Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning inventory 120     $1,200   Purchased Mar. 31 180     2,160   Purchased Oct. 15 150     2,250   Total goods available for sale 450     5,610   Ending inventory 50     ?   Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $27 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.   Gross Margin A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3

Q: The following information is available for Zhang Company: Item Units Unit Total cost Beginning…

A: Solution...     Total costs of goods available for sale = $2,840  Total units available for sale =…

Q: Bullwinkle company has the following inventory, purchases, and sales data for the month of August.…

A:

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Inventory: Inventory is a physical item of trade sold by suppliers during their accounting period.…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Under LIFO Inventory company used the latest inventory to sell at the first and beginning inventory…

Q: The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are…

A: The cost of goods sold includes the total cost of goods sold during the period, and ending inventory…

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

A: Perpetual Inventory System: There is a  continual track of  inventory balances under perpetual…

Q: Lisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: Perpetual FIFO:                     Goods Purchased Cost of Goods Sold Ending Inventory Date…

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

A: Ending Inventory is valued at cost or net realizable value. To value ending inventory at cost, there…

Q: The following were the information provided by UNIKELO retail: Purchases and Beginning Inventory •…

A: (1) The cost per unit that is derived by dividing the Total cost of the Inventory on hand with the…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Compute the weighted average cost per unit as follows: Cost per unit=Beginning…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Formula: Average price per unit = Total purchases value / number of units purchased. Division of…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Weighted average cost is one the techniques of valuing inventory and preparing the store ledgers. In…

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: In the case of the FIFO method, the inventory which is purchased first is also sold first. Whereas…

Q: Akira Company had the following transactions for the month.   Number of Units Cost per Unit…

A: Numberof Units Costper Unit Total cost Beginning Inventory 160     $10     $1600 Purchased…

Q: Calculate the cost of goods sold dollar value for B65 Company for the month, considering the…

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

Q: Ivanhoe Company had a beginning inventory of 108 units of Product RST at a cost of $8 per unit.…

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

Q: In its first month of operations, Lily Company made three purchases of merchandise in the following…

A: Cost of the ending inventory under the average-cost method = Inventory on hand*Weighted-average…

Q: Date   Purchases   Sold   Balance Feb. 1   1,700 @ $4.00         1,700 units Feb. 10   5,000 @…

A: FIFO-  FIFO stands for FIRST IN FIRST OUT. It is the method of inventory valuation, in which goods…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: The different methods for valuation of inventory are: 1. LIFO 2. FIFO 3. Weighted Average method

Q: Celine Company provided the following data relating to an inventory item. Date Units Unit Cost Total…

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

Q: Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign…

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

Q: Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning…

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

Q: Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Bramble Company reports the following for the month of June. Assume a sale of 500 units occurred on…

A: FIFO states that the inventory purchased first would be sold first. Whereas, LIFO states that the…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: LIFO means last in first out where as FIFO means first in first out. In FIFO , cost of goods sold is…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Weighted average means when average is calculate after taking quantity as weight.

Q: 2. Trini Company had the following transactions for the month. Number of Units Cost per Unit Total $…

A: Cost allocation:- Cost allocation is the process of identifying and allocating the total production…

Q: n its first month of operations, Waterway Company made three purchases of merchandise in the…

A:

Q: Trini Company had the folowing transactions for the month. Number Cost of Units per Unit Totat…

A: First in First out (FIFO) is one of the inventory valuation methods in which the earliest inventory…

Q: Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning…

A: The inventory is valued using various methods as LIFO, FIFO and weighted average method.

Q: Akira Company had the following transactions for the month.   Number of Units Cost per Unit…

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

Q: Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning…

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

Q: Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning…

A: The question is related to Valuation of closing nventory under three different methods  Required…

Q: In its first month of operations, Crane Company made three purchases of merchandise in the following…

A: Calculate the average unit cost.

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: Sales = (total goods available for sale - Ending inventory ) x selling price =(480 - 60) x $26 =420…

Q: Consider the following transactions for A67 Company for the month shown in chronological order:…

A: # of units Unit cost Total Beginning Inventory 800 $50 $40,000 Purchased 600 $52 $31,200…

Q: Akira Company had the following transactions for the month. Sales for the month are $25 per unit.…

A: Cost of goods sold (units)=Beginning+Purchase-Ending units=150+160+130-50=390 units

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

A: Note:- I am only answering the wrong part..   Specific- Identification…

Q: Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month,…

A: Periodic inventory system is the one whereby the records of the inventory are maintained at the end…

Q: Bridgeport Corp. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate the weighted average unit cost:

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

A: Goods Purchased     No. of Units Cost per Unit Jan 1 390 3.8 Jan 9 90` 4 Jan 25 120…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: Current Attempt in Progress Sunland Company reports the following for the month of June. Date…

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

Q: Alrcard Corporation tracks the number of units purchased and sold throughout each accounting perlod…

A: The periodic method of inventory is a different method that says inventory should be calculated at…

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

A: Weighted average is one inventory costing method adjusts the cost per unit of inventory every time…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Under the weighted average method for the valuation of inventory, the weighted average cost per unit…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Weighted average cost of inventory is an inventory valuation method in which cost of goods sold and…

Q: Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign…

A: Unit cost for moving average method = Total cost of available units / Total available units

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

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.