Purchases Sales April 1 (balance on hand) 100 @R$5.00 ||April 5 300 4 400 @ 5.10 12 200 300 @ 200 @ 11 5.30 27800 28 150 5.35 5.60 18 26 600 @ 30 |200@ 5.80 Instructions (a). Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (Carry unit costs to the nearest cent.) (1). First-in, first-out (FIFO). (ii). Average-cost. (b). If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory in 1, and 2 above? (Carry average unit costs to four decimal places.)

Q: Show Me How Calculator Print Item LIFO Perpetual Inventory The beginning inventory at Midnight…

A: 1.Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record…

Q: Date Purchases Sales   Units Cost/Unit Units Jan. 1 100 $0.80    Jan. 4 390 0.90   Jan. 5     280…

A: The inventory can be evaluated using various methods as: FIFO, LIFO and Weighted Average method.

Q: Journalize the following transactions of Martinez Company for April in the journal page provided:

A: Under Perpetual Inventory System, Sales and Cost of Goods Sold transactions are recorded as and when…

Q: he sales of Super Store for the month is P 80,756.00. Beg Ending inventory is amounting to P…

A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: is counted only every month-end. All sales are made on account and mark up on cost is 25%. The…

A: Sales during June = Collections made in June + Ending accounts receivable - beginning accounts…

Q: Transactions for the month of June were: Purchases Sales June 1 (balance) 3240 @ $3.10 June 2 2350 @…

A: Inventory valuation method includes: FIFO (First In, First Out) LIFO (Last In, First Out) WAC…

Q: View Policies Current Attempt in Progress Transactions for the month of June were: Purchases Sales…

A: Ending inventory refers to the goods which are left with the business or are not sold during the…

Q: Novak Company’s record of transactions for the month of April was as follows. Purchases…

A: Prepare a schedule to determine the total units available for sale and cost of goods available for…

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: ransactions for the month of June were:                                          Purchases…

A: solution concept under the average method ending inventory is calculated using the average price…

Q: Don's Dairy had sales of $271,000 in the month of March. Use the retail method to estimate the value…

A: Formulas: Estimated value of inventory at cost = Ending inventory at retail x Cost to retail ratio…

Q: A company had the following purchases during its first year of operations: Purchases 20 units at S 5…

A: Average cost per unit = Total cost of goods available for sale /Total no. of units available for…

Q: Calculator The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale…

A: LIFO Method of perpetual inventory system: LIFO means Last in First out. In this method, units…

Q: March 1 Merchandise inventory $310,000   $550,000 March 1–31 Purchases (net)       $307,250…

A: Cost-Retail Ratio:-This is a ratio calculated by dividing the cost of goods available for sales by…

Q: 10. Using the following information, what is the amount of net sales? P28,000 Purchases Merchandise…

A: Sales is the revenue generated from the day to day operations of the firm. The net sales is the…

Q: . A record of transactions for the month of September was as follows:   Purchases   Sales May 1…

A: FIFO is first in first out inventory method in which inventory which is purchased first will be sold…

Q: Transactions for the month of June were: Purchases Sales (balance) 1,200 @ $3.20 3,300 @ 3.10 1,800…

A: Inventory valuation could be done in FIFO, LIFO, and Weighted Average Method. Under the FIFO method,…

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: /30. Cost of the merchandise sold was $600,000. The customer paid for the purchase on October 14.…

A: Hi student, Since there are multiple questions, we will answer only first question.

Q: idy the following data. Transactions for the month of June were: Purchases Sales June 1 (balance)…

A: Inventory is the current asset reported in the balance sheet of the company.

Q: Transactions for the month of June were:                   Purchases         Sales       June 1…

A: Last-in, first-out (LIFO) is a popular inventory approach for businesses that face frequent spikes…

Q: April  1 (balance on hand) 600 @ $6.00 April  3 500 @ $10.00    4 1,500 @  6.08    9 1,300 @  10.00…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: John Adams Company's record of transactions for the month of April was as follows. Purchases…

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

Q: April 1 Beginning Inventory 100 units @ $4 April 2 Sales 50 units April 3 Purchases 300 units @ $6…

A: Total no. of units sold = 50+250+200                                    = 500 units

Q: 10. Using the following information, what is the amount of net sales? P28,000 Purchases Merchandise…

A: >Sales is the main source of revenue of  manufacturing or merchandising business. >Sales can…

Q: A new firm, ABC, purchased 20,000 units of product X at PI0 per unit on January 5. It sold 15,000…

A: The ending inventory is calculated as difference between units available for sale and units sold.

Q: A new firm, ABC, purchased 20,000 units of product X at PI0 per unit on January 5. It sold 15,000…

A: Ending inventory units are calculated as difference between units available for sale and units sold.…

Q: Fearless Company began operations at the beginning of current year. The following information is…

A: The accounts receivables are the accounts made by credit sales to customers.

Q: Inventory Date Quantity Unit Cost Total Cost Mar. 1 850 $98 $83,300 1,275 $95 $121,125 Mar. 8 650…

A: Inventory Records in an entity can be made in two ways; Periodic Inventory where no proper entries…

Q: Osama Traders uses the Perpetual Inventory System. Following are the concerning purchases and sales…

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

Q: Perpetual: LIFO and Moving-Average Vozniak Company began business on January 1, 20-1. Purchases and…

A: Weighted-average cost method: In moving-average Cost Method, the cost of inventory is priced at the…

Q: Units Unit Cost Total Cost Beginning inventory Purchases Sales (47 units at $24,630 each) 20 $11,520…

A: In LIFO it is assumed that the last purchased item will be sold first. So, the closing inventory…

Q: Cost Retail Inventory, 12/31/2021 500,000.00 725,000.00 Purchases 1,285,000.00 2,220,000.00 Purchase…

A: Cost ratio is the ratio which shows the retail price made up by cost. It is the ratio which is used…

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: oBianco Company's record of transactions for the month of April was as follows. Purchases   Sales…

A: The inventory valuation is performed using various inventory methods as LIFO, FIFO and weighted…

Q: Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.00 June 2 2300 @…

A: Given, Perpetual Inventory records are kept in units only.   Available purchases = 3130 + 8700 +…

Q: Yucca Co. updates its inventory periodically. The company's beginning inventory was $4,860 and…

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: What is the total amount of sales u a. 4,200,000 b. 4,220,000 c. 4,140,000 d. 4,160,000 What is the…

A: 1) Total Amount of sales Upto April 30 Solution Particulars Amount Closing Accounts Receivable…

Q: question 5 A record of transactions for the month of January was as follows:…

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

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…

Q: Bernie Bird Company provided the following information for the current year: Inventory, January 1…

A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…

Q: Williams Co. uses a periodic inventory system. The following are inventory transactions for the…

A: The cost per unit under weighted average method is calculated as total cost of goods sold divided by…

Q: (12 minutes) Bauer Hockey Inc. uses a perpetual inventory system and had the following activity for…

A: Calculation of Inventory Cost :-

Q: 10) The company recorded cash sales for an additional 12)_20_pairs of shoes for $65 each on the 24th…

A: Required journal entries are shown below:

Q: Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for…

A: Gross profit is the amount of profit earned by an entity after deducting the cost of goods sold from…

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.