Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,080 units @ $120 Feb. 17   Purchase 1,380 units @ $122 Jul. 21   Purchase 1,525 units @ $125 Nov. 23   Purchase 1,145 units @ $125 There are 1,220 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a.  Determine the inventory cost by the first-in, first-out method. $fill in the blank 1 b.  Determine the inventory cost by the last-in, first-out method. $fill in the blank 2 c.  Determine the inventory cost by the weighted average cost method. $fill in the blank 3

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold Livr The units of an item available…

A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Calculation of Cost of Goods sold under FIFO Method (A) Periodic FIFO Cost of Goods Available for…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A:

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: FIFO represents the inventory valuation method that specifies that inventory purchased first would…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: First in first out means the units first bought is first sold and for the valuation of ending…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A:

Q: Periodic inventory by three methods; cost of goods soldThe units of an item available for sale…

A: In periodic inventory system, the inventory records are maintained periodically at specified…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Periodic Inventory System: In this system, inventory gets updated in records on a periodic basis…

Q: Periodic Inventory by Three Methods The beginning inventory of merchandise at Rhodes Co. and data on…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units…

A: Average cost per unit = Total cost of goods available for sale / total units available for sale =…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Under FIFO, the inventory purchased at first is issued first. Under LIFO, the inventory purchased in…

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,090…

A: Total units available for sale = 1090+1410+1695+1145 = 5,340 units Total cost of goods available for…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A:

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Step 1:

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

Q: inventory cost by the first-in, first-out method.

A: Computation of inventory cost by various methods are shown below :

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 16…

A: Total units available for sale = 16 + 16 + 20 + 7 = 59 units Total cost of goods available for sale…

Q: Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Under the FIFO method, the earliest purchases are sold first which the ending inventory consists of…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: First-in, first-out method states that the inventory that is purchased at first will be issued at…

Q: eriodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Inventory is a current asset that appears on the statement of the financial position of a company.…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units…

A: Date Particulars No. of Units Price per unit Total value Jan. 1 Inventory 40  $122 $4,880 Mar.…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The details regarding the Inventories are given. Required  Calculate the cost of Inventory as in…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Calculate cost of merchandise available for sale:

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: calculating ending inventory a)first in first out =(6*40+3*39)=$357 b)last in first…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A:

Q: eriodic Inventory by Three Methods The units of an item available for sale during the year were as…

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

Q: Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on…

A: Inventory on hand at 31st March: (Beginning units + Purchases) - Units Sold = {7,500 + (22,500 +…

Q: Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as…

A: Determine units and cost of goods goods available for sale.

Q: eriodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: solution the method of inventory is periodic inventory under periodic inventory the inventory is…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Solution-                                                                                FIFO METHOD…

Q: Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest…

A: 1) If the entity uses First in first out, then units at the opening will be used & units…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: a. Determination of inventory cost by the First in First out method (FIFO) Under FIFO method…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: In FIFO earlier  goods will be sold first

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: FIFO method -  as per the FIFO method of inventory valuation units purchased first will be sold…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Periodic inventory system is a system of inventory valuation in which the transactions of purchase…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: The three methods of inventory valuation are FIFO or First In First Out, LIFO or Last in Last Out or…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Inventory valuation can be defined as the technique used to find out the cost of the inventory.…

Q: Inventory by Three Methods The units of an item available for sale during the year were as follows:…

A: Given: Date Units Price $ Total cost Jan-01 27 400 10,800 Feb-19 55 460…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: First-in-first-out (FIFO), last-in-last-out (LIFO), and weighted average cost method are the…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: The average cost per unit would be $1976 / 43 = $45.95

Q: Cost of Ending Inventory and Cost of Goods Sold

A: Total Quantity Available = 40 + 60 + 30 + 70 = 200 UNits Ending Inventory = 80 Units Quantity Sold =…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Introduction: FIFO: FIFO stands for First in First out which means first received inventory to be…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Given that,  units available for sale = 200 units  units at ending = 80 units  units sold = 200 - 80…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Cost of Inventory and Cost of Goods Sold:

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

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.