Inventory Costing Methods (ADOPTED) The following information was made available for a particular product sold by Blue Company: April 2  Purchase  700 units @ Php 158 April 6 Sale 600 units @ Php 200 April 12 Purchase 800 units @ Php 164 April 18 Sale 700 units @ Php 220 April 24 Purchase 500 units @ Php 170 There was no inventory of this particular product at the start of April. REQUIRED:  Assume that Blue uses the perpetual inventory system, compute the ending inventory, cost of goods sold, and gross profit for this product if the inventory costing method used is: 1. FIFO 2. LIFO 3. Moving average

Q: Inventory Costing Methods (ADOPTED) The following information was made available for a particular…

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

Q: The following units of an item were available for sale during the year: Beginning inventory 44…

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

Q: ADOPTED) The following information was made available for a particular product sold by Yellow…

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

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: 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: 1.  In a period of rising prices, which inventory costing method produces the higher amount for…

A: The effect of using the different inventory methods are as follows: Under FIFO, Cost of goods sold…

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: Inventory: Inventory refers to the entire stock of goods purchased, goods utilized and goods…

Q: Inventory Costing Methods-Perpetual Method Mary Company uses the perpetual inventory system. The…

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

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: Stallworth Corp. Stallworth Corp. uses a periodic inventory system. The following information is…

A: Under LIFO (last in first out) method, material last purchased is consumed /issued first.

Q: uring the last quarter of the year, Ace Trading Company included Product X among the product lines…

A: Date  Purchase Cost of goods sold Balance Inventory Quantity  Cost per Unit (In Php)   Total Cost…

Q: Required The company uses a perpetual inventory system. Determine the cost assigned to ending…

A:

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: The inventory of a company includes the stock of work-in-progress, raw material & finished…

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: Reed Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO means last in first out Which means that cost of goods sold will consist of lastest purchased…

Q: Inventory Costing Methods—Periodic Method  The following information is for the Vista Company; the…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Inventory Costing Methods-Periodic Method The following information is for the Vista Company; the…

A: Using FIFO method: Units available for sale            = 200 + 500 + 400 + 100 = 1200 Units sold…

Q: Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for…

A: Periodic inventory method of inventory valuation is the one whereby the records are maintained at…

Q: nventory Costing Methods (ADOPTED) The following information was made available for a particular…

A: Solution 1: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

Q: The following information was made available for a particular product sold by Blue Company: April 2…

A: Date  Purchase Cost of goods sold Balance Inventory Quantity  Cost per Unit (In Php)   Total Cost…

Q: Inventory Costing Methods and the Periodic Method McKay & Company experienced the following events…

A: The weighted average method is one of the methods used to evaluate the value of ending inventory and…

Q: The following information was made available for a particular product sold by Yellow Company: April…

A: Date  Purchase Cost of goods sold Balance Inventory Quantity  Cost per Unit (In Php)   Total Cost…

Q: Inventory Costing Methods and the Periodic Method Lambeth Company experienced the following events…

A: Total units available for sale = 100 + 200 Total units available for sale = 300 units   Total cost…

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: Maintain inventory records  Fire fox manufacturing has the following information in relation to…

A: 1. Following are the calculation of cost of goods sold and ending inventory by perpetual inventory…

Q: Inventory Costing Methods—Perpetual Method  The following information is for the Vista Company; the…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

A: Under the LIFO method, sales are made out of the latest purchases and therefore, the cost of goods…

Q: Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales…

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

Q: Consider the following information for Maynor Company, which uses a perpetual inventory system:…

A: FIFO means first in first out where goods sold consist of oldest purchase. LIFO means last in first…

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

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

Q: Phillips Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO (Last in first out): It is an Inventory valuation technique in which the last received stock of…

Q: Fire fox manufacturing has the following information in relations to commodity for July…

A: 1. The company used perpetual inventory system and LIFO costing,  determine cost of goods sold and…

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: Inventory Costing Methods-Periodic Method The following information is for the Vista Company; the…

A: Using FIFO method: Units available for sale            = 200 + 500 + 400 + 100 = 1200 Units sold…

Q: Inventory Costing Methods-Periodic Method The following information is for the Toon Company for…

A: Periodic inventory system is a system in which the inventory is updated in the accounting records on…

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: Carla Company uses the perpetual inventory system. The following information is available for…

A: Ending units = Total units available for sale - No. of units sold = 2,600 units - 1,600 units =…

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

A: Periodic inventory system is one of a system used by management to record inventory, in this system…

Q: Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June.…

A: Computation of weighted-average unit cost: Resulting excel sheet is as follows:

Q: The following information was made available for a particular product sold by Blue Company: April 2…

A: Particulars Units Cost per Unit Total Purchase 700 158 110600 Purchase 800 164 131200…

Q: Inventory Costing Methods and the Periodic Method McKay & Company experienced the following events…

A:

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: During the last quarter of the year, Ace Trading Company included Product X among the product lines…

A: Particulars Units Cost per Unit Total Purchase 100 Php 100 Php 10000 Purchase 150 120 18000…

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: Inventory Costing Methods and the Periodic Method Lambeth Company experienced the fol- lowing events…

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

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.