PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were as follows:  Number  Unit  Date Transaction  of Units  Cost  8/1 Beginning balance 20,000 P 4.00  8/7 Purchase 10,000 4.20  8/10 Purchase 20,000 4.30  8/12 Sale 15,000 ?  8/16 Purchase 20,000 4.60  8/20 Sale 40,000 ?  8/28 Sale return 3,000 ?  The sale return on August 28 relates to the sale made on August 20.  If the FIFO cost flow method is used, the sale return shall be costed back into inventory at what unit cost?  If the average cost flow method is used, the sale return shall be costed back intoinventory at what unit cost?

Q: QUESTION 14 Eneri Company's inventory records show the following data: Units Unit Cost Inventory,…

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

Q: 16-ABC Merchandise business follows perpetual inventory system.  The business had 200 units in…

A: The answer is option (a.) [ OMR2000 ] Refer step 2 for explanation.

Q: An entity uses the periodic inventory system. Beginning inventory listed 20,000 units at P6.10 each.…

A: >Inventory account is recorded and updated using the following Cost flow assumptions. #1:…

Q: CHECK FIGURES: 1. Ending inventory: a. $9,600.00; b. $10,982.30 Gale Company has the following…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: 30. A company uses the first-in-first-out (FIFO) method of valuing inventory and makes the following…

A: FIFO- First In First Out method of valuing inventory is a method where in the most earliest…

Q: Beginning inventory   10 units at $55 First purchase   25 units at $60 Second purchase   30 units at…

A: The ending inventory includes the inventory that is left into the stock at year end.

Q: Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,600 units June 30 Purchase 4,600 units at $45…

A: solution: Under LIFO method of inventory costing, goods purchased in last is considered as sold…

Q: V Total Cost of goods sold, $315,000 EX 6-9 Weighted average cost flow method under perpetual…

A: Weighted average Cost - The perpetual inventory updated inventory as on regular basis, while…

Q: CHAPTER 6 Inventory Costing and Valuation Beginning... Feb. 10........... Aug. 21 Stilton Company…

A: Introduction: Ending inventory is the value of goods still available for purchase and held by a…

Q: Problem 6 INVENTORY. On January 1, 20OX6, the River Company's beginning inventory $400,000. During…

A: Requirement A: Calculation of the inventory turnover ratio for 20X6 is as follows: Cost  of goods…

Q: Problem 6 INVENTORY, On January 1, 20X6, the River Company's beginning inventory $400,000. During…

A: It indicates the number of times inventory is converted.

Q: Ch12.2 Crazycorp. had the following inventory transactions in the month of September Date Type #…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: QUESTION 1: Perpetual Inventory System- LIFO, FIFO AND AVCO. Overton Company uses a perpetual…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: Beginning inventory, 9/1/2021 7,500 units @ $10.00 Purchases: 9/7 9/25 Sales: 4,500 units @ $10.40…

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

Q: QUESTION 2 Bukit Group has the following beginning inventory, purchases, sales and ending inventory…

A: As per periodical inventory method the ending inventory and COGS  is determined by the physical…

Q: Perpetual Inventory Usihg LIFO The following units of a particular item were available for sale…

A: Under the LIFO method, it is assumed that the goods/ inventory purchased at last is sold first.

Q: Calculate the cost of goods available for sale. Calculate (a) ending inventory and ( b) Cost of…

A: FIFO METHOD:— In this Method, Firstly First input is used for sales or output. It stands for 'first…

Q: PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August…

A: 15) Explanation - Sales return are shown as negative figure because they lead to a decrease in…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory SystemThe following units of a…

A: A perpetual inventory system is an inventory management system that records the inflow and outflow…

Q: 1. Perpetual: Assume that Marvel uses a perpetual FIFO inven- tory system. What is the dollar value…

A: First in first out: It refers to the method of inventory valuation that calculates the balance of…

Q: 12. The units of Product PKO available for sale during the year were as follows: Apr 1 Apr 16 Apr 20…

A: Under FIFO method, it is assumed that units purchased first will be sold first. Total units sold= 60…

Q: Problem 12-4 (IAA) White Company carried four items in inventory. The following per-unit data relate…

A: LCNRV is lower of cost or net realisable value method, in which inventory is valued at lower of two…

Q: 8. Celine Company provided the following data relating to an inventory item. Unit cost Total cost…

A: Perpetual inventory system is system of checking the inventory constantly throughout the year like…

Q: 30. A company uses the first-in-first-out (FIFO) method of valuing inventory and  makes the…

A: FIFO METHOD :- it stands for first in first out that means good that is purchased first will be sold…

Q: Përpêtual Inventory Usihg FIFO The following units of a particular item were available for sale…

A: Solution: Under FIFO method of inventory valuation, inventory purchased first is considered as sold…

Q: 1. A firm's purchases and sales during a period occur in the following order: Beginning inventory 3…

A: Under the LIFO method, it assumes the current inventory is sold first. In this method, the closing…

Q: Herbur Company uses a periodic inventory system. The company's records show the beginning EXERCISE…

A: Ex 8.10 (a) AVERAGE COST: Average cost of Inventory=Total CostTotal number of…

Q: 7) Use either the FIFO or LIFO inventory valuation method to determine final inventory. Date Units…

A: Perpetual FIFO:                     Beginning Inventory & Purchases Cost of Goods Sold Ending…

Q: Question #7: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item…

A: Lets understand the basics. In FIFO basis, company assumes that goods comes first in the inventory…

Q: QUESTION 9 A company had the following purchases during its first year of operations: Purchases 10…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Question 4 Company M uses the perpetual inventory system and valuates inventory using the weighted…

A: Under weighted average method, the cost per unit is calculated as total cost divided by number of…

Q: PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August…

A: As per FIFO method, COGS will be from operating inventory and earliest purchase. And inventory…

Q: Inventory Purchase Information Date Number of Units Cost per unit Extended Cost Beginning…

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

Q: LIFO perpetual inventory The beginning inventory at Funky Party Supplies and data on purchases and…

A: 1)

Q: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24…

A: Perpetual Inventory System:  Perpetual Inventory System refers to the inventory system that…

Q: Transactions for the month of June were: Purchases Sales June 1 (balance) 3180 @ $3.30 June 2 2350 @…

A: Total units available for sale = 3,180 + 8,820 + 4,900 + 7,180 + 1,960 Total units available for…

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.