State Company uses the periodic inventory system. For the month of April 20x4, when the company sold 700 units, the following information was available: April 1, 20x4 Units 250 Cost per unit $ 10 Total Cost $ 2,500 April 15, 20x4 Units 400 Cost per unit $ 12 Total Cost $ 4,800 April 23, 20x4 Units 350 Cost per unit $ 13 Total Cost $ 4,550 a. Determine inventory and cost of goods sold as of April 30 using the average cost method. b. Determine inventory and cost of goods sold as of April 30 using the FIFO method. c. Determine inventory and cost of goods sold as of April 30 using the LIFO method.

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

A: LIFO: Last-In First Out:- As per LIFO method, units purchased last are sold first.  Hence, April 23…

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: Teat Mountain uses a periodic inventory system in April, 600 units were sold and the following…

A: In the context of the given question, we are required to compute ending inventory and cost of goods…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but ap at…

A: Let's understand some basics Ending Inventory is the goods which are purchased but no yet sold at…

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: Bonita Industries sells one product and uses a perpetual inventory system. The beginning inventory…

A: Perpetual Inventory System In perpetual inventory system the entries are carried out at the time of…

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: 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: (A) Al Falah Co. uses a periodic inventory system. Its records show the following for the month of…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

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

A: Determine weighted-average cost per unit.

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: Brinker, Inc. uses the perpetual inventory system. The following information is available for the…

A: Under FIFO, the management assumed that the product being sold is from the units purchased first and…

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

A: Given that: Sales units = 240 units

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: First in first out means that goods sold will be from the oldest purchase and last in first out…

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

A:

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

A: On Average Cost basis;                  COGS = 137 x $13.333 = $1,827                  Closing Stock…

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

A: In the given question we need to compute the amount of goods available for sale . ending inventory…

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: AL ZAIN ltd uses a periodic inventory system. Its records show the following for the month of May,…

A: Calculate the cost of goods sold and ending inventory cost under FIFO.

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

A: Average cost method of inventory says that cost of ending inventory and cost of goods sold should be…

Q: During the year, a company sold 8,500 units of inventory for $30 per unit. In addition, the company…

A:

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

A: The cash value attributed with the products in stock at the end of the financial period is known as…

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: 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: Tablet Company, which uses a periodic inventory system, reports the following in its inventory…

A: Total units available for sale = Beginning Inventory + Purchases = 10 + 5 + 5 = 20 units Cost of…

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A:

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

A: Calculate ending inventory:

Q: Coronado Company uses a periodic inventory system. For April, when the company sold 450 units, the…

A: Ending Inventory = Opening inventory + Purchase - Sold Ending Inventory = 330 + 380 + 290 - 450…

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

A:

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

A: There are 3 types of methods for inventory valuation: a. FIFO b. LIFO c. Weighted average   FIFO: In…

Q: Blossom Company uses a periodic inventory system. For April, when the company sold 550 units, the…

A:

Q: The following data is available for one of the products sold by Chan Company for the month of April:…

A: This question is related to inventory valuation, there are many methods of inventory valuation such…

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: ABC company started its operations this year and began with no inventory on hand. It provided the…

A: In first in first out (FIFO) method, the inventory purchased first is sold first. The inventory…

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

A: Note:- I am only answering the wrong part..   Specific- Identification…

Q: The company uses the perpetual inventory method and started the month of November with 500 units of…

A: Under perpetual system moving average method, cost of units calculated in same manner as for…

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

A: Calculate the weighted- average unit cost:

Q: Grays Company has inventory of 30 units at a cost of $11 each on August 1. On August 3, it purchased…

A: Under the FIFO method of inventory, the earliest purchases are sold first. So the sales of 32 units…

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

A: According to IFRS, Inventory cost valuation is done based on FIFO, LIFO or Average costing method.

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: Kingbird Company uses a periodic inventory system. For April, when the company sold 470 units, the…

A: Inventory Valuation:"LIFO" stands for last-in, first-out, meaning that the recently purchased…

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: 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…

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.