On January 2020, Tony Corporation has the following inventory purchases: January 2 Bought 5,750 units at a total amount of P7,500 January 7 Bought 5,100 units at a total amount of P5,850 January 15 Bought 7,600 units at a total amount of P6,300 January 25 Bought 6,600 units at a total amount of P4,950 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. Using the FIFO inventory method, what is the value of the ending inventory on January 30?

Q: During 2021, a company sells 374 units of inventory for $95 each. The company has the following…

A: Last- in-First-out(LIFO) is one of the method to know the records of the inventory accounts which…

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

A: FIFO is first in first out inventory valuation method in which inventories purchased at first will…

Q: ANC Company had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on…

A: The Numerical has covered the concept of the Moving Average method For Estimating Ending Inventory…

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

A: Inventory valuation method: First in First out Last in First out Weighted average method In the…

Q: At the beginning of 2022, no Co. has an inventory amounting to P400,000. During the year, no Co.…

A: Inventory Turnover Ratio=Cost of Goods SoldAverage Inventory

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

A: INTRODUCTION PERPETUAL INVENTORY SYSTEM Perpetual inventory system is the method of recording…

Q: Walstrom Company uses a perpetual inventory system and had the following inventory transactions for…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

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

A: FIFO method says that first in first out method in which inventories purchased first will be sold…

Q: Indigo Corporation began operations on January 1, 2020, with a beginning inventory of $39,940 at…

A: The retail inventory method is used to calculate the cost of the store’s merchandise. Using this…

Q: On January 1, 2020, the merchandise inventory of Shoesmith Corp. was $600,000. During 2020,…

A: Sales Revenue in the business is made up of cost of goods sold and gross profit.  Sales Revenue =…

Q: 17. On January 2020, Roel Corp. Has th following inventory purchases. January 2 5.750 7 5,100 15…

A: LIFO is last in first out method of inventory valuation which says that inventory which is purchased…

Q: Muscat Company uses the periodic .24 inventory system to account for inventories. Information…

A: Total units available for sale = Beginning inventory + Purchase on 1/15/2020 + Purchase on 1/28/2020…

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty…

A: For any manufacturing company inventory management play a vital role. There are mainly three methods…

Q: Magnolia Company's inventory at January 1, 2020 was $7,600, and at December 31, 2020 the company had…

A: The company will earn profits from selling the inventory. The cost incurred for manufacturing the…

Q: Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO…

A: LIFO (LIFO stands for Last-in Last-Out) refers to the process of inventory valuation on the basis of…

Q: Taylor Corporation reports inventory and cost of goods sold based on calculations from a LIFO…

A: Businesses that employ the LIFO Inventory Costing Method sell their old inventory stock through the…

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty…

A: Under the FIFO inventory valuation method, the first goods purchased are also the first goods sold.

Q: Barton Company began business on July 1, 2022 and made the following four inventory purchases in…

A: Cost of goods sold is the amount of cost incurred on the making of the goods sold. In other words,…

Q: and has the following inventory transactions for the half year ending 31 December 2020:   Units…

A: Weighted average method   Under this method average rate is calculated to value the inventory.…

Q: 18. On January 2020, Roel Corp. Has th following inventory purchases. January Units Amount P7,500…

A: FIFO means where the goods purchased first will be sold first and closing inventory will consist of…

Q: The inventory records of Mod Oil Company for January 2020 showed the following data for an item of…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: pany had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on January…

A: Solution: Introduction: Inventory Valuation Methods are generally used to determine the Cost of…

Q: Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO…

A: 1. 2021: Out of Beginning Inventory 1,000 (11000- 10000)           $ 16 $16,000 Out of…

Q: Heiner Company began business on July 1, 2022 and made the following four inventory purchases in…

A: The First in first out method refers to the assumption that the goods which are received first are…

Q: On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the…

A: Working note: Computation of cost of goods sold: Cost of goods sold=Beginning…

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: Chang Company took a physical inventory at December 31, 2020 and determined that RM3,950,000 of…

A: Solution: Inventory to be reported on Dec 31, 2020 = Physical inventory - Goods on consignment from…

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO -  LIFO method uses inventory that is purchased last. The LIFO method is used for perishable…

Q: amuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were…

A: FIFO is the inventory valuation method in which inventories purchased first will be sold first.…

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

A: LIFO (last-in-first-out) method is used in calculating the cost of ending inventory in the company.…

Q: XYZ Company Began the year 2020 with 600 units of products in its January 1 Inventory costing BD35…

A: Date Description units cost per unit Total Cost 1Jan Opening Inventory 600 35 600*35=2100 4Jan…

Q: Inventory records for Herb's Chemicals revealed the following:   March 1, 2021, inventory: 1,000…

A: Formula: Ending inventory = Cost of goods sold available for sale - Cost of goods sold

Q: 17. On January 2020, Roel Corp. Has the following inventory purchases. January Units Amount 2 5,750…

A: Date Units Amount January     2 5750 P7500 7 5100 5850 15 7600 6300 25 6600 4950 Total…

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: On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the…

A: Cost of goods sold = Beginning inventory + purchases - ending inventory = P450000 + 2950000 - 925000…

Q: During 2020, Harmony Co. sold $520,000 of merchandise at marked retall prices. At the end of 2020,…

A: Particulars At Cost At Retail Beginning Inventory  $       127,600  $       256,800 Net…

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: Heiner Company began business on July 1, 2022 and made the following four inventory purchases in…

A: Introduction:- LIFO means Last-in-first-out It is one of the inventory valuation method. As per…

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

A: Inventory valuation is an accounting practice that is followed by companies to find out the value of…

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: Whitelands Inc. had the following operating transactions during January 2020, its first month of…

A: Balance sheet is the financial statement which is useful for knowing the financial position of an…

Q: Sheffield Corp. uses a periodic inventory system. Details for the inventory account for the month of…

A: The units sold are calculated as difference between total units available for sale and Inventory…

Q: During 2012, a company sells 200 units of inventory for $50 each. The company has the following…

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

Q: Anpanman, Inc. reported the following information for the year 2020: • Beginning Inventory-…

A: Gross profit= Sales x Gross profit ratio Cost of goods sold = Sales - Gross profit

Q: 0   What amount should YELLOW report as cost of goods sold in its 2020 income statement?   a.…

A: The inventory management will include ordering of goods, storing/holding of goods, work in progress…

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

A: Under the perpetual inventory system, the inventory balance is updated immediately by recording the…

Q: The following are information about purchases and sales for main product of AMEER Inc. for year…

A: What is the Weighted Average Costing Method? When using the weighted average method, divide the cost…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

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

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

A: LIFO stands for Last In First Out which means units purchased in last would be sold first.

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty…

A: First-in, first out is the method of inventory valuation where goods which are purchased firstly,…

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.