ouie company sells Astro's photocards for P30 each. the following was taken from the inventory records during march:      date            photocard      units                cost march 03 purchase 500 P15 march10 sale 300   17 purchase 1000 P17 20 sale 600   23 sale 300   30 purchase 1000 P20

Q: Muscat Company has the following .inventory information Units Per unit price Total July 1 Beginning…

A: Average method of inventory says that valuation of inventory should be done at weighted average unit…

Q: Grouper had in beginning inventory 2,320 CDs with a unit cost of $7. During March, Grouper made the…

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

Q: The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records…

A: First in first out method: This is a simple method of inventory valuation. In this method, the first…

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

A: Under FIFO method, is an inventory valuation method where the inventory produced or acquired first…

Q: andhill Co. uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The…

A: Solution: Inventory at lower of cost or market (applied to individual items)   Units Unit cost…

Q: Better Bottles, Inc., uses a periodic inventory system and has the following information available:…

A: LIFO method: Under the last-in, first-out (LIFO) method of inventory valuation Inventory purchased…

Q: The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: Perpetual inventory System  means tracking of inventory ‘perpetually’ as it moves throughout the…

Q: Allen Company had the following information for the year ending December 31: Units Unit Cost…

A: FIFO means that first in first out which means that cost of goods sold consist of oldest purchase…

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

A: Periodic Inventory System:  Periodic inventory system is a system, in which the inventory is updated…

Q: Leafs Co. had the following inventory transactions for the month of June: June 1 On hand, 50 units…

A: FIFO is a method of Inventory valuation in which Inventory purchased first are sold first.

Q: Anderson Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO stands for Last In First Out is the method of inventory valuation. It assumes that the most…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: SOLUTION- WEIGHTED AVERAGE PERPETUAL -  THE AVERAGE COST WILL BE CALCULATED EVERY TIME THE AVERAGE…

Q: The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records…

A: Option 1 is the Correct Answer i.e $102.

Q: The Boxwood Company sells blankets for $35 each. The following was taken from the inventory records…

A: FIFO is the method of valuation of inventory in which the earliest inventory hold by the…

Q: Kassim Baba Company's inventory records show the following data for the month of September: Units…

A: Solution...     Units available  = 100 + 450 + 350  = 900  Units in hands = 200. Units sold  = Units…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: Weighted average inventory method defines the method in which cost is calculated on the basis of…

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: From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO…

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

Q: Mika Corporation uses FIFO method to calculate the value of Inventory on hand on March 31 and cost…

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

Q: Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for…

A: As per the LIFO method, units that are purchased recently are issued first. So it means ending…

Q: teven Company uses a perpetual inventory system.  It sells its product to customers for $60 per…

A: Cost of goods sold refers to the total amount incurred by the entity on the goods that are sold out…

Q: The Boxwood Company sells blankets for $35.00 each. The following was taken from the inventory…

A: METHOD LIFO - LAST IN FIRST OUT : DATE  PURCHASE  SALE  BALANCE MAY 03 9 UNITS  X $18     MAY…

Q: Reed Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO means last in first out Which means that cost of goods sold will consist of lastest purchased…

Q: Hess Company's inventory records show the following data for the month of September:       Units…

A: Cost of goods sold=Cost of goods available-Ending inventory

Q: The Boxwood Company sells blankets for $34 each. The following was taken from the inventory records…

A: LIFO (Last-in-First-Out): As per LIFO inventory cost method, units purchased last are sold first.

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: Sunland Company uses a periodic inventory system. For October, when the company sold 1,730 units,…

A: FIFO inventory method: It is an inventory valuation method that helps in calculating the ending…

Q: Whispering Winds Company's inventory records show the following data for the month of September:…

A: Units available for sale = 105 + 440 + 300 = 845 units Units in ending inventory = 150 units Units…

Q: Muscat Company has the following inventory information. Units Per unit price Total July 1 Beginning…

A: The average cost method calculates the value of inventory based on the average unit price of…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: In FIFO method, goods received first are dispatched first.In perpetual inventory system, the…

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

A: Under the LIFO method, sales are made out of the latest purchases and therefore, the cost of goods…

Q: Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: Fifo is first in first out method of inventory costing which says that inventory which is purchased…

Q: Hess Company's inventory records show the following data for the month of September: Units…

A: Last-In, First-out (LIFO): LIFO is an acronym that refers to a system of inventory accounting called…

Q: Blossom Company uses the perpetual inventory system and had the following purchases and sales during…

A: Organization follows two type of inventory systems. (1) Perpetual inventory system (2) Periodical…

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Inventory or Stock is the goods and material a business holds for a resale. Before working on the…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: The average cost is calculated as total cost divided by number of units.

Q: The Boxwood Company sells blankets for $ 31.00 each. The following was taken from the inventory…

A: LIFO: Last in First out.

Q: Phillips Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO (Last in first out): It is an Inventory valuation technique in which the last received stock of…

Q: Fire fox manufacturing has the following information in relations to commodity for July…

A: 1. The company used perpetual inventory system and LIFO costing,  determine cost of goods sold and…

Q: Mama's Mexican Meals, Inc., had the following activity for an inventory item during June: Unit Units…

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

Q: Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10…

A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average cost method FIFO…

Q: Use the following information for the Quick Study below.   Trey Monson starts a merchandising…

A: Cost of Inventory at the end of period (Weighted Avg method) Date Purchase / Sell Qty Price ($)…

Q: XYZ Company uses the periodic inventory system to account for inventories. Information related to…

A: We are using periodic inventory valuation which means inventory is reconciled and calculations made…

Q: Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for…

A: Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for…

Q: Perez Company had the following information for the year ending December 31: Units Unit Cost…

A: FIFO: FIFO stands for First in First out which means first received inventory to be sold first.

Q: Anderson Company had the following information for the year ending December 31: Units Unit Cost…

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

Q: Happy Hues Company is a wholesaler of office supplies. The activity for inventory of calculators…

A: This question deals with the concept of FIFO inventory method under periodic inventory system. First…

Q: The Boxwood Company sells blankets for $ 38.00 each. The following was taken from the inventory…

A: Using FIFO method, old goods are sold first and newer goods are sold later.

Q: Compute the cost of ending inventory for the best selling purse based on the following:

A: Special Identification Method: The Specific identification method identifies the cost of each item…

Q: Mika Corporation uses FIFO method to calculate the value of Inventory on hand on March 31 and cost…

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

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.