er unit January 26 40 units sold What is the value of inventory at 31 January using the FIFO method?   $1200 $1000 $975 $725 $1125

Q: Marigold Company has the following inventory information. July 1 Beginning Inventory 30 units at $80…

A: Ending units  = 30 + 70 - 45 + 40 - 30 = 65 units   Cost per unit on July 5 = [(30 x $80) + (70 x…

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: Jacobs Company has inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs…

A: Note: It is assumed that periodic inventory system is used.

Q: 2) Orpa Company had a beginning inventory of 430 units with a total cost of $2,580. During the year…

A: Total units available for sale = Beginning units + Purchases  = 430+600+700+450+550 = 2730 units…

Q: The units of an item available for sale during the year were as follows: $ 7,200 Jan. Inventory 20…

A: (a) Calculate the ending inventory using FIFO method.

Q: Inventory records for Marvin Company revealed the following: Transaction Date Mar. 1 Beginning…

A: FIFO states that the inventory purchased first would be sold first by the company. Whereas, the LIFO…

Q: Crane Company's inventory records show the following data: Unit Units Cost Inventory, January 1…

A: In First-in-first-out (FIFO) it is assumed that the first purchased item will be sold first. So, the…

Q: Inventory records for Dunbar Incorporated revealed the following: Number Unit Date Transaction of…

A: Ending inventory units=Beginning Inventory+Purchase-Sales

Q: The units of an item available for sale during the year were as follows: $ 7,200 Jan. Inventory 20…

A: In the question mentioned inventory cost, we assumed that ending inventory.

Q: Calculate inventory valuation using FIFO method using the following information The following…

A: The FIFO method of inventory valuation assumes that the product that was purchased first will be…

Q: Waterway Company's inventory records show the following data: Units Unit Cost 10200 Inventory,…

A: The direct cost associated with the production of a product constitutes the cost of goods sold in…

Q: Determine the ending inventory cost by (a) FIFO (b) LIFO (c) Average Cost.   a. b. c.

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: Acme-Jones Corporation uses a weighted-average perpetual inventory system. August 2, 10 units were…

A: 1. COST OF GOODS SOLD : = NUMBER OF UNITS SOLD X WEIGHTED AVERAGE COST PER UNIT  2. WEIGHTED AVERAGE…

Q: Mika Corporation uses FIFO method to calculate the value of Inventory on hand on March 31 and cost…

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

Q: A inventory record card shows the following details. February 1 50 units in inventory at a cost of…

A: We have the following information: February 1: 50 units in inventory at a cost of $40 per unit…

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: FIFO: FIFO stands for First in First out. It means first received inventory to be sold first.

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20…

A: Given, There are 11 units of the product in the physical inventory at November 30. The periodic…

Q: During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are…

A: Introduction: Under FIFO method of inventory, inventory which comes first are sold first. Hence…

Q: The Boxwood Company sells blankets for $ 40.00 each. The following was taken from the inventory…

A: Number of units available for sale = 10 + 16 + 10 = 36 units Number of units sold = 3 + 5 + 2 = 10…

Q: Bramble Shutters has the following inventory information. Nov. 1 Inventory 40 units @ $7.00 8…

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

Q: company's inventory records report the following in November of the current year:…

A: Under LIFO inventory system, the goods received last are despatched first. Gross Profit is computed…

Q: Tomasino's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan.…

A: First in First Out Method (FIFO) In first in first out method inventory valuation is taken from the…

Q: Vaughn Shutters has the following inventory information. Nov. 1 Inventory 60 units @ $5.00 8…

A: Units sold = Number of units available - Ending inventory units Cost of goods sold = units sold ×…

Q: The GMA corporation shows the following data related to an item of Inventory Inventory, January 1…

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

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A: Calculate Units sold:  Units Sold=Total units avaialble-Inventory at November 30=97-13=84

Q: Roseanne Company's inventory records show the following data:     Units Unit Cost Inventory,…

A: Definition:   First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased…

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: ble for sale during the year were as follows: r. 1 Inventory 25 units @ $32 $800 ne 16 Purchase 29…

A: Solution: Under periodic method Inventory cost is determined at the end of a specific period as…

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

A: The average cost method calculates the value of inventory based on the average unit price of…

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: An inventory record card shows the following details. February 1 50 units in inventory at a cost of…

A: Inventory is defined as the number of goods or units which are available to the organization in a…

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: M.K. Electronics has the following: Inventory, Jan. 1 5,000 $ 8 Purchase, April 2 15,000 $10…

A: Average cost method of inventory valuation says that cost of goods sold and value of ending…

Q: Mahmood's company has beginning inventory of 35 units at a cost of $40 each on December 1. On…

A:

Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

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

Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

A: a. FIFO method:

Q: Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10…

A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average cost method FIFO…

Q: Sheffield Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost…

A: Inventory or Stock is the goods and material a business holds for a resale. Before working on the…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20…

A: Inventory cost by the average cost method=Ending Inventory Units×Total Cost Goods Available for…

Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

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

Q: What is the value of inventory at 28 February using the FIFO method?

A: FIFO is a first in first out method of inventory which says that inventory which is purchased first…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24…

A: a) Inventory cost by FIFO method - As per FIFO method, goods purchased first will be sold first,…

Q: A company has inventory of 17 units at a cost of $11 each on May 1. On May 5, they purchased 11…

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

Q: XYZ Company uses the periodic inventory system to account for inventories. Information related to…

A: We are using periodic inventory valuation which means inventory is reconciled and calculations made…

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: July 1, purchased 10 units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…