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 300 Cost per unit $ 10 Total Cost $ 3,000 April 15, 20x4 Units 400 Cost per unit $ 12 Total Cost $ 4,800 April 23, 20x4 350 units Cost per unit $ 13 Total Cost $ 4,550 Determine inventory and cost of sales as of April 30 using the FIFO method

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

A: Under FIFO method assumes that the inventory purchased firstly are to be been sold first

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

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

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

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

Q: Sunland Company sells one product and uses a perpetual inventory system. The beginning inventory…

A: LIFO is the Last in first out method of inventory which says that inventory purchased last will be…

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: Marigold uses the periodic inventory system. For the current month, the beginning inventory…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

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: 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: Seneca Co. began the year with 6,500 units of product in its January 1 inventory costing $35 each.…

A: Given: Seneca Co. began the year with 6,500 units of product in its January 1 inventory costing $35…

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: Total cost of goods available for sale = $11,850 Total units available for sale = 1,000 units Ending…

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

A:

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

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

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

A: Units Sold = Units available for sale - Units in ending inventory Units Sold = 670 - 203…

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

A: Meaning of First In First Out :-  First In, First Out, also known as FIFO, is a method for valuation…

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

A: FIFO (First -In - First -Out) Method:  Under this method,materials received first are issued first.…

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

A: FIFO is the inventory valuation method in which inventory purchased first will be sold first. LIFO…

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: 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: The company uses the perpetual inventory method. It began the month of March with 100 units of…

A: Calculation of weighted average cost per unit : Date  Particulars  Calculation  Per Unit Cost…

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

A: Lets understand some basics Inventory is the accounting of items, component parts and raw materials…

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: 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: Jailbird Company provided the following data about the inventory for the month of January: Units…

A: As per the moving average method, the value of ending inventory is determined by weighted average…

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: Kiwi Ltd. started April with 90 units in inventory costing $16 each. Kiwi Ltd., which uses a…

A: Introduction Inventory Valuation Method: Inventory valuation methods are used to determine the cost…

Q: Sheffield uses the periodic inventory system. For the current month, the beginning inventory…

A: No. of units in ending inventory = Beginning inventory + purchases - sales =7100+2800+11900-13000 =…

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

A: Given that, Company has beginning units = 210 @ $210 Each. During August, the company purchased 310…

Q: Concord uses the periodic inventory system. For the current month, the beginning inventory consisted…

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

Q: Jailbird Company provided the following data about the inventory for the month of January: Units…

A: Under the moving average cost method, the cost of inventory calculates by dividing the cost of items…

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.