ONLY ANSWER THE FOLLOWING QUESTIONS Three identical units of merchandise were purchased during March, as shown: Mar. 3 Purchase 1    $830   10 Purchase 1      840   19 Purchase 1 880 Total   3 $2,550 Assume that one unit is sold on March 23 for $1,125. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO, (b) LIFO, and (c) weighted average cost methods a. First-in, first-out (FIFO) $ $ b. Last-in, first-out (LIFO) $ $ c. Weighted average cost $ $

Q: The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost…

A: Inventory refers to the cost of purchased goods that are bought with the motive to resell.

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Gross profit = Sales - Cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: Assume that three identical units of merchandise were purchased during October, as follows:…

A: Sales revenue on October 31 = $28

Q: Kaanapali Merchandising had the following transactions during November: Nov 1 Beginning inventory…

A: Under FIFO cost flow assumption, cost of goods sold are valued at cost of first purchase and ending…

Q: Three identical units of merchandise were purchased during March, as shown:     Steele Plate Units…

A: Gross profit represents deduction of cost of goods sold from the revenues of the company.

Q: The following three identical units of Item Beta are purchased during June: Item Beta Units Cost $…

A: Formula for Gross profit= Sales - Cost of goods sold.The cost of goods sold are calculated…

Q: The following three identical units of Item P401C are purchased during April:   Item Beta   Units…

A: Formulas:

Q: UILS ALyui cu aL CUSt January 1 January 10 January 20 January 25 January 30 Beginning inventory…

A: The gross profit is calculated as difference between sales and cost of goods sold. The inventory can…

Q: (ADOPTED) The following information was made available for a particular product sold by Blue…

A: Particulars Units Cost per Unit Total Purchase 700 158 110600 Purchase 800…

Q: Assume Hadley Co has the following purchases of inventory during the first month of operations…

A: The direct costs of manufacturing the commodities sold by a corporation are referred to as the cost…

Q: Three identical units of merchandise were purchased during July, as follows: Units Cost July 3…

A: Inventory Valuation: Inventory valuation is one of the important processes for an organization. This…

Q: Three identical units of merchandise were purchased during July, as follows:                 Date…

A: Gross profit = Sales - cost of merchandise sold Ending inventory = Total cost of goods available for…

Q: The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost…

A: FIFO (“First-In, First-Out”) is a method used to calculate inventory. It assumes that the oldest…

Q: Snyder’s cost of goods sold using the average-cost method would be:a. $1,725.b. $6,500.c. $7,475.d.…

A: Average cost method is a method of pricing issue of material. Under average cost method it is…

Q: ne following data applies to a particular item of merchandise: On hand at start of period 300 $5.10…

A: COGS stands for Cost of goods sold states the direct costs for producing the goods sold through…

Q: Assume that three identical units of merchandise were purchased during October, as follows: Units…

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale?   $…

A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…

Q: The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost…

A: FIFO stands for first in first out. Under the FIFO inventory valuation method, the inventory…

Q: Instructions a. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of…

A: Cost of goods sold = Opening stock + Net purchases + Direct expenses - closing stock. Closing stock…

Q: Compute the cost of the ending inventory and the cost of goods sold under (1)FIFO and (2)LIFO.(2…

A:

Q: The following three identical units of Item Beta are purchased during June:   Item Beta   Units…

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

Q: Three identical units of merchandise were purchased during March, as shown: Steele Plate Units Cost…

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

Q: 6. Assume that three identical units of merchandise are purchased during October, as follows: Units…

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

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: Purchases   Sales April     1 (balance on hand)   440  @  $7.50   April     5   640 4     740  @…

A: FIFO - It is a method of inventory valuation in which goods received first is issued first. LIFO -…

Q: Three identical units of merchandise were purchased during May, as follows:       Units Cost May 3…

A: The Numerical has covered the concept of Inventory Valuation. There are three methods of Inventory…

Q: The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: hree identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Inventory valuation can be done using three methods; FIFO LIFO Average cost.

Q: Flounder Corp. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown…

A: Calculate the average cost per unit for June 1 sale and August 27 sale.

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Gross profit = Sales - cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: The Sonny Company sells blankets for P30 each. The following was take from the inventory records…

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

Q: Assume that three identical units of merchandise are purchased during October, as follows:…

A: We have the following information: October 1: Purchased 1 unit for $5 October 12 Purchased 1 unit…

Q: Units Unit cost $ Total cost $ February 1 inventory 395 8. February 19 purchase 405 11 February 23…

A: Given the following information: February 1 inventoryUnits: 395Unit Cost: $8 February 19…

Q: Three identical units of merchandise were purchased during March, as shown:       Units Cost Mar.…

A: a. Calculate the cost of goods, ending inventory, and gross profit under FIFO.

Q: The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost…

A: First In, First Out, commonly known as FIFO, is an asset-management and valuation method in which…

Q: The following three identical units of Item LO3V are purchased during April: Item L03V Units Cost…

A: Cost of goods and value of ending inventory using FIFO method Cost of Goods sold: Under FIFO…

Q: The following three identical units of Item PX2T are purchased during April:   Item Beta   Units…

A: Gross profit = Sales - cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: Cost Flow Methods The following three identical units of Item A are purchased during April: Item A…

A: First in first out (FIFO) Gross profit = Sales- Cost of goods sold =$118 -$68 =$50 Ending inventory…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: PLEASE LIKE THE ANSWER      Gross profit  COGS  Ending Inventory  ANSWERS:…

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: Assume that three identical units of merchandise were purchased during October, as follows: Units…

A: LIFO Method of Inventory Valuation : The full form for LIFO is “Last-In, First-Out”.  This  is one…

Q: Assume that three identical units of merchandise were purchased during October, as follows: Units…

A: Sales $28 ( 1 units *$28) Cost of merchandise sold $11 (1*11) Gross profit $17 ($28-$11)…

Q: October 26 purchase. Using the specific identification method, calculate the following. a) Cost of…

A: Specific Identification Method: In this method, we track every single item individually. We can…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22…

A: Cost of Goods sold= Cost of goods available for sale-Ending Inventory

Q: 3. Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11,…

A: Inventory valuation is the calculation of the total value of the inventory hold by the business or…

Q: Three identical units of merchandise were purchased during May, as follows:       Units Cost May 3…

A: First in first out (FIFO) Date Particulars units $ May-03 Purchase 1 $130…

Q: Muharraq company had the following purchases and sales information: Purchases 13 units at $150 20…

A: As per FIFO (First in first out) method, inventory which is purchased first will be sold 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.