The following hammers were available for sale during the year for Wilkins Tools: Beginning inventory 10 units at $40 First purchase 15 units at $50 Second purchase 30 units at $60 Third purchase 25 units at $65   Wilkins has 30 hammers on hand at the end of the year.  What is the dollar amount of cost of goods sold for the year according to the last-in, first-out method?

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

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A:

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A:

Q: A company begins the year with inventory of $50,000 and ends the year with inventory of $40,000.…

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A: SOLUTION- THE INVENTORY CAN BE VALUED USING VARIOUS METHODS AS FIFO,LIFO AND WEIGHTED AVERAGE .

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A:

Q: Use the information below to answer the following question. The following lots of a particular…

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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.