Al Falah Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Date Details Units Unit Cost Total Cost May 1 15 24 Inventory Purchases Purchases Total 30 25 35 90 8 11 12 240 275 420 935 Instructions : Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. (B): In its first month of operations, Al Hamd Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $9.Assuming there are 360 units on hand, compute the cost of the ending inventory under the average-cost method.

Q: Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May,…

A: Under FIFO method assumes that the inventory purchased firstly are to be been sold first

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

A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

Q: Coronado Co. uses a periodic inventory system. Its records show the following for the month of May,…

A: FIFO LIFO Ending inventory may 31   $330   $242 Cost of goods sold   $902   $990

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

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: Wildhorse Lighting had a beginning inventory of 31 units at a cost of $7 per unit on August 1.…

A: Total goods available for sale=Beginning inventory+Purchases=31+36+46+41=154

Q: Cost of goods Sold

A: Jan 1 400 $7.00 $2800   Feb 15 1000 $7.50 $7500   June 30 1400 $8.00 $11200   Nov 25 1200…

Q: Marigold Company uses a periodic inventory system. For April, when the company sold 550 units, the…

A: Definition:   Periodic inventory system: The method or system of recording the transaction related…

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

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

Q: Monty Corp. uses a periodic inventory system and reports the following for the month of June. Date…

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

Q: Leafs Co. had the following inventory transactions for the month of June: June 1 On hand, 50 units…

A: FIFO is a method of Inventory valuation in which Inventory purchased first are sold first.

Q: Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of…

A: The ending inventory includes the number of units that are left in stock at the end of period. Using…

Q: (A) Al Falah Co. uses a periodic inventory system. Its records show the following for the month of…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Flounder Corp. uses a periodic inventory system and reports the following for the month of June.…

A: Determine weighted-average cost per unit.

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

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

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: State Company uses the periodic inventory system. For the month of April 20x4, when the company sold…

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

Q: Cost Retail Beginning inventory $ 47,000   $ 62,000   Net purchases   10,480     32,800   Net…

A: Under retail inventory method to estimate average cost  of ending inventory and cost of goods sold…

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

A: Under FIFO cost flow assumption, cost of goods sold are valued at cost of first purchase and ending…

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

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

Q: Lee Ltd. has the following units and costs for the month of April. 1. Beginning inventory, April 1,…

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

Q: Skysong Company uses a periodic inventory system. For April, when the company sold 540 units, the…

A: Inventory Valuation under FIFO:"FIFO" stands for first-in, first-out, meaning that the oldest…

Q: Waterway Company uses a periodic inventory system. For April, when the company sold 650 units, the…

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

Q: AL ZAIN ltd uses a periodic inventory system. Its records show the following for the month of May,…

A: Calculate the cost of goods sold and ending inventory cost under FIFO.

Q: Crane Company uses a periodic inventory system. For October, when the company sold 1,690 units, the…

A: Introduction: FIFO inventory method: FIFO stands for First-in First-Out. As the name suggests, this…

Q: ntercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: LIFO: LIFO stands for Last in First out. Last received inventory should be sold first.

Q: Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the…

A: As per FIFO method, goods purchased first will be sold first which means ending inventory should be…

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: Tablet Company, which uses a periodic inventory system, reports the following in its inventory…

A: Total units available for sale = Beginning Inventory + Purchases = 10 + 5 + 5 = 20 units Cost of…

Q: Sunland Company uses a periodic inventory system. For October, when the company sold 1,730 units,…

A: FIFO inventory method: It is an inventory valuation method that helps in calculating the ending…

Q: Park Company’s perpetual inventory records indicate the following transactions in the month of June:…

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

Q: Whispering Winds Company's inventory records show the following data for the month of September:…

A: Units available for sale = 105 + 440 + 300 = 845 units Units in ending inventory = 150 units Units…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

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

Q: Coronado Company uses a periodic inventory system. For April, when the company sold 450 units, the…

A: Ending Inventory = Opening inventory + Purchase - Sold Ending Inventory = 330 + 380 + 290 - 450…

Q: Concord Co. uses a periodic inventory system. Its records show the following for the month of May,…

A:

Q: Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in…

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

Q: Larkspur, Inc uses a periodic inventory system and reports the following for the month of June. Date…

A: Units Sold = Units available for sale - Units in ending inventory Units Sold = 670 - 203…

Q: Sheffield Co.uses a periodic inventory system. Its records show the following for the month of May,…

A: FIFO (First -In - First -Out) Method:  Under this method,materials received first are issued first.…

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: Jessie Stores uses the periodic system of calculating inventory. The following information is…

A: The first in, first-out (FIFO) inventory valuation method is based on the cost flow assumption that…

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

A: First in first out is a method of accounting of inventory in which the stock purchased first is…

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: On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625.…

A:

Q: Gingerbread, Corp. presents the following information for inventory purchases and sales throughout…

A: As per FIFO Method units are sold on First in First out basis which means units purchased or already…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Introduction: LIFO: LIFO stands for Last in First Out which means Last received inventory to be sold…

Q: operations, Swifty Corporation made three purchases of merchandise in the following sequence: (1)…

A: a) the FIFO method Of the 110 units remaining on hand, all 280 are from the last purchase.…

Q: Lee Ltd. has the following units and costs for the month of April. Beginning inventory, April 1,…

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

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

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

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.