Lauer Corporation uses the periodic inventory system and thefollowing information about their laptop computer is available: Date Transaction Number of Units Cost per Unit 1/1 BeginningInventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050 During the year, 750 laptop computers were sold.What was ending inventory and cost of goods sold on 12/31 under the FIFO costflow assumption? A. $60,000 and $710,000 B. $52,500 and $717,500 C. $52,000 and $718,000 D. None of the answers is correct

Q: Concord Inc. is a retailer operating in British Columbia. Concord uses the perpetual inventory…

A: The average unit cost is calculated as total cost divided by number of units available for sale.

Q: Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record…

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

Q: Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record…

A: 1. Weighted Average Method - Under this method weighted average cost consider while calculating cost…

Q: Sale 108 Dec 6 Purchase 200 18 Dec 12 Purchase 125 17 Dec 13 Sale 300 Dec 19 Purchase

A: Ans. As per First In First Out method the unit of stock which was first purchased by the entity will…

Q: Crane Company applied FIFO to its inventory and got the following results for its ending inventory.…

A: Solution: As per Accounting standards, inventory should be reported at year end cost or market value…

Q: The following information has been extracted from the records of Irish Company about one of its…

A: First in First Out Method of inventory valuation is based on concept that the material which enters…

Q: GameGirl, Incorporated, has the following transactions during August. August 6 Sold 88 handheld game…

A: Under perpetual inventory system, inventory and cost of goods sold are updated for each…

Q: Better Bottles, Inc., uses a periodic inventory system and has the following information availa…

A: First In, First Out: First In, First Out (FIFO) is a bookkeeping strategy wherein resources bought…

Q: Wildhorse Company is a multiproduct firm that uses the perpetual inventory system. The following…

A: LIFO stands for Last In First Out

Q: Prepare journal entries for the following inventory transactions of CSU Ram Vacuum Cleaner Company…

A: Journal entry: A journal entry is one of the financial statements which is used to record…

Q: Crane Inc. uses the average cost formula in a perpetual inventory system. (Use unrounded numbers in…

A: The question is related to a weighted Average cost Method. Under this method, issue price is…

Q: What was the cost of goods sold using the FIFO cost flow assumption under a periodic inventory…

A: Units Cost per unit Total cost 1/1 400 3200 1280000 6/6 800 3600 2880000 9/10 1200 4000…

Q: Waqar Sound uses a periodic inventory system. One of the store’s products is a wireless…

A: Periodic inventory system is the one whereby the inventory records are prepared at the end of a…

Q: ny keep in stock.  The following transactions show the purchase and sale of particular round table…

A: Given: To calculate the inventory and the journal entries of the transactions is given as,

Q: A small gift shop has a beginning inventory at $9,120. If the additional inventory detailed in the…

A: Cost of goods sold is calculated as difference between cost of goods available for sale and ending…

Q: Filimonov Inc. has the following information related to purchases and sales of one of its inventory…

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

Q: Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory…

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

Q: Bramble Company applied FIFO toits inventory and got the following results for its ending inventory.…

A: Ending inventory is the worth of the inventory at the end of the period.

Q: teven Company uses a perpetual inventory system.  It sells its product to customers for $60 per…

A: Cost of goods sold refers to the total amount incurred by the entity on the goods that are sold out…

Q: Tyler Company has the following information related to purchases and sales of one of its inventory…

A: Calculating the ending inventory and cost of goods sold using the FIFO  is as follows:

Q: Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: Miramax bookshop buys and sells textbooks and other stationery. The company uses a perpetual…

A: Weighted Average Cost Method The purpose of calculating the weighted average method of cost method…

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: You are provided with the following credit sales and credit purchase transactions for Global Inc.…

A: The financial position of the company can be arrived from the income statement prepared by the…

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: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Inventory refers to the stock which is held by the company for resale purposes or the goods that are…

Q: The Hat Store had the following series of transactions for Year 2: Transaction Date Jan, 1 Mar. 15…

A: FIFO- first-in, first-out Old inventory are sold first under FIFO method

Q: Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the…

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

Q: The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory…

A: Journal: Recording of a business transactions in a chronological order.

Q: Tyler Company has the following information related to purchases and sales of one of its inventory…

A: Average cost per unit = Total cost of purchaseNumber of units purchased…

Q: Crane Company applied FIFO to its inventory and got the following results for its ending inventory.…

A: Inventory valuation has different methods like FIFO, LIFO, weighted average, etc. The valuation can…

Q: Tyler Company has the following information related to purchases and sales of one of its inventory…

A:

Q: Jensen Company had the following transactions regarding their inventory, They use a perpetual…

A: As Specifically Asked only FIFO method is Answered   FIFO Method: It is Inventory Valuation Method…

Q: Flat TV uses a perpetual inventory system. Shown below are Flat TV's beginning inventory of a…

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

Q: Record the following transactions in the general journal of Fitzroy Ltd using (a) perpetual…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Woodworks Company deals in furniture and uses periodic inventory system. The following transaction…

A: FIFO means first in first out where as LIFO means last in first out. Moving average means simple…

Q: ouie company sells Astro's photocards for P30 each. the following was taken from the inventory…

A: 1 First-In First out method :  Cost of sales :  March 10 : 300 units @ P15 = P4,500 March 20 : 200…

Q: Executive Suites, Inc., uses a perpetual inventory system. This system includes a perpetual…

A: A journal entry shows the summary and recording of all business transaction of the company during a…

Q: LIFO periodic inventory system. It had the following transactions Barcal Plates, Inc. (a startup…

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

Q: Tempo Ltd. is a retailer operating in Dartmouth, Nova Scotia. Tempo uses the perpetual inventory…

A: The cost of goods sold is calculated by adding the beginning inventory and purchases to obtain the…

Q: Roman Sound uses a periodic inventory system. One of the store's products is a wireless head­phone.…

A: In periodic inventory system, the entry for recording inventory transaction is done at the end of…

Q: ABC Inc. has the following information related to an item in its ending inventory. Predator Laptop…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: GameGirl, Incorporated, has the following transactions during August.   August 6 Sold 60 handheld…

A: In this question, we prepare Prepare the transactions for Game Girl, Incorporated, assuming the…

Q: Date Transaction Units Čost August 1 P36.00 37.20 2,000 3,000 3,600 4,800 3,800 1,600 Inventory…

A: Under LIFO method of inventory valuation units which are purchased in last are sold firsts .  Ending…

Q: One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of…

A: Under FIFO method of inventory  valuation goods purchased first, are sold first. Specific…

Q: Guitars and more had a large inventory of guitars and other musical instruments. Using the UFO…

A: Cost of goods sold as per LIFO. As per LIFO (Last in first out) latest purchased will be sold first.…

Q: The Boxwood Company sells blankets for $ 38.00 each. The following was taken from the inventory…

A: Using FIFO method, old goods are sold first and newer goods are sold later.

Q: Teal Mountain, Inc. uses a perpetual inventory system. Its beginning inventory consists of 200 units…

A: Account Titles and Explanation   Debit   Credit        Inventory (225 units * $220) $49,500…

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.