AAA Company uses a periodic inventory system and has the following information regarding its inventory Beginning inventory Purchase on January 25 Purchase on March 15 350 units 16 $5.600 450 units i 17 7,650 6,300 10,450 350 units 18 Purchase on October 2 550 units 19 Goods available for sale $30,000 There are 750 units in ending inventory. What is the amount of the ending inventory using the FIFO method? Multipie Choice $10,450 $13,250 $14,050

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: given that,  the company uses LIFO method of inventory valuation - as per LIFO method units…

Q: Sheffield has the following inventory data: July 1 Beginning inventory 32 units at $6.40 Purchases…

A: There are various methods of Inventory valuation one of them is LIFO. Last In First Out method…

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

A: Under Weighted Average perpetual inventory system: Cost per unit is calculated based on total moving…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units…

A: Calculation of ending inventory cost FIFO= (60*200)+(15*180) = $ 14700

Q: Better Bottles, Inc., uses a periodic inventory system and has the following information available:…

A: LIFO method: Under the last-in, first-out (LIFO) method of inventory valuation Inventory purchased…

Q: Coronado Industries has the following inventory information. July Beginning 1 Inventory 50 units at…

A: Periodic Inventory System is system in which physical count of inventory is done periodically for…

Q: Simple Plan Enterprises uses a periodic inventory system. Its records showed the following:…

A: Inventory Turnover ratio = Cost of goods sold /  Average Inventory  Average inventory = ( Opening…

Q: ssume that the company uses perpetual inventory system and weighted average method, prepare journal…

A:

Q: Crandall Distributors uses a perpetual inventory system and has the following data available for…

A: There are various methods by which the cost of ending inventory and cost of goods sold can be…

Q: ABC Enterprise uses a perpetual inventory system to monitor the inventory status and using the…

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

Q: Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales…

A: Meaning of FIFO  Method : - FIFO stands for “First-In, First-Out”. It is a method used for cost flow…

Q: Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for…

A: LIFO: LIFO is also called last in first out, which means inventory sold cost used in the latest…

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: [The following information applies to the questions displayed below.] Warnerwoods Company uses a…

A: Computation of cost assigned to ending inventory using the FIFO is as follows: The resultant table…

Q: Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase…

A: FIFO is the inventory valuation method in which stock which is purchased first is taken out for sale…

Q: culator Addison, Inc. uses a perpetual inventory system. The following is information about one…

A: Workings: By following FIFO method cost of ending  merchandise inventory on September,30 is $ 800.

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

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

Q: Mena Company uses a perpetual inventory system. It entered into the following purchases and sales…

A: Under FIFO method, older units are sold first and newer units are sold later.

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: The inventory of a company includes the stock of work-in-progress, raw material & finished…

Q: Tyler Company has the following information related to purchases and sales of one of its inventory…

A: Calculating the ending inventory and cost of goods sold using the FIFO  is as follows:

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

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Ali Baba Company uses the perpetual inventory system and the FIFO method. The following information…

A: Under Perpetual Inventory system cost of goods sold is recorded as when the goods are sold , thus…

Q: Addison, Inc. uses a perpetual inventory system. The following is information about one inventory…

A: The last-in, first-out (LIFO) is an inventory valuation method in which it is assumed that the…

Q: Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for…

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

Q: Creature Company which used the periodic inventory evstem provided the following transactions for…

A: The inventory under periodic system are valued using randomly basis.

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: Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales…

A: Under the FIFO method, goods purchased earlier are sold first, i.e. oldest product in the company's…

Q: Cheyenne Corp. has the following inventory data: July 1 Beginning inventory 48 units at $19 $912…

A: LIFO (Last-in First Out): Under LIFO inventory method, units purchased last are sold first and the…

Q: Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales…

A: Inventory or Stock is the goods and material a business holds for resale. Before working on the…

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: Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales…

A: Working:

Q: The following units of an inventory item were available for sale during the year. Use this…

A: FIFO method of costing inventory states that the items purchased first will be sold out first, and…

Q: Nash's Trading Post, LLC has the following inventory data: July 1   Beginning inventory   22 units…

A: LIFO ( Last in First Out) Method assumes that latest purchased goods are sold first which implies…

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: The correct option is  A. $3460 Please see the next step for the solution

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

A: Total cost = Cost per unit * Number of units The question requires purchase cost of goods purchased…

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

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

Q: Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost…

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

Q: Addison, Inc. uses a perpetual inventory system. The following is information about one inventory…

A: FIFO is the inventory valuation which means First in First out. This method says that inventory…

Q: The following are the inventory records of the Jordan Company: Units 20 Cost $2 Total $40 Balance,…

A: In case of FIFO units sold are from purchases made earlier, therefore units in ending inventory…

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: Coronado has the following inventory information. July 1 Beginning Inventory 20 units at $20 $400…

A: Total units available for sale = 20 + 50 + 10 = 80 units No. of units sold = Total units available…

Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

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

Q: Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for…

A: The perpetual inventory method of reporting the flow of inventory computes the balance of inventory…

Q: Pharoah Company has the following inventory data: July 1 Beginning inventory 150 units at $19 $2850…

A: Answer) Calculation of Cost of ending inventory using FIFO Method Under FIFO method using periodic…

Q: July 1 Beginning Inventory 30 units at $19 $570 7 Purchases 105 units at $20 2,100 22 Purchases 15…

A: In Average Cost Method of inventory valuation , inventory is valued at…

Q: ddison, Inc. uses a perpetual inventory system. The following is information about one inventory…

A: A perpetual inventory system is defined as a program or system that measures the inventory of the…

Q: XYZ Company uses the periodic inventory system to account for inventories. Information related to…

A: We are using periodic inventory valuation which means inventory is reconciled and calculations made…

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: Filimonov Inc. has the following information related to purchases and sales of one of its inventory…

A: Calculations:

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.