EA5.  EA5. LO 10.2Akira Company had the following transactions for the month. Chart showing Beginning Inventory of 150 units at $10 per unit, Purchase of March 31 of 160 units at $12 each, Purchase of October 15 of 130 units at $15 each, and ending inventory of 50 units at a cost of ? each. Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average (AVG)

Q: At May 1, 2022, Sunland Company had beginning inventory consisting of 290 units with a unit cost of…

A: Ending inventory is the goods leftover in hand at the conclusion of the year.

Q: 1. Flat Top uses the periodic inventory system. For the current month, the beginning inventory…

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

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Inventory: Inventory is a physical item of trade sold by suppliers during their accounting period.…

Q: The records of Rami co. show the following data in June 30, 2020 Date Explanation Unit Unit Cost…

A: Inventory valuation is a method used by the organisation to evaluate the total value of goods held…

Q: Trini Company had the following transactions for the month. Number Cost of Units per Unit Total…

A: First in First out (FIFO) is one of the inventory valuation methods in which the earliest inventory…

Q: of beginning inventory at a cost of $3.00. During the year, the company made the following…

A: Solution..   Total units available for sale  = Beginning inventory + Purchases  = 500 + 1,200 + 800…

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Average cost per unit = Total cost of Goods available for sale / Total no. of units available for…

Q: ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January…

A: Formula: Average cost per unit = ( Beginning cost + Purchases cost ) / Number of units Division of…

Q: Assume Hadley Co has the following purchases of inventory during the first month of operations…

A: The direct costs of manufacturing the commodities sold by a corporation are referred to as the cost…

Q: Consider the following data: RECEIVED ISSUED 1-Apr| 20 units @ P 5.00 each 5-Apr 10-Apr 60 units @ P…

A: Using moving average method, average cost per unit is calculated after every sale and purchase.

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Compute the weighted average cost per unit as follows: Cost per unit=Beginning…

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: EA9. O 10.3 Calculate the cost of goods sold dollar value for A66 Company for the month, considering…

A: Cost of goods sold includes those costs which are directly linked to the production process. It is…

Q: E6.7 (LO 2). AP Jeters Company uses a periodie inventory system and reports the following for the…

A: First-In, First-Out (FIFO) & Last-In, First-Out (LIFO): First in, first-out (FIFO) is an…

Q: BE8-6 Jakarta Company uses a periodic inventory system. For June, when the company sold 600 units,…

A: Inventory is one of the current asset of the business. It includes all materials, work in process…

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

A: Weighted Average Cost Method: The weighted average cost technique divides the cost of commodities…

Q: Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is…

A: Inventory days is a concept in costing that shows how much time it takes the firm to sale its…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Inventory valuation is a process in accounting that businesses use to determine the value of unsold…

Q: Lee Ltd. has the following units and costs for the month of April. Beginning inventory, April 1,…

A: Periodic inventory method: It is a inventory valuation method. In this method inventory account is…

Q: Number of Units Cost per Unit $10 Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Ending…

A: First in First out (FIFO) Methods says that goods purchased first are Sold first which implies that…

Q: E7-8A. Inventory Costing Methods The following information is for the Bloom Company for the cur-…

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

Q: Trini Company had the folowing transactions for the month. Number Cost of Units per Unit Totat…

A: First in First out (FIFO) is one of the inventory valuation methods in which the earliest inventory…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: No. of Units sold = Total goods available for sale - Ending inventory = 490 - 70 = 420 units Average…

Q: Assume Ava Co. has the following purchases of inventory during the first month of operations…

A: LIFO is last in first out inventory valuation method in which goods purchased at last in the…

Q: Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning…

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

Q: Consider the following transactions for A67 Company for the month shown in chronological order:…

A: # of units Unit cost Total Beginning Inventory 800 $50 $40,000 Purchased 600 $52 $31,200…

Q: Akira Company had the following transactions for the month. Sales for the month are $25 per unit.…

A: Cost of goods sold (units)=Beginning+Purchase-Ending units=150+160+130-50=390 units

Q: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the…

A: The perpetual method updates the records after each transaction of purchase and sale.

Q: M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under…

A: We have the following information:

Q: Trini Company had the following transactions for the month. Number Cost of Units per Unit Total…

A: The merchandise corporations follow inventory valuation method according to their requirements to…

Q: Montero Company maintains a perpetual inventory system and sells all its inventories at a price of…

A: Under FIFO method, goods purchased first are to be sold first and newer goods are left in stock or…

Q: E6A-1 Calculating periodic inventory amounts [10–15 min] The periodic inventory records of Synergy…

A: Answer a) Calculation of cost of goods sold using Average cost method, periodic inventory system…

Q: A company reports the following beginning inventoryand purchases, and it ends the period with 30…

A: FIFO method means First in First Out. It means inventory which is purchased first will be sold…

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: E7-8A. Inventory Costing Methods The following information is for the Bloom Company for the cur-…

A: Inventory costing methods refers to the methods adopted by the firms to calculate its cost of…

Q: So what was the cost of products sold and ending inventory under (4) LIFO, (5) FIFO, and (6) Average…

A: LIFO Method   Date  Purchase Cost of goods sold Balance Inventory Quantity  Cost per Unit (In…

Q: Swifty Company uses the perpetual inventory system and the moving-average method to value…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock…

A: Weighted average cost per unit= Total purchase and begcost/ Total purchased and beg unit

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: 1. FIFO Method   DATE PARTICULAR Rate PURCHASE SELL BALANCE               Opening Stock…

Q: If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on…

A: Inventory accounting is the method of accounting that deals with the valuation and reporting of…

Q: E7-7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average…

A: Hey, since there are multiple questions posted, we will answer first three question. If you want any…

Q: If 9,000 units are on hand at December 31, what is the cost of the ending inventory under FIFO?…

A: Inventory Valuation under FIFO:"FIFO" stands for first-in, first-out, meaning that the oldest…

Q: E6-7 Jeters Company reports the following for the month of June. Date Explanation Units Unit Cost…

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

Q: Assume that Wally World uses a perpetual weighted average inventory system. During the period, it…

A: Beginning inventory  value  = 10×$12 =$120 Purchase  = 10×$15 =$150

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.