The company is using the periodic inventory system, has merchandise inventory costing 140 on hand at the beginning of the period. During the period, merchandise costing 400 is purchased. At year-end, merchandise inventory costing 180 is on hand. Compute the cost of merchandise sold for the year.

Q: A company purchased 130 units for $30 each on January 31. It purchased 170 units for $25 each on…

A: Cost of goods sold = 130 * $30 + 40 * $25 Cost of goods sold = $3,900 + $1,000

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

A: Last in first out means that cost of goods sold consist of latest purchase and closing stock consist…

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

A: As per last-in, first-out method units sold from inventory are the units that have been purchased…

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

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

Q: Cost of goods Sold

A: Jan 1 400 $7.00 $2800   Feb 15 1000 $7.50 $7500   June 30 1400 $8.00 $11200   Nov 25 1200…

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

A: Definition:   Periodic inventory system: The method or system of recording the transaction related…

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

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

Q: A company using the periodic inventory system has merchandise inventory costing $333 on hand at the…

A: Formula to calculate cost of merchandise sold: Cost of merchandise sold = Opening merchandise…

Q: A company using the periodic inventory system has inventory costing $183 on hand at the beginning of…

A: Cost of goods sold = Beginning inventory + merchandise  purchased - Ending inventory

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

A: The Numerical has covered the concept of Valuing Ending Inventory Under FIFO, LIFO,  Average Method.…

Q: Date Purchases Sales Balance Quantity Cost Quantity Cost Quantity Cost $72 Nov 1 65 Nov 3 120 $60 65…

A: Cost of goods sold refers to the direct expenses involved in the production of the goods sold by a…

Q: A company using the periodic inventory system has merchandise inventory costing $247 on hand at the…

A: Periodic inventory system: Periodic inventory system is a system, in which the inventory is updated…

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

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

Q: A company using the periodic inventory system has inventory costing $188 on hand at the beginning of…

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each…

A: The FIFO method under the perpetual inventory system records the cost of goods sold from the…

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: Orlon Iron Corporation tracks the number of units purchased and sold throughout each year but…

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

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: Gingerbread, Corp. presents the following information for inventory purchases and sales throughout…

A: "Periodic" means that the Inventory account is not routinely updated during the accounting period.…

Q: At year-end, Barr Co. had shipped $12,500 of merchandise FOB destination to Lee Co. Which company…

A: FOB Destination:- FOB Destination indicates that the sale will occur at the Destination-buyer’s…

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: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: A company using the periodic inventory system has inventory costing $137 on hand at the beginning of…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

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

A: Inventory cost valuation has different kinds of following methods: a) FIFO: Under this method, it is…

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: Jackie’s Parts Shop recorded the following purchases and sales during the past year (see attached…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

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

A: FIFO Cost of ending inventory  (210 x 7) + (40 x6) = 1710 Cost of goods sold = (100 x 5) + (325 x6)…

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

A: The question is based on the concept of Cost Accounting.

Q: Pina Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1,…

A: The cost of goods sold refers to the cost of making the number of goods sold by an entity. But, it…

Q: A retailer uses the periodic inventory system. At year end, the following information was available:…

A: The following date is given: Beginning Inventory: $52,000Purchases: 556,000Freight in: $16,300…

Q: Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period…

A: 1. Computation of cost of goods available for sale, cost of ending inventory and cost of goods sold…

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: Assume that in September, Joplin Designs customers actually return $150,000 of inventory. Using the…

A: A journal entry is a form of accounting entry that is used to reporting the business transaction in…

Q: Jessie Stores uses the periodic system of calculating inventory. The following information is…

A: The first in, first-out (FIFO) inventory valuation method is based on the cost flow assumption that…

Q: Bronson Inc. is a retailer of sporting goods. Bronson’s beginning inventory is $80,000 and…

A: Periodic inventory system: Periodic inventory system is a system, in which the inventory is updated…

Q: A company has the following purchases and sales during October. Using the FIFO periodic inventory…

A: Inventory refers to the stock that the company kept for resale purposes or the goods that are not…

Q: Orlon Iron Corporation tracks the number of units purchased and sold throughout each year but…

A:

Q: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…

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

Q: What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail…

A: Beginning inventory at cost = $70000 Beginning inventory at retail = $100000 Net purchases at cost =…

Q: In its first month of operations, Bramble Corp. made three purchases of merchandise in the following…

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

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

A: Weighted average is one inventory costing method adjusts the cost per unit of inventory every time…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: FIFO - First in first out is the method of inventory where the goods purchased are sold first and…

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

A: Beginning inventory=Units×Per units=2000×$25=$50,000

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

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

Q: Lee Ltd. has the following units and costs for the month of April. Beginning inventory, April 1,…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

Q: Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period…

A: INVENTORY COSTING :- 1. Inventory costing is very crucial as we need to present in the financial…

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

A: Solution 1a: Computation of COGS and ending inventory - Periodic LIFO Particulars Cost of goods…

Q: Please help

A: 1.Periodic inventory system: The method or system of recording the transactions related to…

Q: Pearl Company uses the gross profit method to estimate inventory for monthly reporting purposes.…

A: Cost of goods sold = Inventory may 1 + Net purchase + Freight in - Inventory at May 31 So, Ending…

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.