A company purchased 100 units for $20 each on January 31st it purchased 100 units for $30 on February 28th it's sold 150 units for 45 dollars each from March 1st through December 31st if a company uses the first in first out inventory costing method what is the amount ending inventory on December 31st

Q: Explanation Sept. 1 Beginning inventory 16 Purchases Units Unit costs Total Cost $50 Date $800 Sept.…

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

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: 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: 1. Flat Top uses the periodic inventory system. For the current month, the beginning inventory…

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

Q: Al Ahli company had the following purchases and sales during its first year of operations: Purchases…

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

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: The following hammers were available for sale during the year for Wilkins Tools: Beginning…

A: FIFO (First-in First Out): Under FIFO inventory accounting, units prurchased first are sold first.…

Q: Sun Concepts sells and installs solar energy products. Information from the financial statements for…

A: Formula: Average Inventory = ( Beginning inventory + ending inventory ) / 2 Sum of beginning and…

Q: 2) Orpa Company had a beginning inventory of 430 units with a total cost of $2,580. During the year…

A: Total units available for sale = Beginning units + Purchases  = 430+600+700+450+550 = 2730 units…

Q: A company purchased 200 units for $40 each on January 31. It purchased 150 units for $35 each on…

A: Weighted average inventory costing method: - Weighted average inventory costing method is the method…

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: At May 1, 2020, Marigold Company had beginning inventory consisting of 160 units with a unit cost of…

A: Inventory is the current assets represents under the head current asset in the balance sheet of the…

Q: 1. On January 1, the Abrams Company began business with the purchase of 250 units of inventory for…

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

Q: A company purchased inventory as follows:                         200 units at $9…

A: Total units available for sale = 200 + 300 = 500 units Total cost of goods available for sale = (200…

Q: A company has beginning inventory for the year of $11,000. During the year, the company purchases…

A: Cost of goods sold = Beginning inventory + Net purchases + Direct expenses - Ending inventory

Q: Given the following: Number Cost purchased per unit Total January 1 inventory April 1 35 $ 3 $ 105…

A: Under FIFO method i.e First in First Out method, the inventory which is purchased first will be sold…

Q: A company purchased 400 units for $20 each on January 31. It purchased 300 units for $30 each on…

A: The perpetual inventory system records and updates the inventory after each and every transaction.…

Q: A company has beginning inventory for the year of $15,000. During the year, the company purchases…

A: The cost of goods sold is the cost incurred on the goods that are sold during the period.

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

A: Introduction: FIFO: FIFO stands for First in First out. Which means First received inventory to be…

Q: A company purchased 100 units for $30 each on January 31. It purchased 400 units for $40 each on…

A: The LIFO (Last-In, First Out) inventory method means the latest inventory purchased will be sold…

Q: Autok Fabricators, Inc. has 10 units in beginning inventory costing $45 each. It purchased 90 more…

A: Accounting for inventory is done using the three important methods called FIFO (First In First Out),…

Q: A firm that sells a single product had a beginning inventory of 10,000 units with a total cost of…

A: FIFO means the first in first out which means that goods purchased first will be sold first.…

Q: Vaughn Company had 100 units in beginning inventory at a total cost of $12,000. The company…

A: Total cost of goods available for sale = Beginning inventory + Purchases = $12,000 + $30,000 =…

Q: LOVING-KINDNESS Corp’s inventory records revealed the following: Date Transaction Number of Units…

A: Date Transaction Numberof Units UnitCost TotalCost  August 1  Beginning inventory 500  P8.50…

Q: ily Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased…

A: Solution: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

Q: Crane Company had 100 units in beginning inventory at a total cost of $8,000. The company purchased…

A: Cost per unit of beginning inventory = $8,000 /100 units = $80 per unit Cost per unit of purchase…

Q: Bonita Company had 100 units in beginning inventory at a total cost of $12,00O. The company…

A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. LIFO Method - Under…

Q: Nawa CC produces and sells only one product. The following data is available: Inventory levels…

A: Closing inventory (finished goods) = opening finished goods +units purchased- units sold

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: A company has beginning inventory for the year of $14,500. During the year, the company purchases…

A: Cost of Goods Sold: It  is the cost of the products  which a business has sold. Cost of Goods…

Q: Blue Spruce Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $ 7 per…

A: Total units available for sale = 100 + 580 + 475 + 415 + 95…

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: The following units of an item were available for sale during the year: Beginning inventory 21,600…

A: Perpetual InventoryPerpetual inventory is a method of accounting for inventory that records the sale…

Q: A company begins the year with inventory of $52,000 and ends the year with inventory of $4: four…

A: When a corporation sells a product, it must account for the costs associated with making that…

Q: Koi Corporation uses the periodic inventory system. During its first year of operations, Koi made…

A: Inventory valuation methods are those methods which are used for valuation of inventory in the…

Q: Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning…

A: Given that, Beginning inventory = 450 units @ $2.48 per unit Purchase = 350 units @ 2.76 per unit…

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.