Monty Corp. uses a periodic inventory system reports the following for the month of June. Date   Explanation   Units   Unit Cost   Total Cost June 1   Inventory   120   $5   $600 12   Purchases   380   6   2,280 23   Purchases   210   7   1,470 30   Inventory   265         A sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 45 units on June 27 for $9.     Calculate the average cost per unit, using a perpetual inventory system. (Round answers to 3 decimal places, e.g. 5.125.) June 1   $enter a dollar amount  June 12   $enter a dollar amount  June 15   $enter a dollar amount  June 23   $enter a dollar amount  June 27   $enter a dollar amount

Q: A record of transactions for the month of May is as follows:     Purchases Sales   Units Unit…

A: Perpetual Inventory system is an inventory system in which all purchase and sale transactions of…

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Some of the methods are used to value inventories are FIFO, LIFO and weighted average method.

Q: Pella Corporation uses a moving average perpetual inventory system. April 2, 10 units were purchased…

A: The NUmerical has covered the concept of Moving Average Method Under Perpetual method of Inventory.…

Q: A company reports the following beginning inventory and two purchases for the month of May. On May…

A: Under FIFO method: Cost of goods sold = (380×$5)+(200×$4)=1900+800=$2700 Cost of ending inventory =…

Q: Teat Mountain uses a periodic inventory system in April, 600 units were sold and the following…

A: In the context of the given question, we are required to compute ending inventory and cost of goods…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but ap at…

A: Let's understand some basics Ending Inventory is the goods which are purchased but no yet sold at…

Q: Bridgeport Corp. uses a periodic inventory system. Its records show the following for the month of…

A: Determine weighted-average cost per unit.

Q: Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of…

A: The ending inventory includes the number of units that are left in stock at the end of period. Using…

Q: On 1st May, the Opening Inventory balance of a product is 200 units @ 10 per unit. Using the…

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and…

Q: (A) Al Falah Co. uses a periodic inventory system. Its records show the following for the month of…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

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

A: Determine weighted-average cost per unit.

Q: Sage Hill Inc. uses a perpetual inventory system reports the following for the month of June. Date…

A: FIFO - It is a method of inventory valuation in which goods received first are sent out first for…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: The sale was made on Jan 14, So the average cost will be calculated from the purchases of Jan 1 and…

Q: Brinker, Inc. uses the perpetual inventory system. The following information is available for the…

A: Under FIFO, the management assumed that the product being sold is from the units purchased first and…

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: First in first out means that goods sold will be from the oldest purchase and last in first out…

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: Tamarisk, Inc. uses a periodic inventory system and reports the following for the month of June Unit…

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

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: Sunland Company uses a periodic inventory system and reports the following for the month of June.…

A:

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: The different methods for valuation of inventory are: 1. LIFO 2. FIFO 3. Weighted Average method

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Average cost method of inventory says that cost of ending inventory and cost of goods sold should be…

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: Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of…

A: Weighted average unit cost = Total cost/ total units available for sale

Q: Jeters Company uses a perpetual inventory system reports the following for the month of June. Date…

A: (a). Average cost per unit: cost of good available for sale/units available for sale June…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: Here in this question, we are required to calculate gross margin under FIFO,LIFO, Weighted average…

Q: Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the…

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

Q: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…

A: The question is based on the concept of Cost Accounting.

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

A: Step 1: Compute the ending inventory (in units) as follows:

Q: The company uses the perpetual inventory method. • I t began the month of March with 100 units of…

A:

Q: Al Falah Co. uses a periodic inventory system. Its records show the following for the month of May,…

A: There are 3 types of methods for inventory valuation: a. FIFO b. LIFO c. Weighted average   FIFO: In…

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

A: Inventory valuation is based on the flow of inventory. The LIFO method assumed that the recently…

Q: The following information is taken from the inventory records of the CNB Company for the month of…

A: As per periodic inventory system, inventory records are not updated every transaction, they are…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: No. of Units sold = Total goods available for sale - Ending inventory = 490 - 70 = 420 units Average…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: Sales = (total goods available for sale - Ending inventory ) x selling price =(480 - 60) x $26 =420…

Q: Zaynab Company uses a periodic inventory system. Its records show the following for the month of…

A: Ending inventory is the part of inventory that the entity couldn't sell in the current financial…

Q: Monarch Company uses a weighted-average perpetual inventory system, and has the following purchases…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

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

A: The FIFO method is the method of the valuation of inventory. Under this method, It is assumed that…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: Weighted Average cost per unit=Total costTotal Units=$5,610450=$12.47

Q: Bridgeport Corp. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate the weighted average unit cost:

Q: April Inc. maintains a perpetual inventory system and recorded the following information for the…

A: Perpetual Inventory System is the method of valuation of inventory on a daily basis rather than at…

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate the weighted- average unit cost:

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Weighted Average cost method is a method of pricing of inventory. Under average cost method the…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: 1. FIFO Method   DATE PARTICULAR Rate PURCHASE SELL BALANCE               Opening Stock…

Q: Lemke Corp. uses a perpetual inventory system with a (moving) weighted average inventory costing…

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

Q: The records of a company showed the following for June:  Sales…

A: A periodic inventory system is one of the inventory valuation and management systems. Under this…

Q: Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the…

A: Inventory refers to the amount of goods or merchandise which the company uses to manufacture or sale…

Q: Koi Corporation uses the periodic inventory system. During its first year of operations, Koi made…

A: Inventory valuation methods are those methods which are used for valuation of inventory in the…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Moving average cost   Inventory Balance Total cost Average cost 09-Jan 490 $…

Q: Flounder corp. uses a periodic inventory system. Its records show the following for the month of may…

A: Calculation of Ending Inventory Using the method of FIFO (First in First out), LIFO (Last in First…

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.