Blue Company uses a periodic inventory system. For April, when the company sold 500 units, the following information is available.     Units   Unit Cost   Total Cost April 1 inventory   290   $32     $ 9,280   April 15 purchase   430   38     16,340   April 23 purchase   280   42     11,760       1,000         $37,380   Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory   $enter a dollar amount   Cost of goods sold   $enter a dollar amount

Q: Question three : Seif Company sells many products. chairs is one of its popular items. Below is an…

A: Note: All rates are in $

Q: Explanation Sept. 1 Beginning inventory 16 Purchases Units Unit costs Total Cost $50 Date $800 Sept.…

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

Q: Problem #10 A company just starting business made the following four inventory purchases in June:…

A: Number of units purchased in the month of June = 150+200+200+150 = 700 units

Q: V Total Cost of goods sold, $315,000 EX 6-9 Weighted average cost flow method under perpetual…

A: Weighted average Cost - The perpetual inventory updated inventory as on regular basis, while…

Q: Inventory Costing Methods (ADOPTED) The following information was made available for a particular…

A: In weighted Average method, the unit cost is taken as cost mutiplied with respective quantities…

Q: View Policies Current Attempt in Progress Transactions for the month of June were: Purchases Sales…

A: Ending inventory refers to the goods which are left with the business or are not sold during the…

Q: UILS ALyui cu aL CUSt January 1 January 10 January 20 January 25 January 30 Beginning inventory…

A: The gross profit is calculated as difference between sales and cost of goods sold. The inventory can…

Q: Brief Exercise 6-03 In its first month of operations, Weatherall Company made three purchases of…

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

Q: Exercise 6-06 (Video) Coronado Co. uses a periodic inventory system. Its records show the following…

A: Ending inventory = beginning inventory+purchase-sales

Q: Question The following information relates to the inventory of Margaret's Megamart Ltd during…

A: FIFO mathod says that the units purchased first, were sold first hence inventory remains from the…

Q: Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and…

A: Solution:- Note: - Calculation of Ending inventory and cost of goods sold as follows under:-

Q: Exercise 6-05 Sage Hill Inc. uses a periodic inventory system. Its records show the following for…

A: Number of units in ending inventory = Total Units - Units sold = 100 - 78 = 22 units

Q: Laker Company reported the following January purchases and sales data for its only product.    Date…

A: Specific Identification Method: One of the method of inventory valuation. each and every single item…

Q: Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $…

A: 1. FIFO Method   DATE PURCHASE SOLD / COST OF GOODS SOLD BALANCE   QTY RATE COST QTY RATE COST…

Q: Exercise 6-06 (Video) Coronado Co. uses a periodic inventory system. Its records show the following…

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

Q: Question 2: Harold Co. reported the following current-year purchases and sales data for its only…

A: Purchases refer to the amount of goods or services purchased or bought by an organization. The…

Q: Question three : Seif Company sells many products. chairs is one of its popular items. Below is an…

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

Q: FIFO   LIFO   AVERAGE-COST The ending inventory   $     $     $   The cost of goods sold   $…

A: Under FIFO, the units in stock/purchased first are sold first. Under LIFO, the units…

Q: Question: The following information relates to the inventory of Margaret's Megamart Ltd during…

A: Introduction: Goods acquired first are sold first under the FIFO approach. The term FIFO means for…

Q: Exercise 9-14 earl Company uses the gross profit method to estimate inventory for monthly reporting…

A: In this Numerical has covered the concept of inventory valuation under gross profit method.

Q: Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25…

A: Weighted Average Cost Method - Under this Method company sums all the inventory purchase with the…

Q: Problems P6-2A Inventory Costing Methods---Periodic Method Fortune Stores uses the periodic…

A: Under periodic inventory method, the inventory is valued at the end of the period. There are…

Q: April 1 Beginning Inventory 100 units @ $4 April 2 Sales 50 units April 3 Purchases 300 units @ $6…

A: Total no. of units sold = 50+250+200                                    = 500 units

Q: 12. The units of Product PKO available for sale during the year were as follows: Apr 1 Apr 16 Apr 20…

A: Under FIFO method, it is assumed that units purchased first will be sold first. Total units sold= 60…

Q: Q2: (A) AI Ealah Co. uses a periodic inventory system. Its records show the following for the month…

A: (A)

Q: Exercise 6-06 Larkspur, Inc. uses a periodic inventory system. Its records show the following for…

A: Inventory is accounted for using three methods namely FIFO, LIFO and Weighted average method.

Q: Q2: (A) AI Falah Co. uses a periodic inventory system. Its records show the following for the month…

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

Q: QUESTION 6 A company had the following purchases during its first year of operations: Purchases…

A: Introduction:- a) Calculation of weighted average cost per unit as follows:- weighted average cost…

Q: QUESTION 9 A company had the following purchases during its first year of operations: Purchases 10…

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

Q: 11- Noor Co. uses a periodic inventory system. Its records show the following for the month of May,…

A: Periodic Inventory Systems Inventory records are recorded periodically  under this system. FIFO…

Q: Units Unit Cost Total Cost Beginning inventory Purchases Sales (47 units at $24,630 each) 20 $11,520…

A: In LIFO it is assumed that the last purchased item will be sold first. So, the closing inventory…

Q: please answer question

A: Ending Inventory = Total units - units sold = 246-186 = 60 units Average cost per unit = Total cost…

Q: Problem 11-2 (ACP) Furlough Company began operations at the beginning of current year with 10,000…

A: FIFO is the inventory valuation method which says inventory purchased first should be sold first.…

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

A: As you posted multiple Questions we are answering the first question only Kindly repost the…

Q: Arrow Company is a retailer that uses the periodic inventory system. August 1 Beginning inventory 80…

A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

Q: Problem #11 A company just starting business made the following four inventory purchases in June:…

A:

Q: (12 minutes) Bauer Hockey Inc. uses a perpetual inventory system and had the following activity for…

A: Calculation of Inventory Cost :-

Q: March 1 Beginning inventory = 29 units @ $5.90 March 3 Purchased 15 units @ 3.70 March 9 Sold 23…

A: As posted multiple independent questions we are answering only first question kindly repost the…

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.