Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available Units Unit Cost Total Cost April 1 Inventory April 15 Purchase 250 10 $2,500 400 12 4,800 April 23 Purchase Compute the April 30 Cost of goods sold Balance utilizing the First in First out Method. 350 13 4,550

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

A: Some of the methods are used to value inventories are FIFO, LIFO and weighted average method.

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

A: Ending Inventory = Total Cost of goods - Cost of goods sold

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: The following units of a particular item were available for sale during the calendar year: Jan. 1…

A: Weighted average cost method: It is an inventory valuation method that is used to compute the cost…

Q: Teat Mountain uses a periodic inventory system in April, 600 units were sold and the following…

A: In the context of the given question, we are required to compute ending inventory and cost of goods…

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

A: Inventory valuation is used to calculate the ending inventory. It is based on the flow of inventory…

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

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

A: Determine weighted-average cost per unit.

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: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…

A: In this question, the data is given about Culver corporation uses a periodic inventory system and we…

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

A:

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

A: Weighted Average Method - Under this method of inventory valuation company takes average of the cost…

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

A: The cash value attributed with the products in stock at the end of the financial period is known as…

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

A: Determine the inventory available for sale:   Date Particulars Units Unit cost Total Cost April…

Q: Lambeth Company experienced the following events in January: Date Events Units Unit Cost Total Cost…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first.

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

A: Weighted average unit cost = Total cost/ total units available for sale

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: 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: ojo Industries tracks the number of units purchased and sold throughout each accounting period but…

A: Calculate ending inventory:

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

A: Total cost of goods available for sale = $11,850 Total units available for sale = 1,000 units Ending…

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

A: FIFO Cost of ending inventory  (210 x 7) + (40 x6) = 1710 Cost of goods sold = (100 x 5) + (325 x6)…

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

A: LIFO  Last-in First Out: Under LIFO inventory accounting, units purchased last are sold first.

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: The company uses the perpetual inventory method. • I t began the month of March with 100 units of…

A:

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

A: There are 3 types of methods for inventory valuation: a. FIFO b. LIFO c. Weighted average   FIFO: In…

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

A: Inventory valuation is based on the flow of inventory. The LIFO method assumed that the recently…

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: Hess Company's inventory records show the following data for the month of September: Units…

A: Last-In, First-out (LIFO): LIFO is an acronym that refers to a system of inventory accounting called…

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

A: FIFO means first in first out which means that inventory which is recieved first , will be sold…

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

A: The FIFO method is the method of the valuation of inventory. Under this method, It is assumed that…

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

A: Calculate the weighted- average unit cost:

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

A: First-in-first out method- Under FIFO method inventory that is brought at earlier dates( Older…

Q: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…

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

Q: Klump Co. uses a perpetual inventory system and had the following inventory transactions for the…

A: LIFO: Last-In First Out:- As per LIFO method, units purchased last are sold first. Under perpetual…

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

A: The cost of inventory and the cost of goods sold is determined as per the method used by the…

Q: Kingbird Company uses a periodic inventory system. For April, when the company sold 470 units, the…

A: Inventory Valuation:"LIFO" stands for last-in, first-out, meaning that the recently purchased…

Q: Using a perpetual inventory system. This company's beginning inventory of a product and its…

A: Calculate the cost of goods sold under LIFO method:

Q: Kiwi Ltd. started April with 90 units in inventory costing $16 each. Kiwi Ltd., which uses a…

A: Introduction Inventory Valuation Method: Inventory valuation methods are used to determine the cost…

Q: Lemke Corp. uses a perpetual inventory system with a (moving) weighted average inventory costing…

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

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: Flounder corp. uses a periodic inventory system. Its records show the following for the month of may…

A: Calculation of Ending Inventory Using the method of FIFO (First in First out), LIFO (Last in First…

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.