ABC Co. a wholesaler has the following information for the month of Aug Date Transaction Units Unit cost Aug 1 Beginning 400 10 12 Purchase 600 12 16 Sales 500 18 Purchase 300 15 22 Sales 200 29 Purchase 400 14 30 Sale 400 4. Using perpetual inventory system under FIFO method, how much is the ending inventory and cost of sales, respectively?

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: Presented below is information related to Crane Enterprises. Apr. 30 $14,140 Jan. 31 Feb. 28 Mar. 31…

A: Answer a:

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

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A: Periodic Inventory System:  Periodic inventory system is a system, in which the inventory is updated…

Q: The transactions below are for Product A occurred during March:           Date…

A: A. Calculate the following (a) through (f): Working notes:

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A: In FIFO , first bought / purchased units are sold first. In LIFO , Last bought / purchased units are…

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: 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…

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A: To ascertain the weighted average cost per unit the Cost of goods available for sale are divided by…

Q: For the next two (2) questions: ABC Company uses the periodic inventory system. The inventory…

A: Under periodic inventory system, we would determine the cost of goods available for sale and units…

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

A: Cost of goods sold: Cost of goods sold is the accumulate total of all direct cost incurred in…

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

A: LIFO - last in first out -  Under LIFO, the costs of the most recent products purchased (or…

Q: Grays Company has the following purchases and sales during the month of August. Using the FIFO…

A: Inventory valuation method includes: First in first out Last in first out Weighted average method…

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

A: Inventory turnover ratio=Cost of Goods Available for SaleAverage Inventory

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

A: LIFO LIFO is the Last-in and First-out method of valuation of Inventory. Under this method, it is…

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: Chocolate Inc. uses a perpetual inventory system and uses the FIFO cost flow assumption. Calculate…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

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

Q: ABC Co. using perpetual Inventory system, has the following Information for the month of Jan Date…

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

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

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

Q: Flounder Corp. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown…

A: Calculate the average cost per unit for June 1 sale and August 27 sale.

Q: The following information was available from the inventory records of Swifty Corporation for…

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

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

A: a. FIFO (Periodic) Units Cost per unit Total Beginning inventory 41 $10 $410 Purchases…

Q: The Hat Store had the following series of transactions for Year 2: Transaction Date Jan, 1 Mar. 15…

A: FIFO- first-in, first-out Old inventory are sold first under FIFO method

Q: here are such data of the ABC Company’s activity. The company uses perpetual inventory updating.…

A: There are various methods of calculating the value of inventory but the most apt method is weighted…

Q: Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: You have the following information for Coronado Inc. for the month ended June 30, 2022. Coronado…

A: Sales Transactions   Date   Units  Price  Sales Value (units x price) 10-Jun Sales 110 53 5830…

Q: Harbor Company uses a periodic inventory system.  The company’s records show the beginning inventory…

A: Weighted Average method is a method of computing inventory wherein weighted average is used to…

Q: Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company…

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

Q: Blossom Company uses the perpetual inventory system and had the following purchases and sales during…

A: Organization follows two type of inventory systems. (1) Perpetual inventory system (2) Periodical…

Q: the following information for Coronado Industries for the month ended October 31, 2022. Coronado…

A: Periodic inventory system: It is inventory system which involves the physical counts of goods at a…

Q: Redmoon Traders provided the following inventory information for the month of March 2018. Units Cost…

A: Given that: Sale of 350 units that are purchased on Mar 18.

Q: Use the following information from Marvel Company for the month of July to answer the following…

A: Ending inventory is $2,685

Q: Consider the following information for Maynor Company, which uses a periodic Inventory system:…

A: Inventory Valuation - Every company chooses a specific inventory valuation method for their…

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: a. Novak Inc. uses a perpetual inventory system. Its records show the following for the month of…

A: Here in this question we are required to calculation COGS and ending inventory under FIFO basis.…

Q: Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the…

A: Solution: Under prepetual inventory system, inventory records are maintained and updated with each…

Q: Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June.…

A: Computation of weighted-average unit cost: Resulting excel sheet is as follows:

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

A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

Q: nventory records for Marvin Company revealed the following: Number Unit Date Transaction of Units…

A: Under the FIFO method, the earliest purchases are sold first. Therefore, the cost of goods sold…

Q: Neyman Inc. has the following data for purchases and sales of inventory: Date Units Cost per Unit…

A: Cost of goods sold includes all the direct cost of a product that are incurred in its…

Q: Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the…

A: Inventory refers to the amount of goods or merchandise which the company uses to manufacture or sale…

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

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

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: Blossom Company uses the perpetual inventory system and had the following purchases and sales during…

A: The different methods to valuate inventory are LIFO, FIFO and weighted average method.