A company purchased 400 units for $20 each on January 31. It purchased 300 units for $30 each on February 28. It sold a total of 350 units for $100 each from March 1 through December 31. If the company uses the last-in, first-out inventory costing method, calculate the amount of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.)

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 reports the following beginning inventory and 2 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: .the FIFO inventory costing method. 2.the LIFO method. 3.From the resulting data, what conclusions…

A: Requirement 1:   FIFO method:

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

A: Under FIFO method: Cost of goods sold = (380×$5)+(200×$4)=1900+800=$2700 Cost of ending inventory =…

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: 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: The following units of an item were available for sale during the year: Beginning inventory 35 units…

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

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: a company has a beginning inventory of 32 units at a cost of 12.00 each on oct. 1. on October 5, it…

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

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

A: First in First Out (FIFO) suggests pricing is based on the assumption that items received first at…

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: [The following information applies to the questions displayed below.] A company reports the…

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

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: First in first out means that goods sold will be from the oldest purchase and last in first out…

Q: Orlon Iron Corporation tracks the number of units purchased and sold throughout each year but…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Sunland Company sells one product and uses a perpetual inventory system. The beginning inventory…

A: LIFO is the Last in first out method of inventory which says that inventory purchased last will be…

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

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

Q: Fermat Company uses a perpetual inventory system and had 300 units of inventory on hand at January 1…

A:

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

A: Inventory:- Inventory is referred as the stock that a particular business holds in order to produce…

Q: Oriole Company sells one product and uses a perpetual inventory system. The beginning inventory…

A: UNDER LIFO METHOD (LAST PURCHASED FIRST SOLD )

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: Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.

A: Perpetual Inventory System:   Perpetual Inventory System refers to the inventory system that…

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A:

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: ABC company started its operations this year and began with no inventory on hand. It provided the…

A: The Numerical has covered the concept of weighted Average Methode Under Periodic Inventory Method.…

Q: anifee Company uses the periodic inventory system.  For the current month, the beginning inventory…

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

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: Gladstone Limited tracks the number of units purchased and sold throughout each accounting period…

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

Q: Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its…

A: INTRODUCTION Periodic inventory system is the method of recording inventory. Under Periodic system…

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

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

Q: Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period…

A: 1. Computation of cost of goods available for sale, cost of ending inventory and cost of goods sold…

Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…

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

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

A: Introduction FIFO stands for First In First Out Method. It is a technique used for the assets…

Q: ABC company started its operations this year and began with no inventory on hand. It provided the…

A: In first in first out (FIFO) method, the inventory purchased first is sold first. The inventory…

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

A: Under the LIFO method, goods purchased last are sold off at first. Hence, the goods left in stock…

Q: The following units of an item were available for sale during the year: Beginning inventory 44 units…

A: Particulars Purchase Sale Balance Units Cost per Unit Total Cost Units Cost per Unit Total Cost…

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: Grays Company has inventory of 30 units at a cost of $11 each on August 1. On August 3, it purchased…

A: Under the FIFO method of inventory, the earliest purchases are sold first. So the sales of 32 units…

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

A: The Cost of goods sold is always calculated without the profit part that is at cost.

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

A: Moving average cost   Inventory Balance Total cost Average cost 09-Jan 490 $…

Q: Vaughn Manufacturing took a physical inventory on December 31 and determined that goods costing…

A: A physical check of stock is a real tally of the considerable number of items that a business stock.…

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: Seolleongtang Company has the following: Inventory, January 1- 8,000 units @ P11; Purchases, June…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence,…

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.