Prepare journal entries to record the following transactions assuming periodic inventory updating and first-in, first-out (FIFO) cost allocation. Number Cost of Units per Unit A. Jan. 2, purchased merchandise for resale 300 $20 B. Jan. 12, purchased merchandise for resale 190 28 C. Jan. 16, sold merchandise for $44 per unit 250 If an amount box does not require an entry, leave it blank. Jan. 2 Jan. 12 Jan. 16 Accounts Receivable Accounts Payable Cash Purchases Sales Revenue II II II I II II

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

A: Total units available for sale =15+29+25 = 69 units Total no. of units sold = 25 units Ending units…

Q: Record the following transactions related to purchases for Horston's Art Supplies using the general…

A: A journal entry record all the business transactions of a business in the accounting records. All…

Q: Met Gala Clothing Company uses the periodic inventory system. The following are the transactions…

A: The net purchases are calculated as : Gross purchases + freight cost - purchase returns - purchase…

Q: In its first month of operations, Concord Company made three purchases of merchandise in the…

A: Solution: Cost of ending inventory under FIFO will consider of 210 units from 3rd purchase and 150…

Q: FIFO and LIFO inventory methods. A record of transactions for the month of May was as follows:…

A: There is two type of inventory system follow by the organizations which are:- (1) Periodic inventory…

Q: Prepare journal entries to record the transactions assuming a periodic inventory system. Feb. 1 Sold…

A: Journal is the recording of financial or monetary transactions according to dual entity concept.

Q: Required information [The following information applies to the questions displayed below.] Trey…

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

Q: Assume that a perpetual inventory system is used and the records indicate that$191,400 of…

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

Q: The units of an item available for sale during the year were as follows: $ 7,200 Jan. Inventory 20…

A: In the question mentioned inventory cost, we assumed that ending inventory.

Q: ABC Enterprise uses a perpetual inventory system to monitor the inventory status and using the…

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

Q: The units of an item available for sale during the year were as follows: Jan. Inventory 1,800 units…

A: Calculation of Cost of goods available for sales and units sold: Ending results are as follows:

Q: Beginning inventory, purchases, and sales for Item Doodad are as follows: July 1   Inventory 90…

A: Inventory is a stock that the company has held for the resale purpose or the goods that are not sold…

Q: Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 80 units at $175…

A: Calculate the cost of merchandise sold and ending inventory of item G as on september 30:In…

Q: The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month…

A: a) Record the inventory, purchases and cost of goods sold data in perpetual inventory record: M…

Q: Prepare journal entries to record the following merchandising transactions of Menards, which applies…

A:

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

A: Weighted average method is a method of inventory valuation where unit cost of goods available is…

Q: Required information [The following information applies to the questions displayed below.] Trey…

A: Let's understand some basics Inventory is the accounting of items, component parts and raw materials…

Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…

A: Under the gross method, purchases are recorded at the gross amount without considering a discount.…

Q: Beginning inventory, purchases, and sales for Item ProX2 are as follows:     Jan 1 Inventory…

A: Perpetual inventory system is one of an inventory system through which the inventory is manage by…

Q: The Wacky Widget Company uses a periodic inventory approach. The units of items avalible for sale…

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

Q: Prepare journal entries to record each of the following merchandising transactions assuming that the…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: [The following information applies to the questions displayed below.] The following are the…

A: a. FIFO (Periodic) Units Cost per unit Total Beginning inventory 41 $10 $410 Purchases…

Q: Using Excel to Determine Ending Inventory PROBLEM In its first month of operations, McLanie Company…

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

Q: Prepare journal entries to record the following transactions, assuming perpetual inventory updating…

A: Journal Entries Date  Particulars  Amount (Dr) Amount (Cr) Jan-02 Purchase A/c Dr  8360…

Q: Use this inventory information for the month of March to answer the following questions. March…

A: Particulars No. of Units Cost per unit Total Value Beginning inventory 30 $56 $1,680…

Q: Cost of merchandise sold $fill in the blank 1 b.  Inventory, September 30

A: a) Cost of goods sold for Sep 30 sale= $431 Working   Units Cost per unit Total cost 9 Units…

Q: Boston Bait Shop uses a periodic inventory system. At December 31, Year 2, the accounting records…

A: The beginning inventory of Year 2 is the same as the ending inventory of Year 1 ie. $2,800 The…

Q: Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales…

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

Q: Prepare journal entries to record the following transactions, assuming perpetual inventory updating…

A: FIFO (First in First Out) It is a inventory valuation method and  Inventory item  which is purchased…

Q: Record the following transactions in general journal form using the periodic inventory system. If an…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Journalize each of the following transactions assuming a perpetual inventory system. (If no entry is…

A: Journal entries are the first recording of any transaction in the books of accounts as per the…

Q: Faithful Books has the following transactions in August related to merchandise inventory. Determine…

A: Under specific identification method, sold inventory is identified specifically in relation to its…

Q: The beginning inventory at ABC Supplies and data on purchases and sales for a three-month period…

A: First-in, first-out method is the method that is used to record the purchase sales and inventory of…

Q: Consider the following information for Maynor Company, which uses a periodic Inventory system:…

A: Inventory Valuation - Every company chooses a specific inventory valuation method for their…

Q: Boston Bait Shop uses a periodic inventory system. At December 31, Year 2, the accounting records…

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

Q: Top Purse Company applies the periodic inventory system using the specific identification method.…

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

Q: Prepare journal entries to record the following transactions, assuming periodic inventory updating…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: a. Novak Inc. uses a perpetual inventory system. Its records show the following for the month of…

A: Here in this question we are required to calculation COGS and ending inventory under FIFO basis.…

Q: Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the…

A: Solution: Under prepetual inventory system, inventory records are maintained and updated with each…

Q: Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1   Inventory 80…

A: LIFO is a method used to account for inventory that records the most recently produced items are…

Q: ! Required information [The following information applies to the questions displayed below.] Trey…

A: Under FIFO method, the cost of goods sold will be calculated based on the order of such goods…

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: Salmone Company reported the following purchases and sales for its only product. Salmone uses a…

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

Q: Record the following transactions related to purchases for Horston's Art Supples using the general…

A: n/30 means net payment is to be made with in 30 days of date of invoice.

Q: Beginning inventory, purchases, and sales for Item FK7 are as follows:  Sept.      1   Inventory 115…

A: Perpetual Inventory System: Perpetual inventory system is the method of recording stores balances…

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: Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Mar. Inventory 270 units…

A: a & b. Calculate the cost of merchandise sold and ending inventory.

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.