Blue Company is a paints supply store. During the year, Blue Company sold 62 paint bottles. Calculate the value of ending inventory according to FIFO method. Purchases No of paint bottles purchased Cost/Unit April 1 40 8 May 3 20 9 June 20 20 10   a. RO 520 b. RO 556 c. RO 180 d. RO 144

Q: Kingbird, Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is…

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

Q: Sept 4        Purchased backpacks for $1,050 from Back Packs Unlimited, terms 3/10, n/60, FOB…

A: Journal is a book of original entry in which transactions are recorded in a chronological order i.e.…

Q: The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: The LIFO method assumes that the goods purchased last will be sold out first, and hence the cost per…

Q: accountant counted everything thất was in the warehouse as of February 28, which resulted in an…

A: Transaction Included / Not included Amount ($) Explanation A No 0 The term of sale…

Q: The purchases by Nizwa Book Store are given below. If the shop sells 70 books, find the value of…

A: The different methods used to value the inventory are : LIFO, FIFO, average method.

Q: Concord Company took a physical inventory on December 31 and determined that goods costing…

A: Inventory Valuation: It is an asset held for sale in the ordinary course of business. It is used in…

Q: During the months of January and February, Axe Corporation purchased goods from three suppliers. The…

A: Given transactions are: Jan. 6 Purchased goods for $1,200 from Green with terms 2/10, n/30.6…

Q: Flint Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is…

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

Q: Assume that on September 1, Office Depot had an inventory that included a variety of calculators.…

A: Journal Entries are represented as below:

Q: Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: FIFO is the first in first out method which helps in inventory valuation. Here inventory purchases…

Q: Using the AVCO/Weighted Average Method, what is the value of ending inventory after accounting for…

A: Weighted Average cost method: It is the method where the cost of closing inventory is calculated on…

Q: [The following information applies to the questions displayed below.]   The Shirt Shop had the…

A: Under FIFO cost flow assumption, the inventory received first is charged to Cost of Goods sold and…

Q: Assume that on September 1, Office Depot had an inventory that included a variety of calculators.…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    Sept 6 Inventory 1680              Accounts…

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Correct option is d.$56

Q: On September 1, Ayayai Office Supply had an inventory that included a variety of calculators. The…

A: The question is based on the concept of Financial Accounting.

Q: Reineman Supply Company uses a periodic inventory system. During September, the following…

A: Purchase value(3rd sep.)=Number of units×Per unit=90×$25=$2,250

Q: Reineman Supply Company uses a periodic inventory system. During September, the following…

A: Inventory is one of the important current asset of the business. Management and valuation of…

Q: The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180…

A: The calculations are attached below. You may kindly note that all amounts are in $.

Q: The Boxwood Company sells blankets for $37 each. The following was taken from the inventory records…

A: Under FIFO method, old inventory is sold first and newer units are sold later.

Q: The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: Here in this question, we are required to calculate the cost of goods sold using LIFO method under…

Q: Assume that on September 1, Office Depot had an inventory that included a variety of calculators.…

A: Record the journal entries for September transactions as shown below:

Q: eineman Supply Company uses a periodic inventory system. During September, the following…

A: Step 1 Journal is the part of bookkeeping.

Q: A company had inventory on July 1 of 5 units at a cost of $16 each. On July 2, they purchased 9…

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

Q: Queens Limited is trying to determine the value of its ending inventory at February 28, 2008, the…

A: Types of Inventory includes: Raw materials Work-in-progress Finished goods

Q: During June, the following changes in inventory took place:              June   1     Balance…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: The Boxwood Company sells blankets for $34 each. The following was taken from the inventory records…

A: Ending inventory units=Purchases-Sales=10+16+9-5+5+2=35-12=23 units

Q: The Boxwood Company sells blankets for $35 each. The following was taken from the inventory records…

A: LIFO follows the assumption that the inventory purchased last would be sold first.

Q: Sundance Systems has the following transactions during July.July 5 Purchases 40 LCD televisions on…

A: Under the perpetual inventory system, inventory account is used to record purchases.

Q: Jackal Company reported that a flood recently destroyed many of the financial records. The entity…

A: Cost of goods available for sales(COAS) = cost of opening inventory + cost of purchase  Hence…

Q: Garfunkle Company had the following four transactions during January 2017: January 3 Purchased 200…

A: Sales are made for $2,500 (50 x $50) on account.

Q: Woodworks Company deals in furniture and uses periodic inventory system. The following transaction…

A: FIFO means first in first out where as LIFO means last in first out. Moving average means simple…

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: In case of LIFO inventory cost method the latest purchased goods will be sold first.

Q: Garfunkle Company had the following four transactions during January 2017: January 3 Purchased 200…

A: Under the perpetual inventory system, inventory is debited and credited for purchases and purchase…

Q: Assuming that the company uses the perpetual inventory system, determine the gross profit for the…

A: Perpetual inventory system:   In this system the inventory is recorded on a regular basis. The…

Q: The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: Cost of goods sold for LIFO method calculated by considering the units sold at a latest price from…

Q: The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records…

A: The question is based on the concept of Cost Accounting

Q: A company had inventory on November 1 of 5 units at a cost of $27 each. On November 2, they…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Garfunkle Company had the following four transactions during January 2017: January 3 Purchased 200…

A: Perpetual inventory system is that inventory system in which all transactions related to purchase…

Q: The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: Gross profit is the difference between sales & Cost of goods sold. Gross profit = Sales - Cost…

Q: Long Horn Music Store uses a perpetual inventory system and had the following transactions during…

A: Journal entries recording is the first step in the accounting process in which atleast one account…

Q: Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for…

A: Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for…

Q: During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence ofevents…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: On September 1, Blue Office Supply had an inventory of 35 calculators at a cost of $14 each. The…

A: Perpetual Inventory system- Inventory quantity updated perpetually on an ongoing basis, usually real…

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Inventory valuation is based on the flow of assumptions.As per the FIFO method, those units are…

Q: Teal Mountain, Inc. uses a perpetual inventory system. Its beginning inventory consists of 200 units…

A: Account Titles and Explanation   Debit   Credit        Inventory (225 units * $220) $49,500…

Q: The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records…

A: LIFO means last in first out  It means that the latestly purchased inventory is sold first. In the…

Q: Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a…

A: Perpetual inventory method is a method in which estimation of inventory is done on the basis of…

Q: The Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: Under the LIFO inventory cost method, the most recent units purchased are sold first.

Q: Assume that on September 1, Office Depot had an inventory that included a variety of calculators.…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

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.