Monami Company uses the weighted average method to determine the cost of its inventory.  Monami recorded the following information pertaining to its inventory:     Units Units cost Total cost Balance 1/1 160,000 60 P9,600,000 Sold on 1/15 140,000     Purchased on 1/31   80,000 90 7,200,000   What amount of inventory should Monami report in its January 31, 2021 statement of financial position using the perpetual inventory system?   Perpetual A. P 8,400,000 B. P 7,000,000 C. P 8,400,000 D. P 7,000,000

Q: At December 31, 2021, Bosan Corporation has 4,900 units of Model 63 and 3,500 units of Model 64 in…

A: The inventory value is calculated as lower of cost or Net realizable value.

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A: Net purchase at retail = Goods available at retail - markups + markdowns  Goods available at retail…

Q: ONETTE Company uses the FIFO approach in stimating its inventory. The following information is made…

A: The cost of ending inventory is calculated as difference between cost of goods available for sale…

Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost For 2021, the…

A: LIFO was an costing method where it was used in inventory valuation in which the recent produced…

Q: Lychee Company uses the retail method of inventory valuation. The following information is…

A:

Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the…

A: Base year cost to retail percentage = ( Beginning inventory at cost * 100 / Beginning inventory at…

Q: Uki Company had the following transactions for inventory during 2020:   Units Unit Cost Unit…

A:

Q: Wildhorse Inc. uses the conventional retail method to determine its ending inventory at cost. Assume…

A: The ending inventory is the inventory in hand with the business.

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: Campbell Corporation uses the retail method to value its inventory. The following information is…

A: given that, Camp bell corporation uses the retail method to value its inventory.   ** cost of goods…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Under Weighted average method, the goods are sold on random basis without considering the purchase…

Q: Campbell Corporation uses the retail method to value its inventory. The following information is…

A: Cost to retail ratio = Goods available for sale at cost (before markdowns) / Goods available for…

Q: ALOHA Company determined the following information for an inventory at year end. Historical Cost P…

A: Inventory at year end = Lower of Cost or Net realizable value where, Net realizable value =…

Q: Lychee Company uses the retail method of inventory valuation. The following information is…

A:

Q: On January 2020, Roel Corp. Has the following inventory purchases…

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

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: we know that, opening inventory + Purchases - sales = ending inventory    Cost per unit as per…

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: Lets understand the basics. As per IAS 2 "Inventories", inventory at the year end needs to be valued…

Q: Oshkosh B'Gosh, Inc., uses LIFO, Recent financial statements included the following daia (dal lars…

A: Formulas :- Inventory turnover rate = Cost of goods sold / Average Inventory Current Ratio = Current…

Q: A company has the following information available that was used to report inventory using the…

A: Most of ending inventory is to be reported at cost index 1.06

Q: Kingston Company uses the dollar-value LIFO method of computing Inventory. An external price Index…

A: LIFO stands for Last in, first out, it is the method which is used for the inventory accounting that…

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Solution: To compute dollar value LIFO inventory, first we compute  price index for every year by…

Q: Whispering, Inc, uses the dollar-value LIFO method of computing its inventory. Data for the past 3…

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

Q: Dhofar Company has the following information regarding its inventory items for 2021.   Date Event…

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

Q: Kumar Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $214,000,000 at both…

A: No. Account Titles and Explanations Debit Credit a. Cost of goods sold $21,000,000…

Q: Mercury Company has only one Inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: The dollar value method to valuate the LIFO inventories , is a method which determines the cost by…

Q: The inventory records of Machiatto Company in January 2020 show the following informations Balance…

A: FIFO is a method of valuing the inventories in which the goods purchased first are sold on a…

Q: LaGreca Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: Accounting Error An accounting error is an error in an accounting entry that was not intentional.…

Q: The following information was available from the inventory records of Marigold Corp. for January:…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    The  correct option is (b) = $44006

Q: Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory.…

A: The ending inventory is the inventory left in stock at year end and assumed to be sold during next…

Q: 1.. On January 2020, Roel Corp. Has the following inventory…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Using the LCNRV rule, determine the proper per-unit value for balance sheet reporting purposes for…

A: Working Note: Computation of Net Realizable value:- Item selling Price Estimated  selling  exp.…

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: Carrying Value of Inventory: Carrying value of inventory is the absolute of all costs connected with…

Q: During January 2020, ABC Company which maintains a perpetual inventory system, recorded the…

A: Introduction: Under the moving average method of inventory valuation, cost of sale as well as cost…

Q: Riedel Company's inventory records showed the following transactions for the fiscal period ended…

A: Introduction LIFO means Last In First Out - from the name itself we can understand, items purchased…

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: Syvels Trading uses the retail inventory method to estimate inventory. accounting records for the…

A: Particulars Cost Retail Opening Stock 617,000 1,057,000 Purchases 1,281,000 2,158,000 Purchase…

Q: The inventory account of Leni Company at December 31, 2021 has a balance of P1,800,000 and was found…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Maxwell Corporation has the following inventory information at the end of the year:Using the lower…

A: In this numerical has covered the concept of Inventory Valuation .

Q: Campbell Corporation uses the retail method to value its inventory. The following information is…

A: Conventional retail method is the method which is used to determine the balance of ending inventory.…

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

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: On January 2020, Roel Corp. has the following inventory purchases. January Units Amount 4 5750…

A: Weighted average cost method- Under the weighted average cost method, cost per unit is calculated as…

Q: RJ Corporation has provided the following information about one of its inventory items: Number of…

A: Under LIFO method,we assume that inventory which is bought later will be sold earlier i.e. last in…

Q: Bramble Corp. has the following data related to an item of inventory: Inventory, March 1 440 units @…

A: First In, First Out (FIFO) is part of an accounting method where goods which are acquired first are…

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

A: FIFO stands  First In First Out

Q: What is the cost of ending inventory? TONETTE Company uses the FIFO approach in estimating its…

A: The ending inventory is calculated as cost of goods available for sale minus cost of goods sold.…

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: Aa per accounting standard, inventory should be valued at lower of cost or market value.

Q: Cinco Company determined the following information for an inventory at year-end: P2,000,000…

A: Inventory is reported at lower of historical cost and net realizable value. Net realizable value is…

Q: lue Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The…

A: Inventory must be valued at the lesser of its laid-down cost and the price for which it can likely…

Q: The Ryan Corporation uses the periodic inventory method. The following data were available for the…

A: LIFO Reserve: LIFO reserve is the difference in value of inventory calculated using LIFO and FIFO…

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: The lower cost or net realizable method state that the inventory should be recorded at the lowest…

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.