June Corp. sells one product and uses perpetual inventory system. The beginning inventort consisted of 10 units that cost P20 per unit. During the current month, the company purchased 60 units at P20 each. Sales during the month totaled 45 units for P43 each. What is the cost of goods sold using the FIFO method?

Q: Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May,…

A: Under FIFO method assumes that the inventory purchased firstly are to be been sold first

Q: Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of…

A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

Q: marquis company uses a weighted averahe perpetual inventory system and has the following ourchases…

A: Formula: Average price per unit = Total purchase value / number of units Division of total purchase…

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Some of the methods are used to value inventories are FIFO, LIFO and weighted average method.

Q: On April 1 2021, Slay Company had 6,000 units of merchandise on hand that cost P120 per unit. During…

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

Q: Zeller Company sells gadgets and uses the perpetual inventory system. During the month of January…

A: Inventory Valuation Methods are used to determine the cost of goods sold and the cost of ending…

Q: A company purchased 130 units for $30 each on January 31. It purchased 170 units for $25 each on…

A: Cost of goods sold = 130 * $30 + 40 * $25 Cost of goods sold = $3,900 + $1,000

Q: June Corp. sells one product and uses a perpetual inventory system. The beginning inventory…

A: There are various methods of inventory valuation like FIFO, LIFO, Weighted Average methods etc.

Q: Sheridan Company uses the periodic inventory system. For the current month, the beginning inventory…

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

Q: Eastview Company uses a perpetual LIFO inventory system, and has the following purchases and sales:…

A: Cost of goods sold for 120 units is $1320 which is obtained by multiplying 120 units with the unit…

Q: Marigold Company uses a periodic inventory system. For April, when the company sold 550 units, the…

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

Q: Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the…

A: Under periodic inventory system, the cost of goods sold is taken as the residual value after…

Q: ne product and uses a pe

A: Option D is correct 204 units  Calculation :   Units in the ending inventory = ( units in beginning…

Q: During the year, Wright Company sells 460 remote-control airplanes for $120 each. The company has…

A: Introduction: FIFO Inventory Method: FIFO stands for First-in First-Out. As the name suggests, this…

Q: During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has…

A: Under weighted average method, the unit cost is calculated as total cost of goods available for sale…

Q: a company has a beginning inventory of 32 units at a cost of 12.00 each on oct. 1. on October 5, it…

A: Inventory valuation refers to the technique that is used by businesses to identify the value of the…

Q: Oriole uses the periodic inventory system. For the current month, the beginning inventory consisted…

A: First in First Out (FIFO) suggests pricing is based on the assumption that items received first at…

Q: The Barton Corporation company has the following purchases and sales during the year ended December…

A: The cost of goods available for sale includes the sum of beginning inventory and goods purchased…

Q: In its first month of operations, Coronado Company made three purchases of merchandise in the…

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

Q: Handbags, Inc. had 200 units of inventory on hand at the end of the year. These were recorded at a…

A: As per lower-of-cost-or-market rule Inventory will be recorded at lower of cost or market value.

Q: Lee Ltd. has the following units and costs for the month of April. 1. Beginning inventory, April 1,…

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

Q: Blossom Company uses a periodic inventory system. Its records show the following for the month of…

A: On Average Cost basis;                  COGS = 137 x $13.333 = $1,827                  Closing Stock…

Q: Marigold uses the periodic inventory system. For the current month, the beginning inventory…

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

Q: Skysong Company uses a periodic inventory system. For April, when the company sold 540 units, the…

A: Inventory Valuation under FIFO:"FIFO" stands for first-in, first-out, meaning that the oldest…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: FIFO is the method of valuation of inventory in which the earliest inventory hold by the…

Q: Lee Ltd. has the following units and costs for the month of April. Beginning inventory, April 1,…

A: Periodic inventory method: It is a inventory valuation method. In this method inventory account is…

Q: Oriole Company sells one product and uses a perpetual inventory system. The beginning inventory…

A: UNDER LIFO METHOD (LAST PURCHASED FIRST SOLD )

Q: Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of…

A: Weighted average unit cost = Total cost/ total units available for sale

Q: Tablet Company, which uses a periodic inventory system, reports the following in its inventory…

A: Total units available for sale = Beginning Inventory + Purchases = 10 + 5 + 5 = 20 units Cost of…

Q: The following information is for Fair Trader Company for the month of May. Fair Trader uses a…

A: solution working note goods available for sale date particular unit rate amount…

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

A: Total cost of goods available for sale = $11,850 Total units available for sale = 1,000 units Ending…

Q: Marigold Company uses a perpetual inventory system. Its beginning inventory consists of 60 units…

A: Sales on account  means credit sales.

Q: anifee Company uses the periodic inventory system.  For the current month, the beginning inventory…

A: Under weighted average cost method using periodic inventory system, value of ending inventory and…

Q: The Corton Company uses a periodic inventory system. For the month of October, the beginning…

A: Ending inventory is computed by adding the beginning inventory and purchases and then subtracting…

Q: ZARA uses a First-In-First-Out (FIFO) perpetual inventory system and has the following purchases and…

A: FIFO stands for First In and First Out. Using FIFO method, the goods that were purchased first are…

Q: Monarch Company uses a weighted-average perpetual inventory system, and has the following purchases…

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

Q: Jones Corporation had a beginning inventory of 300 units which it bought for $5 each.  Jones bought…

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

Q: Lisa Company uses the periodic inventory system and had 100 units in beginning inventory at a total…

A: given that, beginnig inventory = 100 units @ $10000 purchases = 200 units @ $26000   closing stock =…

Q: Montero Company maintains a perpetual inventory system and sells all its inventories at a price of…

A: Under FIFO method, goods purchased first are to be sold first and newer goods are left in stock or…

Q: Autok Fabricators, Inc. has 10 units in beginning inventory costing $45 each. It purchased 90 more…

A: Accounting for inventory is done using the three important methods called FIFO (First In First Out),…

Q: The company uses the perpetual inventory method. It began the month of March with 100 units of…

A: Calculation of weighted average cost per unit : Date  Particulars  Calculation  Per Unit Cost…

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

A:

Q: In its first month of operations, Bramble Corp. made three purchases of merchandise in the following…

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

Q: heffield Corp. sells one product and uses a perpetual inventory system. The beginning inventory…

A: Cost of goods sold method is that the expense which incurred directly for the creation of products.…

Q: Sheffield uses the periodic inventory system. For the current month, the beginning inventory…

A: No. of units in ending inventory = Beginning inventory + purchases - sales =7100+2800+11900-13000 =…

Q: Lemke Corp. uses a perpetual inventory system with a (moving) weighted average inventory costing…

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

Q: Larkspur, Inc. uses a perpetual inventory system. Its beginning inventory consists of 210 units that…

A: Given that, Company has beginning units = 210 @ $210 Each. During August, the company purchased 310…

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

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

Q: At May 1, 2016, Bramble Company had beginning inventory consisting of 220 units with a unit cost of…

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

Q: Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it…

A: Compute the value of ending inventory after October 4 sale under LIFO method as shown below: