Marigold has the following inventory data: Nov. 1   Inventory   23 units @ $4.70 each 8   Purchase   94 units @ $5.05 each 17   Purchase   47 units @ $4.90 each 25   Purchase   70 units @ $5.10 each A physical count of merchandise inventory on November 30 reveals that there are 78 units on hand. Assuming that the specific identification method is used and that ending inventory consists of 23 units from each of the three purchases and 9 units from the November 1 inventory, cost of goods sold is

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

A: Calculate cost of goods sold and ending inventory under (1) LIFO and (2) FIFO, assuming periodic…

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

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

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: Blossom Company just began business and made the following four inventory purchases in June: June 1…

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

Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…

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

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

A: as pre LIFO units purchased last will be sold first.   units sold = units available for sale -…

Q: Whispering has the following inventory data: Nov. 1 Inventory 28 units@$5.50 each Purchase 110 units…

A: Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory…

Q: oronado has the following inventory data: Nov. 1   Inventory   28 units @ $5.60 each 8   Purchase…

A:

Q: Wildhorses has the following inventory data:

A: LIFO This method is opposite of FIFO method. In this method, Inventory purchased or acquired last…

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: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

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

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

A: The answer is as fallows

Q: The following units of an item were available for sale during the year: Beginning inventory 45…

A: a. Compute the total cost of the ending inventory according to FIFO.

Q: Imaginable corporation has the following inventory data Nov. 1st inventory 30 Units @ OMR 8.00 Nov.…

A: Cost of goods sold = Cost of inventory available - Ending inventory The ending inventory is…

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

A: Average Cost = Total Cost of InventoryTotal number of Units

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

A: Companies do not follow up for the cost of each item of the inventory, so when these inventories are…

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: Sheridan has the following inventory data: Nov. 1 Inventory 25 units @ $5.00 each 101 units @ $5.40…

A: Solution..     Ending inventory under FIFO method

Q: The units of an item available for sale during the year were as follows: January 10 January 15…

A: FIFO is First in first out method of inventory valuation method in which inventories purchased first…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units…

A: As per the LIFO method, those units are issued first, which are purchase last. So it means the…

Q: Vaughns has the following inventory data: Nov. 1   Inventory   31 units @ $6.10 each 8   Purchase…

A: In Last-in-first-out (LIFO) it is assumed that the last purchased item will be sold first. So, the…

Q: Splish has the following inventory data: July 1   Beginning inventory   36 units at $ 72 5…

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

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: 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: Bramble Shutters has the following inventory information. Nov. 1 Inventory 40 units @ $7.00 8…

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

Q: Bonitas has the following inventory data: Nov. 1   Inventory   26 units @ $5.30 each 8   Purchase…

A: DATE TRANSACTION NO. OF UNITS Nov. 1 Inventory 26 units 8 Purchase 106 units  17 Purchase 53…

Q: The Wacky Widget Company uses a periodic inventory approach. The units of items avalible for sale…

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

Q: Laker Company reported the following January purchases and sales data for its only product. The…

A: Under Specific Identification Method, Cost of goods sold and value of ending inventory is calculated…

Q: Vaughn Shutters has the following inventory information. Nov. 1 Inventory 60 units @ $5.00 8…

A: Units sold = Number of units available - Ending inventory units Cost of goods sold = units sold ×…

Q: Use the information below for questions 7-11 $ 380 July 1 Beginning inventory Purchases 20 units at…

A: Inventory Valuation can be done by the First In First Out (FIFO) method and the Last In First…

Q: Blossom Company just began business and made the following four inventory purchases in June: June 1…

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

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

A: Cost of goods sold can be calculated as  Cost of goods sold = Opening Inventory and Purchase -…

Q: Coronado has the following inventory information. July Beginning 1 20 units at $340 Inventory $17 60…

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

Q: ov. 1   Inventory   35 units @ $7.00 each 8   Purchase   139 units @ $7.50 each 17   Purchase   70…

A: FIFO method is a method of valuation of inventory in which material that is purchased first is sent…

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

A: The average cost method calculates the value of inventory based on the average unit price of…

Q: Whisperings has the following inventory data: Nov. 1   Inventory   28 units @ $5.50 each 8…

A: Answer: Calculation of the cost of goods sold under LIFO: Note: In the LIFO method of accounting of…

Q: Motors has the following inventory information. Nov. 1 Inventory 30 units e s8.00 Purchase 120 units…

A: Under periodic system , the inventory are not valued at regularly basis, the valuation is done…

Q: Nash's Trading Post, LLC has the following inventory data: July 1   Beginning inventory   22 units…

A: LIFO ( Last in First Out) Method assumes that latest purchased goods are sold first which implies…

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

A: Under Average Cost Method, cost of goods sold and inventory are valued based on a average rate of…

Q: heridans has the following inventory data: Nov. 1   Inventory   25 units @ $5.00 each 8   Purchase…

A:

Q: Blossom Company just began business and made the following four inventory purchases in June: June 1…

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

Q: A physical count of merchandise inventory on June 30 reveals that there are 256 units on hand. Using…

A: Compute the cost per unit.

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

A: The perpetual inventory method of reporting the flow of inventory computes the balance of inventory…

Q: Arrow Company is a retailer that uses the periodic inventory system. August 1 Beginning inventory 80…

A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

Q: July 1 Beginning Inventory 30 units at $19 $570 7 Purchases 105 units at $20 2,100 22 Purchases 15…

A: In Average Cost Method of inventory valuation , inventory is valued at…

Q: Sunland has the following inventory data: Nov. 1   Inventory   29 units @ $5.80 each 8   Purchase…

A: Purchase & Beginning Inventory Cost of Goods Sold Ending Inventory Date Quantity Cost per…

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.