Beta Company uses a periodic inventory system. Details for the inventory account for the month of January, 2021 are as follows: Units Per unit price Total Balance, 1/1/21 200 $5.00 $1,000 Purchase, 1/15/21 100 5.30 530 Purchase, 1/28/21 100 5.50 550 An end of the month (1/31/21) inventory.showed that 160 units were on hand. If the company uses LIFO, what is the value of the ending inventory? O a. $868 O b. $848 O c. $800 O d. $832

Q: Ava Inc. had the following transactions on its inventory during 2021. Ava uses perpetual inventory…

A: The question is based on the concept of Cost Accounting. Perpetual moving average is one of the…

Q: Nash's Trading Post, LLC uses a periodic inventory system. Details for the inventory account for the…

A: Formula: Sales units = Beginning inventory + Purchases - Ending inventory. Gross profit = Sales -…

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A:

Q: Ava Inc. had the following transactions on its inventory during 2021. Ava uses perpetual inventory…

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

Q: Required: 1. Calculate the number and total cost of the units available for sale during 2020. 2.…

A: Solution:- Given, Synergy Company began 2020 with 23,500 units of Product X in its inventory that…

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty…

A: Under FIFO method, is an inventory valuation method where the inventory produced or acquired first…

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

A:

Q: a company has a beginning inventory of 32 units at a cost of 12.00 each on oct. 1. on October 5, it…

A: Inventory valuation refers to the technique that is used by businesses to identify the value of the…

Q: Oriole uses the periodic inventory system. For the current month, the beginning inventory consisted…

A: First in First Out (FIFO) suggests pricing is based on the assumption that items received first at…

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty…

A: FIFO is an inventory costing method in which inventory that was purchased first are sold first.

Q: Walstrom Company uses a perpetual inventory system and had the following inventory transactions for…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

Q: Green Company has beginning inventory of 20 units at a cost of $12.00 each on May 1. On May 5, it…

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

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty…

A: Under FIFO method using periodic inventory system, Value of ending inventory is calculated on the…

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

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

Q: Muscat Company uses the periodic .24 inventory system to account for inventories. Information…

A: Total units available for sale = Beginning inventory + Purchase on 1/15/2020 + Purchase on 1/28/2020…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: Units sold=Opening units+Purchase-Ending units=200+100+100-120=280 units

Q: ABC Corporation has the following inventory information for March, 2019. On March 31, ABC has 2,800…

A: Under the FIFO method, initial purchases are sold first so the ending inventory includes the…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: Under FIFO periodic system of accounting for Inventory, Inventory purchased first is issued first…

Q: Bramble Company uses a periodic inventory system. Details for the inventory account for the month of…

A: Under FIFO method of inventory valuation , units which were purchased firsts are sold first ,…

Q: ABC Co uses perpetual inventory system and Average Cost Method. The company's information for…

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

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: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: FIFO METHOD It is an accounting method for valuation of assets. Under FIFO method , inventory of…

Q: anifee Company uses the periodic inventory system.  For the current month, the beginning inventory…

A: Under weighted average cost method using periodic inventory system, value of ending inventory and…

Q: Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its…

A: INTRODUCTION Periodic inventory system is the method of recording inventory. Under Periodic system…

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

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

Q: Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO…

A: Under the LIFO method, the goods which are purchased in the last are sold first. The ending…

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

A: The Numerical has covered the concept of First in First out method and Weighted Average Method of…

Q: Arppel Company uses a periodic inventory system and closes its accounts annually on 31 December.…

A: Cost of Goods Sold = Beginning Inventory + Purchases - Ending Inventory Gross Profit = Net Sales -…

Q: The Corton Company uses a periodic inventory system. For the month of October, the beginning…

A: Ending inventory is computed by adding the beginning inventory and purchases and then subtracting…

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: ABC Co uses perpetual inventory system and Average Cost Method. The company's information for…

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

Q: Waterway Company uses a periodic inventory system. Details for the inventory account for the month…

A: Ending inventory is the cost of things on hand at the end of the reporting period. For a corporation…

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

A: Ending inventory is the part of inventory that the entity couldn't sell in the current financial…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Periodic inventory system is the one under which the sales and purchases are recorded after a span…

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: April Inc. maintains a perpetual inventory system and recorded the following information for the…

A: Perpetual Inventory System is the method of valuation of inventory on a daily basis rather than at…

Q: Jane company uses a periodic inventory system. its records show the following information for the…

A: In the absence of any information, assumed FIFO method is used for valuation for inventory

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date…

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

Q: Sheffield Corp. uses a periodic inventory system. Details for the inventory account for the month of…

A: The units sold are calculated as difference between total units available for sale and Inventory…

Q: Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

Q: Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial…

A: a.

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: Sheffield uses the periodic inventory system. For the current month, the beginning inventory…

A: No. of units in ending inventory = Beginning inventory + purchases - sales =7100+2800+11900-13000 =…

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty…

A:

Q: A company has inventory of 17 units at a cost of $11 each on May 1. On May 5, they purchased 11…

A: FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: Periodic Inventory System:- This is the inventory system where entries get updated on a periodic…

Q: Concord uses the periodic inventory system. For the current month, the beginning inventory consisted…

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

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty…

A: First-in, first out is the method of inventory valuation where goods which are purchased firstly,…

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.