Maintain inventory records  Fire fox manufacturing has the following information in relation to commodity for July inventory ................July1...................20 units at birr 50 Sales July 7.........10 units  July 18.......... 10 units July 27...........10 units Purchase july 3..............20 units at birr 51 July 20 ................. 15 units at birr 52 Required  Task 1: the company used perpetual inventory system and LIFO costing determine cost of goods sold and ending inventory Task 2: if the company used periodic inventory system and FIFO costing method , determine costs of goods sold and ending inventory.

Q: Weighted Average Cost Method with Perpetual InventoryThe beginning inventory for Midnight Supplies…

A: In the weighted average method, the average costs are determined by adding the cost of inventory and…

Q: Consider the following information about March raw material inventory: Inventory turnover = 5.0,…

A: Purchases= Cost of goods sold + Ending inventory - Beginning inventory   Cost of goods sold =…

Q: Bullwinkle company has the following inventory, purchases, and sales data for the month of August.…

A:

Q: company's inventory records report the following: Beginning balance August 1 August 5 August 12 24…

A: Calculation of value of inventory under FIFO method are as follows.

Q: A company uses a weighted-average perpetual inventory system. The following transactions took place…

A: THE WEIGHTED AVERAGE PERPETUAL INVENTORY SYSTEM RECALCULATES A NEW UNIT COST WHENEVER A NEW PURCHASE…

Q: Euphorbia Company produces and sells a single item of product. Inventory at the beginning of…

A: Lets start with basic understanding of FIFO method. In First In First Out (FIFO) method, company…

Q: ne beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as…

A: The inventory using LIFO method is computed as new inventory is sold first and old units are left in…

Q: 36. Inventory records for DD Incorporated revealed the following: Number Unit Date Transaction of…

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

Q: Wasson Company purchased items of inventory as follows:Dec. 2 50 units @ $20Dec. 12 12 units @…

A: Last-in-Last-Out (LIFO):   In Last-in-First-Out method, the costs of last purchased items are…

Q: Problem 11-13 (IAA) Rocky Company provided the following inventory data for January: Units Unit cost…

A: FIFO method is a method wherein goods which come in first move out first. Weighted Average Method is…

Q: 380 The units of Product Bvailable for sale during the ye wesllewe April 1 Inventory 62 umits IES…

A: Under FIFO method the oldest products in inventory have been sold first.   Under LIFO method the…

Q: Number of Units Date Transaction Cost Apr. 1 Beginning inventory Apr.20 Purchase 480 $2.0 35e 2.68…

A: Weighted average method is a method of inventory valuation where unit cost of goods available is…

Q: Consider the following data: RECEIVED ISSUED 1-Apr| 20 units @ P 5.00 each 5-Apr 10-Apr 60 units @ P…

A: Using moving average method, average cost per unit is calculated after every sale and purchase.

Q: SM’s management has asked you to provide the following information: 1. Number of units on hand,…

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

Q: a companys inventory records report the following august 1 begining balancw 16 units at 6.00 5th…

A: First in first out: It refers to the method of inventory valuation that calculates the balance of…

Q: Concord Company’s record of transactions concerning part X for the month of April was as follows.…

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

Q: Compute the June 30 inventory and the June cost of goods sold using the LIFO (last in first out )…

A: Solution:- Computation of the June 30 inventory and the June cost of goods sold using the LIFO (last…

Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…

A: In this question, the data is given about Culver corporation uses a periodic inventory system and we…

Q: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--,…

A: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20…

Q: Financial statement data for years ending December 31 for Salsa Company follow: 20Υ7 20Υ6 Cost of…

A: Inventory turnover = Cost of goods sold / Average inventory Days sales in Inventory = 365 /…

Q: The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a…

A: In first in first out (FIFO) method, the inventory purchased first is sold first. The inventory…

Q: average cost inventory valuation system. Yakal makes a physical count at the end of each month…

A: Given, Ending inventory units is 60,000 Cost of units available is ₱1,452,100 Cost of goods sold is…

Q: ABC Co. using perpetual Inventory system, has the following Information for the month of Jan Date…

A: There are various methods by which the cost of ending inventory and cost of goods sold can be…

Q: Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Y6 Cost of…

A: The average inventory is calculated as total of opening inventory and closing inventory divided by…

Q: Swifty has the following inventory information. 30 units at $18 July Beginning 1. $540 Inventory 90…

A: Introduction: The cost of goods sold is the total of all costs incurred in the production of a sold…

Q: Iron Hill began August with 45 units of iron inventory that cost $24 each. During August, the…

A: LIFO (Last in first Out) is method where goods that are newer are sold first.

Q: 1.  Calculate the total amount to be assigned to the ending inventory under each of the following…

A: Requirement a:   Compute the amount of ending inventory under FIFO method.

Q: John Adams Company's record of transactions for the month of April was as follows. Purchases…

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

Q: c.    Compute cost of goods sold assuming periodic inventory procedures and inventory priced at…

A: c. To calculate cost of goods sold using FIFO under periodic inventory method: Cost of ending…

Q: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month…

A: 1. Cost of goods sold under LIFO method Sale units cost per unit cost of good sold =Sale…

Q: ble for sale during the year were as follows: r. 1 Inventory 25 units @ $32 $800 ne 16 Purchase 29…

A: Solution: Under periodic method Inventory cost is determined at the end of a specific period as…

Q: The Lippert Company uses the periodic inventory system. The following July data are for an item in…

A: Working: FIFO   Purchases+Beginning Inv. Cost of Goods Sold Balance in Inventory Date Units…

Q: 4. AL ZAIN Itd uses a periodic inventory system. Its records show the following for the month of…

A: Total units available for sale = 80 units Total units sold = 46 units Ending inventory (units) =…

Q: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--,…

A: Inventory is regarded as the materials that are kept by a business unit with an intention of further…

Q: ABC Company had the following purchases and sales information: Purchases Sales January: February: 20…

A: Definition: Weighted-average cost method: Under the average cost method inventories are priced at…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…

A: The weighted Average Cost (WAC) method of inventory valuation equips a weighted average to estimate…

Q: Moving Question 1 National supplies company had the following activity during the current monthly…

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

Q: Bleistine Company had the following transactions for the month. Beginning inventory Purchased Jun. 1…

A: FIFO stands for first in first out , which means inventory which was purchased firsts are sold…

Q: uses the periodic method of recording inventory. A pi tory on hand at 3I December 2021. included in…

A: The answer has been mentioned below.

Q: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--,…

A: 1.  (a) Total amount to be assigned to the ending inventory under FIFO (first in first out method):…

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

A: The cost of goods sold include the cost of goods that are sold during the period.

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.