Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. June 1   On hand, 50 units at $18.00 each $900.00   4   Purchased 115 units at $18.20 each $2,093.00   5   Sold 100 units     10   Purchased 75 units at $18.25 each $1,368.75   24   Sold 50 units         Total cost of goods available for sale $4,361.75   30   On hand, 90 units   Refer to the information provided for Klump Co. If the company uses the LIFO inventory costing method, cost of goods sold for the month of June is: a.$2,720.00 b.$2,722.50 c.$2,732.50 d.$2,738.00

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: Sheffield has the following inventory data: July 1 Beginning inventory 32 units at $6.40 Purchases…

A: There are various methods of Inventory valuation one of them is LIFO. Last In First Out method…

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

A: FIFO LIFO Ending inventory may 31   $330   $242 Cost of goods sold   $902   $990

Q: Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that…

A:

Q: Pella Corporation uses a moving average perpetual inventory system. April 2, 10 units were purchased…

A: The NUmerical has covered the concept of Moving Average Method Under Perpetual method of Inventory.…

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

A: Weighted average cost method: It is an inventory valuation method that is used to compute the cost…

Q: Wildhorse Lighting had a beginning inventory of 31 units at a cost of $7 per unit on August 1.…

A: Total goods available for sale=Beginning inventory+Purchases=31+36+46+41=154

Q: Muscat Company has the following .inventory information Units Per unit price Total July 1 Beginning…

A: Average method of inventory says that valuation of inventory should be done at weighted average unit…

Q: Muscat Company has the following inventory information. Units Per unit price Iotal July 1 Beginning…

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

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: Carla Vista Lighting had a beginning inventory of 18 units at a cost of $7 per unit on August 1.…

A: Solution: Under FIFO method of inventory costing, inventory purchased first is considered as sold…

Q: Marigolds has the following inventory data: Nov. 1   Inventory   23 units @ $4.70 each 8…

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

Q: Leafs Co. had the following inventory transactions for the month of June: June 1 On hand, 50 units…

A: FIFO is a method of Inventory valuation in which Inventory purchased first are sold first.

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: Marin Company uses a perpetual inventory system. Beginning inventory is 5,000 T-shirts at a cost…

A: Under Weighted Average method, using perpetual inventory system, value of ending inventory and Cost…

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: Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase…

A: FIFO is the inventory valuation method in which stock which is purchased first is taken out for sale…

Q: Monty Corp. uses a periodic inventory system reports the following for the month of June. Date…

A: Perpetual Inventory system is a form of inventory valuation where the computation on inventory…

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: FIFO: FIFO stands for First in First out. It means first received inventory to be sold first.

Q: uly 1               150 units              $5.20                 $  780 July 10             200…

A: Inventory may be : Opening Inventory  Closing Inventory  Number of units sold = Number of units…

Q: Oriole has the following inventory data: Nov. 1   Inventory   34 units @ $6.70 each 8…

A: The cost of goods available for sale is the sum of the cost of inventory purchased at each time…

Q: Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the…

A: As per FIFO method, goods purchased first will be sold first which means ending inventory should be…

Q: Hess Company's inventory records show the following data for the month of September:       Units…

A: Cost of goods sold=Cost of goods available-Ending inventory

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

A: As per LIFO method it assumes units purchased at last is sold out first. On oct4, the sold units are…

Q: Kuyu Company uses the periodic inventory system. Kuyu started the period with $12,000 in inventory.…

A: The cost of goods sold refer to the cost of producing the goods which are sold in the market. It is…

Q: During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date…

A: Under the LIFO method, the latest sales are sold first, and therefore, the cost of goods sold…

Q: Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for…

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

Q: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…

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

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

A: Sales on account  means credit sales.

Q: Larkspur Company uses a perpetual inventory system. Beginning inventory is 2,700 T-shirts at a cost…

A: Lets understand the basics. There are various type of inventory systems are followed by the entities…

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

A: The cost of goods sold can be determined using various methods like FIFO, LIFO, and the weighted…

Q: Coronado Company uses a periodic inventory system. For April, when the company sold 450 units, the…

A: Ending Inventory = Opening inventory + Purchase - Sold Ending Inventory = 330 + 380 + 290 - 450…

Q: Cheyenne Corp. has the following inventory data: July 1 Beginning inventory 48 units at $19 $912…

A: LIFO (Last-in First Out): Under LIFO inventory method, units purchased last are sold first and the…

Q: Inventory information for Part 311 of Tamarisk Corp. discloses the following information for the…

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

Q: Hess Company's inventory records show the following data for the month of September: Units…

A: Last-In, First-out (LIFO): LIFO is an acronym that refers to a system of inventory accounting called…

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for…

A: Total cost = Cost per unit * Number of units The question requires purchase cost of goods purchased…

Q: periodic inventory system. A physical count of merchandise inventory on June 30th reveals that there…

A: Ans. In FIFO method of inventory valuation the units which are purchased at the beginning are sold…

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: Coronado has the following inventory information. July 1 Beginning Inventory 20 units at $20 $400…

A: Total units available for sale = 20 + 50 + 10 = 80 units No. of units sold = Total units available…

Q: Pharoah Company has the following inventory data: July 1 Beginning inventory 150 units at $19 $2850…

A: Answer) Calculation of Cost of ending inventory using FIFO Method Under FIFO method using periodic…

Q: Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10…

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

Q: ginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at…

A: Cost of goods sold are valued at cost applying various methods of inventory valuation. First in…

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

A: Total units available for sale = 10 + 25 + 30 + 15 Total units available for sale = 80 units   Total…

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

A: Under the perpetual inventory system, the inventory balance is updated immediately by recording the…

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

A: The Cost of goods sold is always calculated without the profit part that is at cost.

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: 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…

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.