Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,100 gallons @ $7.4 per gallon   Purchases:             Sales:     Apr. 10 620 gals @ $ 7.45   Apr. 5 420 gals Apr. 16 820 gals @ $ 7.50   Apr. 14 720 gals Apr. 23 620 gals @ $ 7.55   Apr. 20 520 gals               Apr. 26 720 gals     Ending inventory assuming LIFO in a perpetual inventory system would be:

Q: stle Company uses the periodic inventory system. For January 2020, the entory consisted of 36,000…

A: 1)   Option "a" is the correct answer.   Average Cost = (36000×12+15000×15+60000×13.5)111000 units…

Q: Inventory records for a company revealed the following: March 1, 2021, inventory: 1,250 gallons @…

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

Q: Culver Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was…

A: Closing stock refers to the inventory in hand at the end of the year. Closing stock is classified…

Q: Hogan Industries had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1,…

A: Lets understand the basics. Gross profit is a profit generated from the sales. Gross profit = Sales…

Q: Alfa INC began January 2021 with 20 units of iron inventory that cost 15 euro each. During January,…

A: In FIFO method , The inventory bought first are sold first. In LIFO method , the inventory bought…

Q: Ava Inc. had the following transactions on its inventory during 2021. Ava uses perpetual inventory…

A: The inventory can be valued using various methods as FIFO, LIFO and weighted average method. Using…

Q: Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,350…

A: First In, First Out (FIFO) - It is an accounting mentioned under which materials are purchased first…

Q: On January 1, 2022, Twice Inc. has an inventory account has a balance of P450,000. During the year,…

A: Cost of goods sold = Opening inventory + Purchases during the period - Closing inventory  Inventory…

Q: Sheffield’s days in inventory in 2018 was

A: Information provided: Beginning inventory= $106,000 Ending inventory= $94,000 Cost of goods sold=…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Under Last-in-First out method, inventory that is brought at later dates is sold first ( Newest…

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A:

Q: Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0;…

A: Average Inventory for 2019 = $75,000 Inventory turnover for 2019 = 6.0 Wang's 2019 days' sales in…

Q: Altira Corporation provides the following information related to its merchandise inventory during…

A: INTRODUCTION PERPETUAL INVENTORY SYSTEM Perpetual inventory system is the method of recording…

Q: Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,350…

A: Last in, first out (LIFO) cost flow method assumes that the last units of inventory are sold first.…

Q: In its 2019 annual report, Marin, Inc. reported inventory of $ 670 million on January 31, 2020, and…

A: Average inventory = (Beginning inventory + ending inventory)/2 = (670+546)/2 = $608 million

Q: Periodic and Perpetual Systems -Calculating Ending Inventory and Cost of Sales using Average Cost,…

A: Specific Identification Method DATE UNITS COST PER UNIT IN $ BALANCE UNITS Opening…

Q: Crane Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was…

A: Solution: Cost of goods available for sale = (110*$21) + (310*$25 + 310*$26 + 210*$29 + 110*$32) =…

Q: The following information is available for Splish Brothers Inc. for three recent fiscal years.…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Formula: Cost per unit = Total cost / Number of units.

Q: Cost of Goods Available for Sale COGS - Periodic LIFO Ending Inventory - Periodic LIFO Cost Cost…

A: LIFO- Last in first out Inventory which is last entered should be first out for sale. Sale for 85000…

Q: The following information is available for cullumber company for three recent fiscal years.…

A: Solution:- Calculation of Inventory turnover ratio as follows under:-

Q: The inventory records of Mod Oil Company for January 2020 showed the following data for an item of…

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

Q: Pear Company recorded the following data pertaining to one of its inventory items during January…

A: Moving average cost is a method of inventory valuation. This method computes the unit cost every…

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: LIFO is an accounting method used for valuing inventory based on last-in-first-out model. It is…

Q: PRETTY Co. has a recent gross profit history of 40% of net sales. These data are taken from the…

A: Gross profit=Net sale×Rate=P 4,500,000×40%=P 1,800,000

Q: Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: FIFO It is one of the inventory valuation method . Inventory that is  purchased earlier are sold…

Q: On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the…

A: Working note: Computation of cost of goods sold: Cost of goods sold=Beginning…

Q: Coronado Corporation began operations on December 1, 2019. The only inventory tránsactión in 2019…

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

Q: Dara Company's accounting records indicated the following information for 2021: Inventory- January 1…

A: Solution:- calculation of estimate cost of missing inventory as follows under:- Introduction:-…

Q: (i) FIFO method. (ii) Specific identification method.

A: (i) FIFO method.   Purchases Cost of Goods Sold Ending inventory   Qty Rate       Qty Rate…

Q: Inventory records for Herb's Chemicals revealed the following:   March 1, 2021, inventory: 1,000…

A: Formula: Ending inventory = Cost of goods sold available for sale - Cost of goods sold

Q: Tori Amos Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: a. Determine ending inventory:

Q: On January 2020, Tony Corporation has the following inventory purchases: January 2 Bought 5,750…

A: Inventory costing methods are those methods which are used for valuation and costing of inventory.…

Q: Inventory records for Epstein's Chemicals revealed the following: March 1, 2022, inventory: 1,000…

A: Solution: Total units in ending inventory = total units available - units sold = 1000 + 600 + 800 +…

Q: On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the…

A: Cost of goods sold = Beginning inventory + purchases - ending inventory = P450000 + 2950000 - 925000…

Q: Stitch Ships Inc. has the following inventory purchases during the fiscal year ended December 31,…

A: Perpetual inventory system is that system, under which all purchases and sales related to inventory…

Q: The inventory records of Mod Oil Company for January 2020 showed the following data for an item of…

A: Hello, I am only answering first three sub-parts of the question as per the policy and if you want…

Q: Tamarisk Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: Inventory stock is an asset that is recorded in the balance sheet. Inventory valuation is an…

Q: During 2021, a company sells 280 units of inventory for $89 each. The company has the following…

A: Under FIFO the earliest  goods will be sold first

Q: 0   What amount should YELLOW report as cost of goods sold in its 2020 income statement?   a.…

A: The inventory management will include ordering of goods, storing/holding of goods, work in progress…

Q: The following information is available for Cullumber Company for three recent fiscal years.…

A: Inventory Turnover Ratio: Inventory Turnover Ratio shows how effectively inventory is managed by…

Q: The 2021 inventory data for Island Corporation is presented below. Assume that Island uses periodic…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: During 2021, a company sells 280 units of inventory for $86 each. The company has the following…

A: Ans. In FIFO method the goods which was purchased first was sold first.   FIFO stands for " First -…

Q: Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $500,000…

A: Definition: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So,…

Q: Lol Company’s inventory account balance on December 31, 2019 was 360,000 and 30,000 of those goods…

A: Ending inventory for 2019 = inventory account balance + goods purchased on FOB shipping point =…

Q: The following information is available for Miguel Company at December 31, 2020: beginning inventory…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: In its 2019 annual report, Kingbird, Inc. reported inventory of $ 626 million on January 31, 2020,…

A: Inventory turnover is an accounting turnover ratio that determines the number of times inventory is…

Q: The goods are sold at a gross profit of 20% of sales. For interim statement purposes, the  inventory…

A: Sales revenue: sales revenue is the revenue earned from selling a product Beginning inventory:…

Q: Dhofar Company has the following information regarding its inventory items for 2021. Date…

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

Q: At the beginning of September, 2020, Bonita Company reported Inventory of $8200. During the month,…

A: Cost of goods sold can be calculated by adding purchases and deducting ending inventory from…

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.