Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold. Date   Explanation   Units   Unit Cost   Total Cost May 1   Inventory   33   $8   $264 15   Purchase   27   9   243 24   Purchase   40   10   400     Total   100       $907           Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost   $Enter the Weighted-average unit cost in dollars                 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.)     FIFO   LIFO   AVERAGE-COST The ending inventory at May 31   $Enter a dollar amount     $Enter a dollar amount     $Enter a dollar amount

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Some of the methods are used to value inventories are FIFO, LIFO and weighted average method.

Q: Coronado Co. uses a periodic inventory system. Its records show the following for the month of May,…

A: FIFO LIFO Ending inventory may 31   $330   $242 Cost of goods sold   $902   $990

Q: Ivanhoe Company had a beginning inventory of 108 units of Product RST at a cost of $8 per unit.…

A: Solution 3: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

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

A: Weighted average cost method: It is an inventory valuation method that is used to compute the cost…

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: Trini Company had the following transactions for the month. Number Cost of Units per Unit Total…

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

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

A: Ending Inventory is valued at cost or net realizable value. To value ending inventory at cost, there…

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

A: Determine weighted-average cost per unit.

Q: Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of…

A: The ending inventory includes the number of units that are left in stock at the end of period. Using…

Q: rini Company had the following transactions for the month. Number Cost of Units per Unit Total…

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

Q: Monty Corp. uses a periodic inventory system reports the following for the month of June. Date…

A: Perpetual Inventory system is a form of inventory valuation where the computation on inventory…

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: In the case of the FIFO method, the inventory which is purchased first is also sold first. Whereas…

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

A:

Q: Tamarisk, Inc. uses a periodic inventory system and reports the following for the month of June Unit…

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

Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…

A: In this question, the data is given about Culver corporation uses a periodic inventory system and we…

Q: Ivanhoe Company had a beginning inventory of 108 units of Product RST at a cost of $8 per unit.…

A: Solution: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: The different methods for valuation of inventory are: 1. LIFO 2. FIFO 3. Weighted Average method

Q: Waterway Company uses a periodic inventory system. For April, when the company sold 650 units, the…

A: To ascertain the weighted average cost per unit the Cost of goods available for sale are divided by…

Q: Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the…

A: As per FIFO method, goods purchased first will be sold first which means ending inventory should be…

Q: Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning…

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

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

A: Weighted average unit cost = Total cost/ total units available for sale

Q: Jeters Company uses a perpetual inventory system reports the following for the month of June. Date…

A: (a). Average cost per unit: cost of good available for sale/units available for sale June…

Q: Bramble Company reports the following for the month of June. Assume a sale of 500 units occurred on…

A: FIFO states that the inventory purchased first would be sold first. Whereas, LIFO states that the…

Q: Concord Company reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: In this question we will find out Ending inventory, COGS with LIFO, FIFO method and Average cost…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: Here in this question, we are required to calculate gross margin under FIFO,LIFO, Weighted average…

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

A: Calculate weighted-average unit cost as shown below:

Q: Sunland Company uses a periodic inventory system. For October, when the company sold 1,730 units,…

A: FIFO inventory method: It is an inventory valuation method that helps in calculating the ending…

Q: The Luann Company uses the periodic inventory system. The following July data are for an item in…

A: Step 1: Compute the ending inventory (in units) as follows:

Q: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…

A: The cost of goods sold can be determined using various methods like FIFO, LIFO, and the weighted…

Q: Trini Company had the folowing transactions for the month. Number Cost of Units per Unit Totat…

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

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: No. of Units sold = Total goods available for sale - Ending inventory = 490 - 70 = 420 units Average…

Q: Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning…

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

Q: Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning…

A: The question is related to Valuation of closing nventory under three different methods  Required…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: Sales = (total goods available for sale - Ending inventory ) x selling price =(480 - 60) x $26 =420…

Q: Monarch Company uses a weighted-average perpetual inventory system, and has the following purchases…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Akira Company had the following transactions for the month. Sales for the month are $25 per unit.…

A: Cost of goods sold (units)=Beginning+Purchase-Ending units=150+160+130-50=390 units

Q: State Company uses the periodic inventory system. For the month of April 20x4, when the company sold…

A: The FIFO method is the method of the valuation of inventory. Under this method, It is assumed that…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: Weighted Average cost per unit=Total costTotal Units=$5,610450=$12.47

Q: Trini Company had the following transactions for the month. Number Cost of Units per Unit Total…

A: The merchandise corporations follow inventory valuation method according to their requirements to…

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

A: Calculate the weighted average unit cost:

Q: Autok Fabricators, Inc. has 10 units in beginning inventory costing $45 each. It purchased 90 more…

A: Accounting for inventory is done using the three important methods called FIFO (First In First Out),…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: Cheyenne Corp, uses a periodic inventory system and reports the following for the month of June.…

A: First-in-first out method- Under FIFO method inventory that is brought at earlier dates( Older…

Q: Riverbed Corp reports the following for the month of June. Date Explanation Units…

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

Q: Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June.…

A: Computation of weighted-average unit cost: Resulting excel sheet is as follows:

Q: State Company uses the periodic inventory system. For the month of April 20x4, when the company sold…

A: The cost of inventory and the cost of goods sold is determined as per the method used by the…

Q: Lemke Corp. uses a perpetual inventory system with a (moving) weighted average inventory costing…

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

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

A: Moving average cost   Inventory Balance Total cost Average cost 09-Jan 490 $…

Q: The accounting records of Concord Corporation show the following data. 2,820 units at $7 Beginning…

A:

Q: Flounder corp. uses a periodic inventory system. Its records show the following for the month of may…

A: Calculation of Ending Inventory Using the method of FIFO (First in First out), LIFO (Last in First…