Harbor Company uses a periodic inventory system.  The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704   Totals 9,900 units   $113,902 A physical count indicates 1,500 units in inventory at year-end.     Determine the cost of the ending inventory based on each of the following methods.   Inventory valuation Average cost method FIFO LIFO

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Under LIFO, the newer goods are sold first, and older are left in the business.

Q: Funky Fashions uses a periodic inventory system. The beginning inventory of a particular product,…

A: Inventory valuation means valuing the inventory at the time of its sale and purchase using methods…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Ending Inventory = Total Cost of goods - Cost of goods sold

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

A: Last in first out means that cost of goods sold consist of latest purchase and closing stock consist…

Q: A company reports the following beginning inventory and two purchases for the month of May. On May…

A: Under FIFO method: Cost of goods sold = (380×$5)+(200×$4)=1900+800=$2700 Cost of ending inventory =…

Q: Cost of goods Sold

A: Jan 1 400 $7.00 $2800   Feb 15 1000 $7.50 $7500   June 30 1400 $8.00 $11200   Nov 25 1200…

Q: Burisma Corp uses a perpetual inventory system. They take a physical count of its inventory at the…

A: Perpetual inventory system helps to track inventory after each sale or purchase made hence, it is…

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: FIFO :- FIRST IN FIRST OUT method in which good procured in earliest are sold . LIFO :- LAST IN…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

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

Q: Sage Hill Inc. uses a perpetual inventory system reports the following for the month of June. Date…

A: FIFO - It is a method of inventory valuation in which goods received first are sent out first for…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: The sale was made on Jan 14, So the average cost will be calculated from the purchases of Jan 1 and…

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

A: The FIFO method under the perpetual inventory system records the cost of goods sold from the…

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: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: First in first out means that goods sold will be from the oldest purchase and last in first out…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: The Numerical has covered the concept of Valuing Ending Inventory Under FIFO, LIFO,  Average Method.…

Q: Sunland Company uses a periodic inventory system and reports the following for the month of June.…

A:

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Inventory:- Inventory is referred as the stock that a particular business holds in order to produce…

Q: Funky Fashions uses a periodic inventory system. The beginning inventory of a particular product,…

A: Under FIFO method the inventory that is being issued will be used from the stock that was purchased…

Q: Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December…

A: The question is based on the concept of Cost Accounting.

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A:

Q: Sunland Company uses a periodic inventory system. For October, when the company sold 1,730 units,…

A: FIFO inventory method: It is an inventory valuation method that helps in calculating the ending…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

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

Q: A physical count indicates 22 units in inventory at year-end. Determine the cost of the ending…

A: Below is the detailed determination of the cost of the ending inventory and cost of goods sold on…

Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…

A: FIFO Cost of ending inventory  (210 x 7) + (40 x6) = 1710 Cost of goods sold = (100 x 5) + (325 x6)…

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

A: The question is based on the concept of Cost Accounting.

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

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

Q: A company reports the following beginning inventory and 2 purchases for the month of January. On…

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

Q: Jeters Company uses a periodic inventory system and reports the following for the month of June.…

A: Inventory valuation is based on the flow of inventory. The LIFO method assumed that the recently…

Q: Jessie Stores uses the periodic system of calculating inventory. The following information is…

A: The first in, first-out (FIFO) inventory valuation method is based on the cost flow assumption that…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Introduction FIFO stands for First In First Out Method. It is a technique used for the assets…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: clsoing inventory = opening inventory + purchase - sales

Q: April Inc. maintains a perpetual inventory system and recorded the following information for the…

A: Perpetual Inventory System is the method of valuation of inventory on a daily basis rather than at…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Cost of goods sold is calculated by deducting the ending inventory from the cost of goods available…

Q: Cheyenne Corp, uses a periodic inventory system and reports the following for the month of June.…

A: First-in-first out method- Under FIFO method inventory that is brought at earlier dates( Older…

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: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Introduction: LIFO: LIFO stands for Last in First Out which means Last received inventory to be sold…

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory is one of the important current asset of the business. There are several methods used for…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Last in last out shows the inventory purchased last would be sold first.

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: No. of Units Cost per unit Jan 1 250 2.30 Jan 9 60 2.50 Jan 25 100 2.64

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: FIFO - First in first out is the method of inventory where the goods purchased are sold first and…

Q: Burisma Corp uses a perpetual inventory system. They take a physical count of its inventory at the…

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

Q: Neverstop Corporation sells item A as part of its product line. Information about the beginning…

A: Ending inventory ( Units ) = Opening inventory + Purchases - Sales…

Q: Using a perpetual inventory system. This company's beginning inventory of a product and its…

A: Calculate the cost of goods sold under LIFO method:

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Inventory schedule under LIFO method…

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.