ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January 7, 2020: 1,000 units at P3.00 each. Sold 1,200 units. Using weighted average method, what is the amount of cost of goods sold?

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $455,000…

A: Formula: Net purchases = Gross purchases - Purchase discounts - Purchase returns and allowances.…

Q: Charlene Company uses the average cost retail method to estimate its inventory. Data relating to the…

A: Cost of goods sold is the total cost incurred to produce goods during the particular year. It is…

Q: The records of Rami co. show the following data on June 30, 2020, During the month inventory Sold on…

A: Average Method:-It is the cost calculated by dividing the total cost by the total number of units.…

Q: Bonita, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years…

A: Date Inventory atEnd-of-year Prices Price Index Inventory at Base-year Prices Changefrom Prior Year…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales…

A: Ending units=Beginning units+Purchases -Units sold=260+340+440+190-800=430 units

Q: At May 1, 2022, Sunland Company had beginning inventory consisting of 290 units with a unit cost of…

A: Ending inventory is the goods leftover in hand at the conclusion of the year.

Q: ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January…

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

Q: On January 2020, Roel Corp. Has the following inventory purchases.                     January…

A: FIFO is first in first out inventory valuation method in which inventories purchased at first will…

Q: During the year, a firm's inventory purchases were as follows: Quarter Units Purchased Cost per Unit…

A: Cost of goods sold is the total cost incurred to produce goods during the particular year. It is…

Q: ANC Company had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on…

A: The Numerical has covered the concept of the Moving Average method For Estimating Ending Inventory…

Q: Uki Company had the following transactions for inventory during 2020:   Units Unit Cost Unit…

A:

Q: The following information was available for Oriole Company at December 31, 2022: beginning inventory…

A: Inventory Turnover Ratio means the number of times the company has been providing a given product at…

Q: At May 1, 2022, Ayayai Corp. had beginning inventory consisting of 280 units with a unit cost of $7.…

A:

Q: Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years…

A: LIFO Method:   It is a method of inventory valuation where the inventory purchased last will be sold…

Q: On January 2020, Roel Corp. Has the following inventory purchases…

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

Q: During 2021, a company sells 500 units of inventory for $88 each. The company has the following…

A: The inventory valuation is based on the flow of inventory. The firm can adopt the LIFO method, FIFO…

Q: During 2021, a company sells 460 units of inventory for $87 each. The company has the following…

A: To use the weighted average model, one divides the cost of the goods that are available for sale by…

Q: Scott Equine Supplies had the following beginning inventory, net purchases, net sales,and gross…

A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

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

A: Periodic inventory method: It is a inventory valuation method. In this method inventory account is…

Q: Fischer, Inc. had the following inventory in fiscal 2019. The company uses the average cost method…

A: Average cost per unit = ((100 x $10) + (200 x $12))/ 300 units = $3,400 / 300 units = $11.3333

Q: The inventory records of Machiatto Company in January 2020 show the following informations Balance…

A: FIFO is a method of valuing the inventories in which the goods purchased first are sold on a…

Q: You are assigned to prepare the financial statements of LIVA Company for the year 2021. The…

A: Average Cost Method: The average cost technique gives a cost to inventory items based on the overall…

Q: The DJ company uses a periodic inventory system. The beginning balance of inventory and purchases…

A: Introduction  Inventory may be defined as the stock of goods ready to be sold at a particular point…

Q: Pear Company recorded the following data pertaining to one of its inventory items during January…

A: Moving average cost is a method of inventory valuation. This method computes the unit cost every…

Q: pany had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on January…

A: Solution: Introduction: Inventory Valuation Methods are generally used to determine the Cost of…

Q: Given below is information about beginning inventory and purchases for the current year for Peterson…

A: Formula: Gross profit = Sales - cost of goods sold Deduction of cost of goods sold from sales value…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: Sami Company had the following balances and transactions during 2020. Beginning inventory 10 units…

A: Answer:  With formula:

Q: ABC Merchandising Corporation has beginning inventory at the start of 2018 of $ 679,000, during the…

A: Cost of goods sold = Beginning inventory + Goods purchased - Ending inventory

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

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

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: There are three methods used to value Inventory, they are FIFO LIFO Weighted Average

Q: The Stilton Company has the following inventory and credit purchases during the fiscal year ended…

A: given that, goods available for sale = 640 + 350 + 230 = 1220 units  number of units sold = 430 +…

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

A: Since Morgenstern uses a perpetual inventory system, we shall prepare the inventory schedule showing…

Q: If a firm's beginning inventory is $35,000, goods purchased during the period cost $130,000, and the…

A: Cost of goods sold is calculated by adding the beginning inventory and purchases and deducting the…

Q: he following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: Calculation of COGS and ending inventory: FIFO COGS= (500*4)+(600*5)+(500*6) =2000+ 3000 +3000 =$…

Q: Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first…

A: Cost Sales value Beginning 64500 123000 Purchases 315000 483000 Total 379500 606000…

Q: The records of Earthly Goods provided the following Information for the year ended December 31,…

A: Year end inventory means cost of ending inventory which is left at the end of the period.

Q: Given below is information about beginning inventory and purchases for the current year for Peterson…

A: Formula: Gross margin = Total sales - cost of goods sold

Q: The records of Rami co. show the following data on June 30, 2020, During the month inventory on hand…

A: Definition: First-in-First-Out (FIFO): In the First-in-First-Out method, the first purchased items…

Q: A company reports the following beginning inventoryand purchases, and it ends the period with 30…

A: FIFO method means First in First Out. It means inventory which is purchased first will be sold…

Q: A company has the following information available that was used to report inventory using the…

A: The cost index represents the cost fluctuations incurred by businesses as a result of the…

Q: Grotesque Company which employed the FIFO retail method provided the following inventory data: 2020…

A: The retail inventory method calculates the ending inventory by multiplying the retail closing stock…

Q: Consider the following information:     Units Cost per unit Total costs Goods in inventory at…

A: Under Weighted average cost method, value of ending inventory and cost of goods sold is calculated…

Q: Use the following information to complete the calculations below. Cost of goods sold $195,640…

A: Inventory is one of the essential parts of an organisation. In the balance sheet, it is classified…

Q: You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock…

A: Weighted average cost per unit= Total purchase and begcost/ Total purchased and beg unit

Q: The records of a company showed the following for June:  Sales…

A: A periodic inventory system is one of the inventory valuation and management systems. Under this…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 800…

A: Inventory valuation is based on the flow of inventory used by the organization. There are several…

Q: Staley Watch Company reported the following income statement data for a 2 year period:   2019…

A: Following is the answer to the given question

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.