Marsh Company had 150,000 units of product A on hand at January 1, costing P21 each. Purchases of product A during the month of January were as follows:           Units   Unit cost January 10    200,000        22 18       250,000        23 28       100,000        24 A physical count on January 31 shows 250,000 units of product A on hand.  What is the cost of the inventory on January 31 under the FIFO method

Q: A physical count on January 31 shows that 250,000 units of Product A on hand. What is the cost of…

A: Date Units Unit Cost Jan-01 1500 21 Jan-10 200000 22 Jan-18 250000 23 Jan-28 100000 24…

Q: Units Unit Cost Total Cost January 1 Beginning  16,000 140 2,240,000   5 Purchase  4,000 150 600,000…

A: The valuation of inventory is made by using different methods. Mainly, there is LIFO, FIFO, Average…

Q: If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…

A: Purchase material are calculated as-  Material used + ending inventory - beginning inventory

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

A: Computation of the average unit cost and the cost of the ending inventory are as follows:

Q: The records of Binmaley’s Department Store report the following data for the month of January:…

A: Cost is the monetary value at which a good or service is manufactured for the purpose of production…

Q: Marsh Company had 150,000 units of product A on hand at January 1, costing P21 each. Purchases of…

A: There are various methods of pricing material issues such as first in first out (FIFO) method, last…

Q: What is the moving average UNIT COST of the inventory on January 31?

A: The moving average cost equals the total cost of the items purchased divided by the number of items…

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Average cost per unit = Total cost of Goods available for sale / Total no. of units available for…

Q: Betty Go Company has the following: Inventory, January 1- 8,000 units @ P11; Purchases, June 19-…

A:

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: Sigfusson Supplies reported beginning inventory of 100 units, for a total cost of $2,000. The…

A:

Q: Illini Company uses the weighted average cost assumption. On January 1, there were 180 units on hand…

A: Calculate the cost of ending inventory, if Company uses the weighted average cost assumption. First,…

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: Periodic weighted average is generally easiest method among all the inventory valuation methods…

Q: SUPERIOR Company had 20,000 units of bottles on hand at January 1, costing P35 each. Purchases of…

A: FIFO stands for First in and first out. It means that units purchased at first are to be sold first.…

Q: JM Ltd had the following material transactions during November. Number of units Cost per unit…

A: Formula: Weighted average cost per unit = Total Value / Number of units

Q: At the beginning of May, the raw material inventory level was 150 units, valued at RM450. In May,…

A:

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: The moving average costing is a simple but accurate valuation method for inventory.

Q: State Company uses the periodic inventory system. For the month of April 20x4, when the company sold…

A: The cash value attributed with the products in stock at the end of the financial period is known as…

Q: The following are the sales and purchases of Jungkook Company: Units Unit Price January Sales…

A: FIFO is an inventory valuation method which is used to value the ending inventory and cost of goods…

Q: Jailbird Company provided the following data about the inventory for the month of January:…

A: Inventory Valuation is the process of calculating the cost of ending inventory lying with the entity…

Q: The following transactions occurred in CuddlePH Company during the month of May: Units Price…

A: Under FIFO Method value of ending inventory is calculated on the assumption that units of inventory…

Q: During April, Wiggins Company sold 900 units of Product X for $10 per unit. Its beginning inventory,…

A: The periodic inventory framework is a technique for stock valuation for monetary revealing purposes…

Q: The following are the sales and purchases of Med Company:   Units Unit price January Sales 300,000…

A: Under First in -First out inventory valuation methods goods that are brought at earlier dates are…

Q: Roseanne Company's inventory records show the following data:     Units Unit Cost Inventory,…

A: Definition:   First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased…

Q: Northern Industries had sales of $429,000 in the month of May. Use the retail method to estimate the…

A: Introduction:- Retail method is used by retailers that resell merchandise to make an estimation of…

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

A:

Q: Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8.…

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

Q: JKL & Company had 3,000 units in finished-goods inventory on December 31.  The following data are…

A: Sales Revenue is the amount received or receivable from the customers on the account of cash sales…

Q: DeForest Company had the following transactions for the month. Sales for the month are $85 per unit.…

A: The inventory valuation is done using various methods as: LIFO FIFO WEIGHTED AVERAGE METHOD

Q: The records of Hot’s Department Store report the following data for the month of January:…

A: Retail Inventory Method : In calculates the ending inventory value by finding the total value of…

Q: At the end of January, Mineral Labs had an inventory of 905 units, which cost $13 per unit to…

A: Under the LIFO method, the inventory which has been purchased most recently is sold first and under…

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

A: Calculate the average unit cost.

Q: Assume that in September, Joplin Designs customers actually return $150,000 of inventory. Using the…

A: A journal entry is a form of accounting entry that is used to reporting the business transaction in…

Q: If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…

A: Amount of raw materials purchased on credit for the month of July = Amount of raw materials used  +…

Q: Akira Company had the following transactions for the month. Sales for the month are $25 per unit.…

A: Cost of goods sold (units)=Beginning+Purchase-Ending units=150+160+130-50=390 units

Q: The following data about Maxwell Company is given for the month of August. August 1 Inventory 800…

A: Weighted Average Cost (WAC) refers to the method of inventory valuation which uses a weighted…

Q: A company began January with 8,000 units of its principal product. The cost of each unit is $8.…

A: Ending inventory refers to the value of the inventory which is remained at the end of the accounting…

Q: Thursday Co. is estimating the cost of its inventory at month-end. The accountant determined the…

A: SOLUTION- COST OF GOOD SOLD REFERS TO THE DIRECT COSTS OF PRODUCING THE GOODS SOLD BY A COMPANY.

Q: Massive Company provided the following information for the current year:…

A: Inventory valuation means valuing the inventory at the time when they are purchased or sold. There…

Q: n its first month of operations, WeatherallCompany made three purchases of merchandise in the…

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

Q: 00 Freight-In    4,000   Purchase Discounts 1,000   Purchase Returns 10,400 17,200…

A: The first in, first out (FIFO) accounting concept asserts that assets purchased or acquired first…

Q: [The following information applies to the questions displayed below.] Ferris Company began January…

A: The inventory of an organization can be valued using FIFO, LIFO, and weighted average cost. Under…

Q: Flaherty Company had beginning inventory on May 1 of $12,000. During the month, the company made…

A: Honor Code- Since you have asked multiple questions, we will solve the first question for you. If…

Q: What was the unit average cost of the January 1 inventory? * The following are the sales and…

A: Inventory valuation is the most commonly used technique to identify the value of the ending…

Q: BILLS Inc. had the following transactions for the month of August: Aug. 1 Inventory at the beginning…

A: 3. Bills Inc. Transactions for the month of August are : Aug 1  Beginning inventory of 1000 units @…

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: FIFO Method         Date…

Q: Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The…

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Pineview Company ended the month of March with inventory of $26,000. Pineviewexpects to end April…

A: Inventory to be purchased in a particular period means inventory which can fulfill sales demand and…