Cost flow assumptions-FIFO AND LIFO using a periodic system  the beginning inventory was 600 units at a cost of $20 per unit. Good available for sale during the year we’re 2,600 units at a total cost of $57,000. In May, 1,200 units were purchased at a total cost of $26,400. The only other purchase transaction occurred during October. Ending inventory was 1,100 units. - required a. Calculate the number of units purchased in October and the cost per unit purchased in October. B. Calculate cost of goods sold and ending inventory under the following cost flow assumptions using  periodic inventory system     1. FIFO      2. LIFO

Q: Crane Company reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: Moving average unit cost will be calculated by dividing total costs by number of units.

Q: The following information pertains to Mason Company for Year 2. Beginning inventory Units purchased…

A: Sales = No. of units sold x sales price = 442 units x $96 = $42,432

Q: Massive Company provided the following information for the current year: Unit cost Total cost Units…

A: Inventory is defined as the goods purchased by an entity with the purpose to resell them to earn…

Q: Required information Use the following information for the Quick Study below. (Algo) (5-7) [The…

A: Under weighted average cost method of Inventory valuation, Cost of goods available for sale by the…

Q: The following information regarding inventory policy was assembled by the GB Inc. The company uses a…

A: Reorder point = (Weekly demand x lead time) + safety stock

Q: company had the following purchases and sales during its first month of operations: Date Activities…

A: Tje average cost per unit is calculated as total cost of goods available for sale divided by number…

Q: Sun Concepts sells and installs solar energy products. Information from the financial statements for…

A: Formula: Average Inventory = ( Beginning inventory + ending inventory ) / 2 Sum of beginning and…

Q: Win Company, which uses the FIFO inventory method, had 300,000 units in inventory at the beginning…

A: The correct option is  C. $5,000,000

Q: Required information   [The following information applies to the questions displayed below.]  During…

A: In accounting, the Weighted Average Cost (WAC) method of inventory valuation uses a weighted average…

Q: Gladstone Limited tracks the number of units purchased and sold throughout each accounting perlod…

A: Solution 1a: Computation of COGS and ending inventory - Average cost Particulars Cost of goods…

Q: Historical cost Units purchased Units sold Rice Company used FIFO. There were 8,000 umíts on 1…

A: The answers for the multiple choice questions and relevant working are presented hereunder :…

Q: following transactions for Product B during the fiscal year ended on December 31, 2020. Date…

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

Q: A company had the following purchases and sales during its first year of operations: Purchases 15…

A: LIFO (Last in First Out):- It is a method of inventory valuation where the last purchased inventory…

Q: Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which…

A: a. Calculate cost of goods sold and ending inventory at year end using periodic method under FIFO as…

Q: Win Company, which uses the FIFO inventory method, had 300,000 units ih inventory at the beginning…

A: Given, Company follows FIFO method;   Beginning Inventory = 300000 units Costing $ 50 each Details…

Q: Garrett Company has the following transactions during the months of April and May: Date Transaction…

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

Q: Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: During the year, a company sold 8,500 units of inventory for $30 per unit. In addition, the company…

A:

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

A: FIFO is the method of valuation of inventory in which the earliest inventory hold by the…

Q: Jailbird Company provided the following data about the inventory for the month of January:…

A: Inventory Valuation is the process of calculating the cost of ending inventory lying with the entity…

Q: A company using perpetual FIFO has the following data for August: Beginning inventory: 150 units…

A: Cost of goods sold for 80 units = 80 units x $11 = $880   Sales = 80 units x $25 = $2,000

Q: Concord Company reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: In this question we will find out Ending inventory, COGS with LIFO, FIFO method and Average cost…

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

A: Introduction:- As per the FIFO method, First comes into inventory first goes out. which means first…

Q: Having issue with the attached problem.    Thanks

A: Calculate the cost of goods sold Particulars FIFO LIFO Weighted Average Beginning inventory 120…

Q: DeForest Company had the following transactions for the month. Sales for the month are $85 per unit.…

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

Q: Celine Company provided the following data relating to an inventory item. Total cost 1,000,000…

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

Q: Cost Flow Methods The following three identical units of Item P401C are purchased during April:…

A: Requirement a: Calculate the gross profit and ending inventory under first-in-first out method:

Q: Alternative Inventory Methods Garrett Company has the following transactions during the months of…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Required information (The following information applies to the questions displayed below.] Shadee…

A: Manufacturing cost is defined as the expense which is related to the production as well as…

Q: Garrett Company has the following transactions during the months of April and May:   Date…

A: Inventory Valuation Method: Inventory valuation methods are used to determine the cost of goods sold…

Q: Required information [The following information applies to the questions displayed below.] The…

A:

Q: The following lots of a Commodity P were available for sale during the year. Beginning inventory 5…

A:

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

A: Calculate the weighted average unit cost:

Q: The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:…

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

Q: Cost Allocation and Lower-of-Cost-or-Market Hall Company's beginning inventory and purchases during…

A: Number of units sold = Total units available for sale - Ending inventory = 5200 - 1100 = 4100 units

Q: Massive Company provided the following information for the current year:…

A: Inventory valuation means valuing the inventory at the time when they are purchased or sold. There…

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

A: Lets understand some basics Inventory is the accounting of items, component parts and raw materials…

Q: A company had the following purchases and sales during its first year of operations: Purchases Sales…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: Sylvia's Designs Co. had the following inventory activity during April:…

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

Q: Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign…

A: Unit cost for moving average method = Total cost of available units / Total available units

Q: The inventory records of TC show the following purchases: Month        Units        Cost January…

A: Introduction:- As per First-In--First-Out method first come into the inventory first issued for…

Q: A company had the folowing purchases during its first year of operations Purchases January, 10 units…

A: Specific identification method: Inventory valuation can be done using various methods in practice.…

Q: During the year, Wright Company sells 320 remote-control airplanes for $100 each. The company has…

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

Q: Units Purchased During the Year   Date Units Cost per Unit Total Cost Beginning Inventory…

A: Calculation:

Q: King purchases two components for its primary product. They need 3 of Component A and 2 of Component…

A: Budgeted purchases are the quantity of materials that need to be purchased in order to meet…

Q: Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of…

A: Here in this question, we are required to calculate the cost of goods sold. Cost of goods sold is a…

Q: Pineview Company ended the month of March with inventory of $26,000. Pineviewexpects to end April…

A: Inventory to be purchased in a particular period means inventory which can fulfill sales demand and…

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.