Remote Company had the following information pertaining to inventory:     Units Unit Price Total Cost January 1 Beginning inventory 300 $2.40 $720 April 10 1st purchase 200 2.45 490 July 15 2nd purchase 200 2.50 500 December 1 3rd purchase 100 2.90       290     800   $2,000 At the end of the period, the company took a physical inventory and determined that there are 190 units on hand. What amount should be assigned to the ending inventory under the weighted-average periodic inventory method?

Q: The following information relates to the inventory of Margaret’s Megamart Ltd during December.…

A: Periodic inventory system: Under this system, the physical count of goods at specific interval is…

Q: The following units of a particular item were available for sale during the calendar year: Jan. 1…

A: Last in first out means that cost of goods sold consist of latest purchase and closing stock consist…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Under LIFO method, using perpetual inventory system, Cost of goods sold and value of ending…

Q: The following information relates to the inventory of Margaret’s Megamart Ltd during December.…

A: Inventory, is a part of current assets which forms a part of total assets, is key component of the…

Q: CPA Company provided the following inventory data for the month of April 2021:     Units Unit…

A: FIFO Method: First in, first-out (FIFO) is an accounting approach in which assets that are bought or…

Q: Buffalo Industries uses a periodic inventory system. Its records show the following for the month of…

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

Q: During the month of January, Pfizer Company which used a perpetual inventory system recorded the…

A: Under average method, unit cost is calculated as total cost of goods available for sale divided by…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Inventory valuation is used to calculate the ending inventory. It is based on the flow of inventory…

Q: A company uses the periodic inventory system and had the following activity during the current…

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. 1   Inventory 11…

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

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: The following units of a particular item were available for sale during the calendar year: Jan. 1…

A: The first-in, first-out (FIFO) strategy for stock valuation is a cost stream supposition that the…

Q: The following information relates to the inventory of Margaret’s Megamart Ltd during December.…

A: Particulars Units Cost per unit Total Cost (A) Goods 2000   25660   Closing stock…

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: Jammer Company uses a weighted average perpetual inventory system and reports the following:…

A: Cost of inventory on August 29 = ($260 + $435) x (5 / 25) = $139

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: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Under periodic inventory system, no record is made at regular intervals for purchase and sale of…

Q: The following units of a particular item were available for sale during the calendar year: Jan. 1…

A: Companies do not follow up for the cost of each item of the inventory, so when these inventories are…

Q: The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each…

A: The FIFO method under the perpetual inventory system records the cost of goods sold from the…

Q: AAA Company uses a periodic inventory system and has the following information regarding its…

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

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Last In, First Out (LIFO): Inventory is counted using the last in, first out (LIFO) approach. The…

Q: The following information relates to the inventory of Margaret’s Megamart Ltd during December.…

A: Periodic inventory system: It involves the physical count of goods at a specific interval of time.…

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

A: Receipts Issue (Cost of goods sold) Balance Date Quantity Price Total Quantity Price Total…

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

A: The inventory of a company includes the stock of work-in-progress, raw material & finished…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Hence, COGS is $111,000. It is obtained by addition of sales made on March 14 and August 31 Here,…

Q: AL Fanar company uses aperiodic inventory system. The beginning balance of inventory and the…

A: First in, First out (FIFO) method -  As per FIFO, goods purchased first will be sold first which…

Q: Mater Company uses the periodic inventory method and had the following inventory information…

A: Hey, since you have uploaded multiple questions,  as per guidelines I will answer first question…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

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

Q: Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.

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

Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625.…

A: In This Numerical the 1st two parts are covered the concept of Inventory valuation Under FIFO…

Q: The company uses the perpetual inventory method. • I t began the month of March with 100 units of…

A:

Q: Niles Co. has the following data related to an item of inventory: Inventory, March 1 Purchase, March…

A: as the student asked more than a single question so an expert can answer the first question. if the…

Q: A company uses the periodic inventory system and had the following activity during the current…

A: Particulars No. of Units Cost per unit Total Value Beginning Inventory 100 $20 $2000…

Q: The following information relates to the inventory of Margaret's Megamart Ltd during December.…

A:

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Under the LIFO method, goods purchased last are sold off at first. Hence, the goods left in stock…

Q: April Inc. maintains a perpetual inventory system and recorded the following information for the…

A: Perpetual Inventory System is the method of valuation of inventory on a daily basis rather than at…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Introduction: FIFO Method: FIFO Stands for First in First out. Which means first received inventory…

Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

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

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Last in last out shows the inventory purchased last would be sold first.

Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

A: a. FIFO method:

Q: Using a perpetual inventory system. This company's beginning inventory of a product and its…

A: Calculate the cost of goods sold under LIFO method:

Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

A: First in First out (FIFO) is one of the inventory valuation methods in which the earliest inventory…

Q: The following information was available from the inventory records of Sheffield Corp. for January:…

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

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: A company reports the following beginning inventory and two purchases for the month of January. On…

A: FIFO is the method of valuation of inventory, where it is assumed that the product first purchased…

Q: Filimonov Inc. has the following information related to purchases and sales of one of its inventory…

A: Calculations:

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.