Roman Sound uses a periodic inventory system. One of the store's products is a wireless head­phone. The inventory quantities, purchases, and sales of this product for the most recent year are as follows: Number of Units Cost per Unit Total Cost Inventory, Jan. 1 10 $100 $1,000 First purchase 30 101 3,030 Second purchase 40 104 4,160 Third purchase 5 106 530 Fourth purchase 15 110 1,650 Goods available for sale 100 $10,370 Units sold during the year 80 Inventory, Dec. 31 20 Instructions a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods Sold for the year under each of the following cost assumptions: 1. First-in. first-out. 2. Last-in. first-out. 3. Average cost (round to the nearest dollar, except unit cost)

Q: Patricia Flynn owns a business called Patty's Place. The company uses a periodic inventory system.…

A: Journal entry is a type of book keeping, which record and report the financial transaction that…

Q: Layla Company uses the periodic inventory system. Layla started the period with $22,000 in…

A: Periodic Inventory System: Under this system, the balance of the merchandise inventory is not…

Q: he accounting records of Americo Electronics show the following data. Beginning inventory   3,000…

A: Inventory Valuation is done in every organization. The inventory valuation is done under three types…

Q: Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket…

A: The question is based on the concept of cost accounting

Q: Crandall Distributors uses a perpetual inventory system and has the following data available for…

A: Solution   Calculation of goods available for sale- = (110*7.1)+(575*7.2)+(680*7.5)+(230*7.7). =…

Q: Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:…

A: Last-in First Out (LIFO) is method used to account for inventory that record recent purchase of…

Q: Anderson's Department Store has the following data for inventory, purchases, and sales of…

A:

Q: Better Bottles, Inc., uses a periodic inventory system and has the following information available:…

A: LIFO method: Under the last-in, first-out (LIFO) method of inventory valuation Inventory purchased…

Q: Mary Company sells many products. Gizmo is one of its popular items. Below is an analysis of the…

A: Workings:

Q: Waqar Sound uses a periodic inventory system. One of the store’s products is a wireless…

A: Periodic inventory system is the one whereby the inventory records are prepared at the end of a…

Q: Jimmie’s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel…

A: Ending inventory = Total cost of goods available for sale - Cost of goods sold

Q: For the specific identification method, the August 4 sale consists of rackets from beginning…

A:

Q: Waren's Gift Shop uses a periodic inventory system. At December 31, Year 1, the accounting E records…

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

Q: Jimmie’s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel…

A: Inventory valuation is used to find out the ending inventory and cost of goods sold.It is basically…

Q: a.  Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the…

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

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: Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase…

A: FIFO is the inventory valuation method in which stock which is purchased first is taken out for sale…

Q: Cost Retail Beginning inventory $ 47,000   $ 62,000   Net purchases   10,480     32,800   Net…

A: Under retail inventory method to estimate average cost  of ending inventory and cost of goods sold…

Q: The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180…

A: The calculations are attached below. You may kindly note that all amounts are in $.

Q: Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:…

A: LIFO - Last in first out means all the purchases which have been purchased lately will be sold first…

Q: Oriole has the following inventory data: Nov. 1   Inventory   34 units @ $6.70 each 8…

A: The cost of goods available for sale is the sum of the cost of inventory purchased at each time…

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: The Hat Store had the following series of transactions for Year 2: Transaction Date Jan, 1 Mar. 15…

A: FIFO- first-in, first-out Old inventory are sold first under FIFO method

Q: Whispering Winds Company's inventory records show the following data for the month of September:…

A: Units available for sale = 105 + 440 + 300 = 845 units Units in ending inventory = 150 units Units…

Q: A retailer uses the periodic inventory system. At year end, the following information was available:…

A: The following date is given: Beginning Inventory: $52,000Purchases: 556,000Freight in: $16,300…

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

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

Q: Jessie Stores uses the periodic system of calculating inventory. The following information is…

A: Ending inventory is the cost of items on board at the end of the reporting period. For a corporation…

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A: Given the following information: July 1: Beginning Inventory = 90 units @ $19 = $1,710 July 7:…

Q: Blue Limited uses a perpetual inventory system. The inventory records show the following data for…

A: FIFO is the method of inventory valuation whereby the goods that are initially bought are to be sold…

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

A: Under the LIFO method, sales are made out of the latest purchases and therefore, the cost of goods…

Q: Anderson's Department Store has the following data for inventory, purchases, and sales of…

A: The method where the goods which were purchased in the beginning are sold first is called FIFO…

Q: Larkspur, Inc. uses a perpetual inventory system. Its beginning inventory consists of 210 units that…

A: Perpetual inventory system is an inventory system in which all transactions related to inventory…

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

A: The correct option is  A. $3460 Please see the next step for the solution

Q: Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket…

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

Q: San Lorenzo General Store uses a periodic inventory system and the retail inventory method to…

A: Retail inventory method: It takes into account all the retail amounts that is, the current selling…

Q: periodic inventory system. A physical count of merchandise inventory on June 30th reveals that there…

A: Ans. In FIFO method of inventory valuation the units which are purchased at the beginning are sold…

Q: Addison, Inc. uses a perpetual inventory system. The following is information about one inventory…

A: FIFO is the inventory valuation which means First in First out. This method says that inventory…

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: Executive Suites, Inc., uses a perpetual inventory system. This system includes a perpetual…

A: A journal entry shows the summary and recording of all business transaction of the company during a…

Q: Addison, Inc. uses a perpetual inventory system.  The following is information about one inventory…

A: Under FIFO, goods that are purchased first are assumed to be sold first.

Q: Black Hawk, Inc., uses a perpetual inventory system and maintains an inventory record of each type…

A: As per the FIFO method, the COGS is determined based on first-come, first sold. It records the…

Q: Coronado has the following inventory information. July 1 Beginning Inventory 20 units at $20 $400…

A: Total units available for sale = 20 + 50 + 10 = 80 units No. of units sold = Total units available…

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: The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180…

A: The cost of goods available for sale is calculated as total cost of inventory available for sale

Q: Crosby Company owns a chain of hardware stores throughout the stste. The company uses s periodic…

A: In this question, we will make table, which shows estimation of LIFO cost of ending inventory and…

Q: Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket…

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

Q: The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

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

A: The periodic system uses an occasional physical count to measure the level of inventory and the cost…

Q: Happy Hues Company is a wholesaler of office supplies. The activity for inventory of calculators…

A: This question deals with the concept of FIFO inventory method under periodic inventory system. First…

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.