Slack Company provided the following inventory information relating to television sets for the current year. Units Unit cost January 1 Inventory on hand April 1 5 Purchase October 1 Purchase 7,500 9,000 10,000 200 300 500 The entity sold 700 TV sets during the year. A physical count on December 31 indicated that 300 TV sets are on hand. Required: Assuming that the entity used the periodic inventory system, compute the cost of the ending inventory and the cost of goods sold using FIFO and weighted average.

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Ending Inventory = Total Cost of goods - Cost of goods sold

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: How much is the cost of goods sold using the specific identification method of inventory valuation?…

A: First, find the cost of ending inventory and then deduct it from the total cost to compute the cost…

Q: The following units of an inventory item were available for sale during the year: Unit Unit Cost…

A: The average cost per unit is computed as total cost of goods available for sale divided by number of…

Q: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: LIFO : Last In First Out

Q: The following units of an item were available for sale during the year: Beginning inventory 43…

A: LIFO is one of the method of inventory valuation in which the goods added to inventory at last are…

Q: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: In LIFO (Last In First Out ) Method, the goods received last are dispatched first, so the ending…

Q: What was the cost of goods sold using the FIFO cost flow assumption under a periodic inventory…

A: Units Cost per unit Total cost 1/1 400 3200 1280000 6/6 800 3600 2880000 9/10 1200 4000…

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: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

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: The following units of an item were available for sale during the year: Beginning inventory 45…

A: a. Compute the total cost of the ending inventory according to FIFO.

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

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

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

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

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: The sale was made on Jan 14, So the average cost will be calculated from the purchases of Jan 1 and…

Q: At the beginning of the current period, Viraat Industries, which uses a periodic inventory system,…

A: a. Cost of goods sold = Beginning Inventory units + Purchase #1 units + Purchase #2 40 units =…

Q: The following is the information for ABC Corporation for the inventory transactions. The company…

A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first.

Q: uly 1               150 units              $5.20                 $  780 July 10             200…

A: Inventory may be : Opening Inventory  Closing Inventory  Number of units sold = Number of units…

Q: Using FIFO, the cost of goods sold for the sale of 23 units on July 31 is ____ and the inventory…

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

Q: Crane Company uses a periodic inventory system. For October, when the company sold 1,690 units, the…

A: Introduction: FIFO inventory method: FIFO stands for First-in First-Out. As the name suggests, this…

Q: Reed Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO means last in first out Which means that cost of goods sold will consist of lastest purchased…

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: ntercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: LIFO: LIFO stands for Last in First out. Last received inventory should be sold first.

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Ending Inventory = Total Cost of goods - Cost of goods sold

Q: The following information was available from the inventory records of Swifty Corporation for…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

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: The following is the information for ABC Corporation for the inventory transactions The company sold…

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

Q: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: FIFO method: FIFO stands for First In First out. Under this method, the units purchased first are…

Q: ojo Industries tracks the number of units purchased and sold throughout each accounting period but…

A: Calculate ending inventory:

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: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

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

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

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

Q: Inventory information for Part 311 of Novak Corp. discloses the following information for the month…

A:

Q: Consider the following information for Maynor Company, which uses a perpetual inventory system:…

A: FIFO means first in first out where goods sold consist of oldest purchase. LIFO means last in first…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: out of beginning inventory of 30 units, 20 units are sold in sale no. 1

Q: At the beginning of the current period, Viraat Industries, which uses a periodic inventory system,…

A:

Q: Tyler Company has the following information related to purchases and sales of one of its inventory…

A:

Q: The following units of an item were available for sale during the year: Beginning inventory 44 units…

A: Particulars Purchase Sale Balance Units Cost per Unit Total Cost Units Cost per Unit Total Cost…

Q: Heiner Company began business on July 1, 2022 and made the following four inventory purchases in…

A: Introduction:- LIFO means Last-in-first-out It is one of the inventory valuation method. As per…

Q: Klump Co. uses a perpetual inventory system and had the following inventory transactions for the…

A: LIFO: Last-In First Out:- As per LIFO method, units purchased last are sold first. Under perpetual…

Q: RJ Corporation has provided the following information about one of its inventory items: Number of…

A: Under LIFO method,we assume that inventory which is bought later will be sold earlier i.e. last in…

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: Altira Corporation provides the following information related to its merchandise inventory during…

A: Under the perpetual inventory system, the inventory balance is updated immediately by recording the…

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: Perez Company had the following information for the year ending December 31: Units Unit Cost…

A: FIFO: FIFO stands for First in First out which means first received inventory to be sold first.

Q: Anderson Company had the following information for the year ending December 31: Units Unit Cost…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: Nadal Athletic has the following transactions related to its inventory for the month of August 2021:…

A: Using weighted average method, the cost per unit is calculated as total cost of goods available for…

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.