Company is a wholesaler of office supplies. The FIFO periodic inventory is used. The entity…

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

Q: Seminole Co. began the year with 23,000 units of product in its January 1 inventory costing $15…

A: Introduction: LIFO: LIFO stands for last in first out which is method of inventory accounting where…

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

A: The perpetual inventory method and periodic inventory method are the methods used to count the…

Q: Kuyu Company uses the periodic inventory system. Kuyu started the period with $12,000 in inventory.…

A: The cost of goods sold refer to the cost of producing the goods which are sold in the market. It is…

Q: Seneca Co. began the year with 6,500 units of product in its January 1 inventory costing $35 each.…

A: Given: Seneca Co. began the year with 6,500 units of product in its January 1 inventory costing $35…

Q: Gerald D. Englehart Company uses a perpetual inventory system. The company has the same inventory,…

A: The FIFO method helps the management in determining the COGS by assuming that the goods being sold…

Q: Whispering Winds Company's inventory records show the following data for the month of September:…

A: Units available for sale = 105 + 440 + 300 = 845 units Units in ending inventory = 150 units Units…

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

A:

Q: Coronado has the following inventory information. July Beginning 1 20 units at $340 Inventory $17 60…

A: Under weighted average cost method using periodic inventory system, value of ending inventory and…

Q: A company just starting business made the following four inventory purchases in June: June 1 180…

A: Introduction: The LIFO method of inventory valuation suggests that freshly placed inventory items…

Q: Tamarisk, Inc. has the following inventory data: July 1 Beginning inventory 90 units at $19 $1710…

A: Given the following information: July 1: Beginning Inventory = 90 units @ $19 = $1,710 July 7:…

Q: Gerald D. Englehart Company uses a perpetual inventory system. The company has the same inventory,…

A: The inventory can be valued using various methods as FIFO, LOFO and moving average method under…

Q: Baker Bakery Company just began business and made the following four inventory purchases in June:…

A: First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased items are…

Q: A company just starting the business made the following four inventory purchases in June: Unit Unit…

A: Average Method:-It is the cost calculated by dividing the total cost by the total number of units.…

Q: The company uses the perpetual inventory method and started the month of November with 500 units of…

A: Under perpetual system moving average method, cost of units calculated in same manner as for…

Q: San Lorenzo General Store uses a periodic inventory system and the retail inventory method to…

A: Retail inventory method: It takes into account all the retail amounts that is, the current selling…

Q: periodic inventory system. A physical count of merchandise inventory on June 30th reveals that there…

A: Ans. In FIFO method of inventory valuation the units which are purchased at the beginning are sold…

Q: A company just starting a business made the following four inventory purchases in June: Date…

A: Definition:   Average cost method: Under average cost method, the company calculates a new average…

Q: Heiner Company began business on July 1, 2022 and made the following four inventory purchases in…

A: Introduction:- LIFO means Last-in-first-out It is one of the inventory valuation method. As per…

Q: Use the following information from Marvel Company for themonth of July. July 1 Beginning inventory…

A: First in first out: It refers to the method of inventory valuation that calculates the balance of…

Q: The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180…

A: The cost of goods available for sale is calculated as total cost of inventory available for sale

Q: Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units…

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

Q: Kiwi Ltd. started April with 90 units in inventory costing $16 each. Kiwi Ltd., which uses a…

A: Introduction Inventory Valuation Method: Inventory valuation methods are used to determine the cost…

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

A: The periodic system uses an occasional physical count to measure the level of inventory and the cost…

Q: Happy Hues Company is a wholesaler of office supplies. The activity for inventory of calculators…

A: This question deals with the concept of FIFO inventory method under periodic inventory system. First…

Q: Mika Corporation uses FIFO method to calculate the value of Inventory on hand on March 31 and cost…

A: First In, First Out (FIFO) is part of an accounting method where assets which are acquired first are…

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.