The following information is to be used in costing inventory on August 31. August 1 Beginning balance 1,600 units at P6.00 5 Purchased 400 units at P7.00 9 Purchased 400 units at P8.00 16 Issued 800 units 24 Purchased 600 units at P9.00 27 Issued 1000 units Required: The cost of materials used and the cost assigned to the August 31 inventory by each of these perpetual inventory costing methods: 1. First-in , first-out 2. Average

Q: Edward Company provided the following inventory data for the month of April 2021: Unit Unit Cost…

A: Under FIFO method, the units which has purchased first will be sold first.  Quantity sold = Opening…

Q: Remote Company had the following information pertaining to inventory:     Units Unit Price Total…

A: Average cost per unit = Total cost of goods available for sale / Total no. of units available for…

Q: The following information is to be used in costing inventory on June 30: 01-Jun Beginnning balance…

A: Total no. of units issued = Units issued on June 15 + Units issued on June 25 = 800 + 1000 = 1800…

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

A: Particulars No. of Units Cost per unit Total Value Beginning Inventory 160 $10 $1600…

Q: Hassan Company reports the following for the month of June.     Units Unit cost Total Cost June…

A: Definition:   Perpetual inventory system: The method or system of maintaining, recording, and…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: LIFO means last in first out that is the goods acquired at the end are to be sold first under this…

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: Sandhill Co. reports the following for the month of June. Date   Explanation   Units…

A: Compute weighted average cost per unit:Compute the weighted average average cost per unitDate…

Q: During the month of January, Pfizer Company which used a perpetual inventory system recorded the…

A: Under average method, unit cost is calculated as total cost of goods available for sale divided by…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Perpetual Inventory System: There is a  continual track of  inventory balances under perpetual…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Inventory valuation is used to calculate the ending inventory. It is based on the flow of inventory…

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

A: In the case of the FIFO method, the inventory which is purchased first is also sold first. Whereas…

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

A: Numberof Units Costper Unit Total cost Beginning Inventory 160     $10     $1600 Purchased…

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: A company reports the following beginning inventory and two purchases for the month of January.…

A: Given: A company reports the following beginning inventory and two purchases for the month of…

Q: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--,…

A: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: The different methods for valuation of inventory are: 1. LIFO 2. FIFO 3. Weighted Average method

Q: A company reports the pilowing beginning 450 units. Ending inventory at January 31 totals 170 units.…

A: LIFO - Last in first out means that the units purchased latest will be sold first , therefore the…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Weighted Average Method - Under this method of inventory valuation company takes average of the cost…

Q: Suga Company had the following information relating to its March inventory: Unit Unit Cost Total…

A: Using weighted average method, unit cost is calculated as total cost divided by number of units…

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

A: Determine the inventory available for sale:   Date Particulars Units Unit cost Total Cost April…

Q: MNO Manufacturing Company which uses the periodic inventory system showed the following transactions…

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

Q: The following information is available for Zhang Company: Units Item Beginning inventory 100 First…

A: Solution...     Cost of goods available for sale  = $2,840  Units available for sale  = 500

Q: The cost of materials used and the cost assigned to the August 31 inventory by each of these…

A: FIFO- Under first in first out method inventory that is brought at the earlier dates are sold/issued…

Q: Pronghorn Corp reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: Following are the calculation of weighted average unit cost:

Q: 1.  Calculate the total amount to be assigned to the ending inventory under each of the following…

A: Requirement a:   Compute the amount of ending inventory under FIFO method.

Q: Bridgeport Corp. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate weighted-average unit cost as shown below:

Q: II. A. The following information is to be used in costing inventory on August 31 August Beginning…

A: The question is related to Valuation of issue of inventory. 1. First in First Out:- : It is a method…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: LIFO  Last-in First Out: Under LIFO inventory accounting, units purchased last are sold first.

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

A:

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

A: First-in, First Out (FIFO) Under the First in first out (FIFO) method of inventory valuation, Cost…

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

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

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

A: Introduction: FIFO: FIFO stands for First in First out. Which means first received inventory to be…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: Sales = (total goods available for sale - Ending inventory ) x selling price =(480 - 60) x $26 =420…

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

A: First in first out is a method of accounting of inventory in which the stock purchased first is…

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: On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625.…

A:

Q: Bridgeport Corp. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate the weighted average unit cost:

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Introduction: FIFO Method: FIFO Stands for First in First out. Which means first received inventory…

Q: Information related to Hixen Company's periodic inventory for October 31 is given below: 中 Units…

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

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Weighted Average cost method is a method of pricing of inventory. Under average cost method the…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: No. of Units Cost per unit Jan 1 250 2.30 Jan 9 60 2.50 Jan 25 100 2.64

Q: Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June.…

A: Computation of weighted-average unit cost: Resulting excel sheet is as follows:

Q: Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as…

A: Inventory or Stock is the goods and material a business holds for a resale. Before working on the…

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: (a). Specific identification; ending inventory is comprised of 100 units from beginning inventory…

A: Calculation of closing stock(Units): Closing inventory = Opening inventory + purchases - Sales…

Q: Hassan Company reports the following for the month of June.     Units Unit cost Total Cost June…

A: a)

Q: Receipts and issues of a raw material for a period were:   Date Details Units Cost per unit…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence,…

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.