Calculate the value of Inventories as at 31st December from the information above using: (i) Periodic Inventory Systems  (ii) First in First Out (FIFO) and Last in First Out (LIFO) methods of inventory costing

Q: A company just began business and made the following four inventory purchases in June: $ 990 1,344…

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

Q: Muscat Company has the following .inventory information Units Per unit price Total July 1 Beginning…

A: Average method of inventory says that valuation of inventory should be done at weighted average unit…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units…

A: Calculation of ending inventory cost FIFO= (60*200)+(15*180) = $ 14700

Q: Altira Corporation provides the following information related to its merchandise inventory during…

A:

Q: Altira Corporation provides the following information related to its merchandise inventory during…

A: The system of inventory under which updates in inventory are  done on periodic basis is called as…

Q: Blossom Company just began business and made the following four inventory purchases in June: June 1…

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

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

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

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

A: Average method of inventory accounting focuses on the average price of the goods available for sales…

Q: In the month of April 2004, the following transactions took place at Green Meadows. Compute the…

A: Total Units available = 30 + 50 + 20 = 100 units Units sold = 10 + 35 = 45 units Units in hand = 100…

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: Beginning inventory, purchases, and sales for H76 are as follows: july 1    inventory   300 units…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: Pharoah Company has the following inventory data: July 1   Beginning inventory   150 units at $19…

A: The answer is as fallows

Q: For the next two (2) questions: ABC Company uses the periodic inventory system. The inventory…

A: Under periodic inventory system, we would determine the cost of goods available for sale and units…

Q: Grays Company has the following purchases and sales during the month of August. Using the FIFO…

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

Q: Sheridan has the following inventory data: Nov. 1 Inventory 25 units @ $5.00 each 101 units @ $5.40…

A: Solution..     Ending inventory under FIFO method

Q: AAA Company uses a periodic inventory system and has the following information regarding its…

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

Q: Assume that The following transactions occurred in the month of June in Super moon LLC.Based on the…

A: There are various methods by which the cost of ending inventory and cost of goods sold can be…

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

A: Calculate the cost of merchandise sold and ending inventory. (Weighted average method).

Q: Gingerbread, Corp. presents the following information for inventory purchases and sales throughout…

A: "Periodic" means that the Inventory account is not routinely updated during the accounting period.…

Q: A record of transactions for the month of May was as follows: Purchases   Sales May 1 (balance)…

A: "Last-In, First-Out" accounts for LIFO. That is a cost flow assumption approach used in the…

Q: The following information was available from the inventory records of Rich Company for January:…

A:

Q: A company just starting business made the following four inventory purchases in June: Number of…

A: LIFO inventory method :  As per LIFO method goods purchased last are sold first . Hence units…

Q: Waterway Shutters has the following inventory information. Nov. 1 Inventory 50 units@ $6.00 8…

A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…

Q: Blossom Company just began business and made the following four inventory purchases in June: June 1…

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

Q: Blue stick company just began and the following four inventory purchases in July. July 1st 150 units…

A: Under the FIFO method of inventory, the ending inventory includes the latest purchases whereas the…

Q: Coronado has the following inventory information. July Beginning 1 20 units at $340 Inventory $17 60…

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

Q: A company just starting business made the following four inventory purchases in June: June 1 180…

A: Introduction: The LIFO method of inventory valuation suggests that freshly placed inventory items…

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

A: Under the FIFO method, the inventory purchased earlier is assigned to cost of goods sold first and…

Q: Tamarisk, Inc. has the following inventory data: July 1 Beginning inventory 90 units at $19 $1710…

A: Given the following information: July 1: Beginning Inventory = 90 units @ $19 = $1,710 July 7:…

Q: Cheyenne Corp. has the following inventory data: July 1 Beginning inventory 48 units at $19 $912…

A: LIFO (Last-in First Out): Under LIFO inventory method, units purchased last are sold first and the…

Q: The following information is taken from the inventory records of the CNB Company for the month of…

A: As per periodic inventory system, inventory records are not updated every transaction, they are…

Q: Inventory information for Part 311 of Tamarisk Corp. discloses the following information for the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for…

A: In FIFO method, the inventory that comes first is sold first. FIFO stands for 'First in first out'.

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

A:

Q: Sandhill’s Staff has the following inventory information. July 1   Beginning Inventory   22 units…

A: In FIFO the first goods will be sold first

Q: Nash's Trading Post, LLC has the following inventory data: July 1   Beginning inventory   22 units…

A: LIFO ( Last in First Out) Method assumes that latest purchased goods are sold first which implies…

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for…

A: Total cost = Cost per unit * Number of units The question requires purchase cost of goods purchased…

Q: The beginning inventory and the purchases and sales of inventory for March for the Carolina Company…

A: FIFO Inventory Method :— Under this method, it is assumed that first input or purchases are used for…

Q: Swifty Corporation just began business and made the following four inventory purchases in June: June…

A:

Q: Blossom Company just began business and made the following four inventory purchases in June: June 1…

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

Q: Altira Corporation provides the following information related to its merchandise inventory during…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: Gingerbread, Corp. presents the following information for inventory purchases and sales throughout…

A: As per FIFO Method units are sold on First in First out basis which means units purchased or already…

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: Coronado has the following inventory information. July 1 Beginning Inventory 20 units at $20 $400…

A: Total units available for sale = 20 + 50 + 10 = 80 units No. of units sold = Total units available…

Q: Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for…

A: The perpetual inventory method of reporting the flow of inventory computes the balance of inventory…

Q: Pharoah Company has the following inventory data: July 1 Beginning inventory 150 units at $19 $2850…

A: Answer) Calculation of Cost of ending inventory using FIFO Method Under FIFO method using periodic…

Q: July 1 Beginning Inventory 30 units at $19 $570 7 Purchases 105 units at $20 2,100 22 Purchases 15…

A: In Average Cost Method of inventory valuation , inventory is valued at…

Q: Altira Corporation provides the following information related to its merchandise inventory during…

A: Under the perpetual inventory system, the inventory balance is updated immediately by recording the…

Q: 2. Gingerbread, Corp. presents the following information for inventory purchases and sales…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

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.