Sandhill Co. reports the following for the month of June. Date   Explanation   Units   Unit Cost   Total Cost June 1   Inventory   121   $5   $ 605 12   Purchases   345   6   2,070 23   Purchases   202   7   1,414 30   Inventory   250                   Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost   $enter a weighted-average unit cost in dollars             Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)     FIFO   LIFO   Average-cost The cost of the ending inventory   $enter a dollar amount     $enter a dollar amount     $enter a dollar amount   The cost of goods sold   $enter a dollar amount     $enter a dollar amount     $enter a dollar amount

Q: Moath Company reports the following for the month of June. Units Unit Cost Total Cost 200 $ 1,000…

A: Ending Inventory FIFO = 100 x $7 = $700 LIFO = 100 x $5 = $500 Cost of goods sold FIFO = $5,500 -…

Q: The following information is available for Zhang Company: Item Units Unit Total cost Beginning…

A: Solution...     Total costs of goods available for sale = $2,840  Total units available for sale =…

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

A: Particulars No. of Units Cost per unit Total Value Beginning Inventory 160 $10 $1600…

Q: Al Ahli company had the following purchases and sales during its first year of operations: Purchases…

A: The weighted average inventory costing method is the method under which the average cost per unit of…

Q: Moath Company reports the following for the month of June. Units Unit Cost Total Cost June 1…

A: Given, Total Units = 900 Ending Units = 100 Units Sold = 800

Q: Extreme Company showed the following information: Total cost Unit cost Units 40. 400,000 10,000…

A: FIFO is a method of valuing inventories in which the goods purchased first are sold on a priority…

Q: Pharoah Co. began operations on July 1. It uses a perpetual inventory system. During July, the…

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

Q: Information on Entity A's inventory of Product A is as follows: Cost formula Total Cost P 58,650…

A: The weighted average cost per unit will be equal to total beginning inventory & purchases…

Q: H. end Calculate the cost of goods sold dollar value for A65 Company for the month, considering the…

A: FIFO Method: Under the FIFO method, there is an assumption that the first goods purchased are also…

Q: Assume Hadley Co has the following purchases of inventory during the first month of operations…

A: The direct costs of manufacturing the commodities sold by a corporation are referred to as the cost…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Compute the weighted average cost per unit as follows: Cost per unit=Beginning…

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: The beginning inventory and following transactions occurred during November:     Units Unit Cost…

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

Q: Blossom Company reports the following for the month of June.           Units   Unit Cost…

A:

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

A: Numberof Units Costper Unit Total cost Beginning Inventory 160     $10     $1600 Purchased…

Q: Larkspur, Inc. reports the following for the month of June.         Units   Unit Cost   Total…

A: FIFO : First in First Out.  It assumes that the oldest inventory is sold first. LIFO : Last in First…

Q: Compute the cost of the ending inventory and the cost of goods sold under (1)FIFO and (2)LIFO.(2…

A:

Q: nventory information for Part 311 of Whispering Corp. discloses the following information for the…

A: Introduction: LIFO: LIFO stands for Last In First Out which means last received inventory to be sold…

Q: E4A. In chronological order, the inventory, purchases, and sales of a single product for a recent…

A: Date Particulars Units Amount Value {Units * Amount}       $ $ 1-Jun Beginning inventory 150 30…

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 39 $…

A:

Q: reported the following information wi Roundt espect to cost of goods sold for the current year:…

A: 1.Inventories shall be measured at the lower of cost and net realizable value on balance sheet date…

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

A: Following are the calculation of weighted average unit cost:

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

A: Cost allocation:- Cost allocation is the process of identifying and allocating the total production…

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

A: Date Explanation Units Unit cost Total cost 1-Jun Inventory 117 $5 $585 12-Jun Purchases 336 $6…

Q: Celine Company provided the following data relating to an inventory item. Total cost 1,000,000…

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

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

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

A: First-in, First Out (FIFO) Under the First in first out (FIFO) method of inventory valuation, Cost…

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 of Units Cost per Unit…

A: Introduction: FIFO: FIFO stands for First in First out. Which means first received inventory to be…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: There are three methods used to value Inventory, they are FIFO LIFO Weighted Average

Q: Whispering Winds Corp. reports the following for the month of June.         Units   Unit Cost…

A: Cost of goods sold shows the carrying value of goods that have been sold during a particular period…

Q: Given the following: Number Cost per unit $ 4 purchased Total January 1 inventory April 1 40 2$ 160…

A: Ending inventory is computed by adding the beginning inventory and purchases and then subtracting…

Q: he following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: Calculation of COGS and ending inventory: FIFO COGS= (500*4)+(600*5)+(500*6) =2000+ 3000 +3000 =$…

Q: Smalley, Inc., purchased items of inventory as follows:Jan. 4 100 units @ $2.00Jan. 23 120 units @…

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

Q: Omega Company reports the following for the month of June. Units Unit Cost June 1 Beg Inventory 300…

A: The cost of the ending inventory and the cost of goods sold can be computed by various methods. The…

Q: Lane Company provided the following inventory card during February: Purchase Units used Balance…

A: SOLUTION- WEIGHTED AVERAGE METHOD-  IT IS INVENTORY COSTING METHOD THAT ASSIGN AVERAGE COSTS TO…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…

A: The weighted Average Cost (WAC) method of inventory valuation equips a weighted average to estimate…

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: dud's Place recorded the following data: Units Unit Date Received Sold On Hand Cost 1/1 Inventory…

A: Definition: Weighted-average cost method: Under average cost method inventories are priced at the…

Q: Ivanhoe Co. began operations on July 1. It uses a perpetual inventory system. During July, the…

A: Average unit cost is calculated as Cost of goods available for sale divided by the number of units…

Q: Sylvia's Designs Co. had the following inventory activity during April:…

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

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Weighted average cost of inventory is an inventory valuation method in which cost of goods sold and…

Q: Hassan Company reports the following for the month of June.     Units Unit cost Total Cost June…

A: 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…

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.