FIFO and LIFO Costs Under Perpetual Inventory System OBJ. 2, 3 The following units of an item were available for sale during the year: Beginning inventory 21,600 units at $20.00 Sale 14,400 units at $40.00 First purchase 48,000 units at $25.20 Sale 36,000 units at $40.00 Second purchase 45,000 units at $26.40 Sale 33,000 units at $40.00 The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) FIFO, (b) LIFO? Answer b. $763,200

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Weighted average method is the method in which the cost of goods available is divided through the…

Q: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the…

A: Under specific identification method, inventories that are specifically identified will be sold out…

Q: FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…

A: Using FIFO method, the units that were purchased first are to be sold first. The ending inventory…

Q: Perpetual Inventory Using FIFO The following units of a particular item were available for sale…

A: Inventory: Inventory is the goods purchased or manufactured with the intention of sale. The…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Under the Weighted Average Method, the unit cost of goods is determined by dividing the total cost…

Q: Perpetual Inventory Using LIFO The following units of a particular item were available for sale…

A: Definition: LIFO stands for Last in First out which means the inventory which received last should…

Q: The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month…

A: LIFO: LIFO stands for Last in First out which means inventory received last should be sold first..

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

A: The weighted average cost method is that method of inventory valuation in which we determine the…

Q: ABC Company uses the periodic inventory system. The inventory transactions for August of the current…

A: Introduction: FIFO: FIFO stands for First in First out. Which means first received inventory to be…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Solution:   Computation of cost of merchandise sold and inventory balances after each transaction:

Q: LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…

A: We have the following information:

Q: The inventory data for an item for November are: Nov. 1   Inventory 16 units at $25 4   Sold 8…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: FIFO and UFO costs under perpetual inventory system   The following units of an item were available…

A: The inventory valuation can be performed using various methods as LIFO, FIFO and weighted average…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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

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

A: Average-cost cost flow assumption - Under the Weighted Average Method, the cost is considered to be…

Q: Perpetual Inventory Using FIFO The following units of a particular item were available for sale…

A: In case of FIFO units sold are from purchases made earlier, therefore units in ending inventory…

Q: culator Addison, Inc. uses a perpetual inventory system. The following is information about one…

A: Workings: By following FIFO method cost of ending  merchandise inventory on September,30 is $ 800.

Q: The firm maintains a perpetual inventory system.  Determine the cost of goods sold for each sale and…

A:

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: Organization generally follows two inventory system which are as follows:- (1) Periodic inventory…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: Inventory is the current assets posted in the balance sheet of the company.

Q: The remainder of the chart is in the second image.

A: Perpetual Inventory System:  Perpetual Inventory System refers to the inventory system that…

Q: FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…

A:

Q: ABC Co. using perpetual inventory system, has the following intormation for the month of Jan Date…

A: Using average method, cost per unit is calculated as total cost of goods divided by number of units.

Q: LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…

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

Q: Montoure Company uses a perpetual inventory system. It entered into the following calendar-year…

A: Cost of goods available for sale  = opening  inventory  + purchases

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: a. FIFO Method means First in First Out. Those inventories which are purchased first those should be…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Weighted average cost flow method: Under average cost method, company calculates a new average after…

Q: Perpetual Inventory Using LIFO The following units of a particular item were available for sale…

A: LIFO or Last in first out is a method of inventory valuation in which goods that are purchased…

Q: Weighted average cost flow method under perpetual inventory systemThe following units of a…

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

Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…

A: Total cost = number of units * cost per unit In LIFO method , the last purchase is sold first.  So ,…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Inventory is the stock that left unsold at the end of reporting period. There are mainly two methods…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

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

Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…

A: FIFO: under FIFO, good purchased first will used for sale or production first LIFO: Most recent…

Q: Perpetual inventory using FIFO The following units of a particular item were available for sale…

A: FIFO is first in first out method of inventory valuation or costing, under which inventory which is…

Q: Perpetual Inventory Using FIFO The following units of a particular item were available for sale…

A: The FIFO method stands for first in first out, where old units are sold first and new units are kept…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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

Q: Inventory Purchase Information Date Number of Units Cost per unit Extended Cost Beginning…

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

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Under the Weighted Average Cost Flow Method Under Perpetual Inventory System, cost per unit is…

Q: urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following…

A: The average cost per unit using the perpetual inventory system is the price at which the balance of…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A:

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: FIFO is First In First Out Method. In this method, it is assumed that stock which is purchased…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: A)

Q: Perpetual Inventory Using LIFO The following units of a particular item were available for sale…

A: Definition:   Last-in-First-Out (LIFO): In the Last-in-First-Out method, the last purchased items…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Weighted average cost flow method: Under the average cost method, the company calculates a new…

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.