A corporation has provided the following information about one of their products: Date Transaction Number of units Cost per unit 1/1 Beginning inventory 200 $140 6/5 Purchase 400 $160 11/10 Purchase 100 $200 During the year, 400 units were sold. What is ending inventory using the average cost method? Group of answer choices A)$48,000 B)$64,000 c)$50,000 d)$62,000

Q: Garrison Company uses the retail method of inventory costing. It started the year with an Inventory…

A: Markup is the difference between the cost and sales price that is considered as profit for the…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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

Q: What is COGS and cost of ending inventory in the company using average costing method where 4.000…

A: No. of units sold = No. of units purchased - no. of units in ending inventory = 4000 - 400 = 3600…

Q: FIFO and UFO costs under perpetual inventory system   The following units of an item were available…

A: The inventory valuation can be performed using various methods as LIFO, FIFO and weighted average…

Q: Required information   [The following information applies to the questions displayed below.]  During…

A: The FIFO strategy states that the stock that is delivered or procured first is sold, utilized, or…

Q: Anderson Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO stands for Last In First Out is the method of inventory valuation. It assumes that the most…

Q: Required information   [The following information applies to the questions displayed below.]  During…

A: In accounting, the Weighted Average Cost (WAC) method of inventory valuation uses a weighted average…

Q: The following units of an item were available for sale during the year: Beginning inventory 45…

A: a. Compute the total cost of the ending inventory according to FIFO.

Q: Use the information below to answer the following question. The following units of an inventory item…

A: Weighted Average: Under the weighted average method, a weighted average cost is calculated and the…

Q: Waterway Company's inventory records show the following data: Units Unit Cost 10200 Inventory,…

A: The direct cost associated with the production of a product constitutes the cost of goods sold in…

Q: 3. Pear Company recorded the following data pertaining to one of its inventory items during January…

A: Average-cost cost flow assumption - Under the Weighted Average Method, the cost is considered to be…

Q: The management of Shamrock, Inc. asks your help in determining the comparative effects of the FIFO…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: During the year, Wright Company sells 435 remote-control airplanes for $120 each. The company has…

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

Q: Required information   [The following information applies to the questions displayed below.]  During…

A: In accounting, the Weighted Average Cost (WAC) method of inventory valuation uses a weighted average…

Q: Reed Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO means last in first out Which means that cost of goods sold will consist of lastest purchased…

Q: The GMA corporation shows the following data related to an item of Inventory Inventory, January 1…

A: UNDER FIFO (FISRT IN , FIRST OUT) METHOD THE ASSETS PURCHASED OR ACQUIRED FIRST ARE DISPOSED OF…

Q: Required information   [The following information applies to the questions displayed below.]  During…

A: Last-in-Last-Out (LIFO):   In Last-in-First-Out method, the costs of last purchased items are…

Q: Suga Company had the following information relating to its March inventory: Unit Unit Cost Total…

A: Using weighted average method, unit cost is calculated as total cost divided by number of units…

Q: Strand Retail Corp had the following info: Beg Inventory 2,500 units @ $40/each Purchased 4,000…

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

Q: Mission Company provided the following information for the year 2021: Jan. 01 Inventory on hand 200…

A: Total units available for sale  = 200 + 300 + 500 = 1000 units   Total units sold = 400 + 400 = 800…

Q: The following units of an item were available for sale during the year: Beginning inventory 20…

A: Perpetual record system:- in this method, a record of sales and purchase of inventory is the…

Q: 3.    Zimmerman Corp. had 1,500 units of part M.O. on hand May 1, 2020, costing $21 each. Purchases…

A: FIFO stands for First in, first out, which means that the item of inventory that is oldest will be…

Q: Use the following schedule to answer the questions below. Units Cost per unit Beginning inventory 10…

A: Under LIFO method the units sold will be first from the latest purchases and ending inventory should…

Q: Eneri Company's inventory records show the following data:         Units   Unit Cost Inventory…

A: A cost sheet is a statement that is prepared with a view to show the different components of costs…

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Beginning inventory…

A: Under the Perpetual Inventory method, every issue and receipt of the inventory is recorded in the…

Q: Rona Company used the perpetual inventory system. The inventory transactions for August of the…

A: Inventory valuation: Inventory valuation is the process applied by a manufacturing company to…

Q: 8. Celine Company provided the following data relating to an inventory item. Unit cost Total cost…

A: Perpetual inventory system is system of checking the inventory constantly throughout the year like…

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

A: Cost of goods and value of ending inventory using FIFO method, periodic inventory system Cost of…

Q: Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods…

A: Sales=Goods available for sale+Gross Profit-Ending Inventory

Q: Extreme Company showed the following information! Units Unit cost Total cost 40 400,000 1 Beginning…

A: As per weighted average method, the value of ending inventory is determined by deducting the cost of…

Q: Required information   [The following information applies to the questions displayed below.]  During…

A:

Q: Lisa Company uses the periodic inventory system and had 100 units in beginning inventory at a total…

A: given that, beginnig inventory = 100 units @ $10000 purchases = 200 units @ $26000   closing stock =…

Q: Phillips Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO (Last in first out): It is an Inventory valuation technique in which the last received stock of…

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: Emeritus Company which used the FIFO retail inventory method provided the following information for…

A: Cost to retail ratio = (7,200,000/ 10,400,000) x 100                               = 69%

Q: Herman Company has three products in its ending inventory. Specific per unit data at the end of the…

A: Inventory to be valued at  Cost or NRV  which ever is lower

Q: Constructor Inc. sells sacks of cement. The inventory records show the following: Number Unit Cost…

A: Inventory: Inventory refers to the goods which are purchased or manufactured to sell in the future.…

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: The following is the detail of the purchase and sale of inventory of a product of Simco Co. May 1…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: The following data are extracted from the records of an entity relating to an inventory item:…

A: Beginning balance                                 5,000     *          200        = 1,000,000…

Q: Company "A" started the period with 85 units in beginning inventory that cost $2.60 each. During the…

A:

Q: Mission Company provided the following information for the year 2021: Jan. 01 Inventory on hand 200…

A: FIFO: Under FIFO method, goods purchased first are sold first. FIFO stands out for…

Q: Constructor Inc. sells sacks of cement. The inventory records show the following: Number Unit Cost…

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

Q: Anderson Company had the following information for the year ending December 31: Units Unit Cost…

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

Q: If the Lambeth Company uses the LIFO inventory costing method, calculate the company’s cost of goods…

A: Periodic inventory system: A periodic inventory system is a system of measuring inventory which is…

Q: Sunland Company had 140 units in beginning inventory at a total cost of $11,200. The company…

A: Cost of goods sold is calculated by adding the opening balance and purchases and subtracting the…

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.