The following information was available from the inventory records of the Lunacia Company for January 2021:      Units    Unit Cost    Total Cost Balance, January 01, 2021    2000              9,775.00                                         19,550.00  Purchases:             January 06, 2021    1500           10,300.00                                         15,450.00  January 26, 2021    3400           10,750.00                                         36,550.00  Sales             January 07, 2021    1800         January 31, 2021    3200         Balance, January 31, 2021    1900         Assuming that Lunacia does not maintain perpetual inventory records, what should be the inventory at January 31, 2021, using the average cost inventory method rounded to the nearest peso?

Q: You have the following information for Marigold Corp. for the month ended October 31, 2022. Marigold…

A: Periodic inventory system is updated at the end of the period to adjust inventory numbers to match…

Q: The following information applies to the questions displayed below.] During the year, TRC…

A: Weighted average cost per unit of inventory Weighted average cost per unit of inventory is…

Q: The records of Rami co. show the following data on June 30, 2020, During the month inventory Sold on…

A: Average Method:-It is the cost calculated by dividing the total cost by the total number of units.…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales…

A: Ending units=Beginning units+Purchases -Units sold=260+340+440+190-800=430 units

Q: Hogan Industries had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1,…

A: Lets understand the basics. Gross profit is a profit generated from the sales. Gross profit = Sales…

Q: ANC Company had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on…

A: The Numerical has covered the concept of the Moving Average method For Estimating Ending Inventory…

Q: Beta Company uses a periodic inventory system. Details for the inventory account for the month of…

A: LIFO method: Last-in, first-out method is one of the inventory valuation methods that assume the…

Q: The Ryan Corporation uses the periodic inventory method. The following data were available for the…

A: Note: As per the policy, we are supposed to solve the first three subparts at a time, kindly repost…

Q: Uki Company had the following transactions for inventory during 2020:   Units Unit Cost Unit…

A:

Q: The following transactions of Celtic Manufacturers, that uses the perpetual inventory system, took…

A: Inventory on hand on Feb 7 = 90 units x R17  = R1,530

Q: As at 1 January 2019 Smith Ltd had 300 units on hand, which had cost €15.00 per unit. The following…

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

Q: You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock…

A: Inventory Valuation Methods - Inventory valuation involve FIFO Method, LIFO Method and Average Cost…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…

A: First In First Out Method: The FIFO Method is a method of valuation of inventory remaining at the…

Q: Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since…

A: SOLUTION WORKING NOTES   COMPUTATION OF EFFECT NET INCOME AFTER CHANGE- AVERAGE COST PER UNIT =…

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: The inventory is the current assets of the company.

Q: At the beginning of the current period, Viraat Industries, which uses a periodic inventory system,…

A: a. Cost of goods sold = Beginning Inventory units + Purchase #1 units + Purchase #2 40 units =…

Q: Muscat Company uses the periodic .24 inventory system to account for inventories. Information…

A: Total units available for sale = Beginning inventory + Purchase on 1/15/2020 + Purchase on 1/28/2020…

Q: The following is the information for ABC Corporation for the inventory transactions. The company…

A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first.

Q: During 2021, a company sells 379 units of inventory for $92 each. The company has the following…

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

Q: What is the amount of inventory on March 31 using the moving average cost flow technique? During…

A:

Q: Altira Corporation provides the following Information related to Its merchandise Inventory during…

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

Q: uly 1               150 units              $5.20                 $  780 July 10             200…

A: Inventory may be : Opening Inventory  Closing Inventory  Number of units sold = Number of units…

Q: A company has the following information available that was used to report inventory using the…

A: Most of ending inventory is to be reported at cost index 1.06

Q: Dhofar Company has the following information regarding its inventory items for 2021.   Date Event…

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

Q: During 2021, a company sells 310 units of inventory for $92 each. The company has the following…

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

Q: Monami Company uses the weighted average method to determine the cost of its inventory.  Monami…

A: Perpetual inventory system records the inventory on real time basis.

Q: The inventory records of Machiatto Company in January 2020 show the following informations Balance…

A: FIFO is a method of valuing the inventories in which the goods purchased first are sold on a…

Q: The following is the information for ABC Corporation for the inventory transactions The company sold…

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

Q: The inventory records of Mod Oil Company for January 2020 showed the following data for an item of…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: The DJ company uses a periodic inventory system. The beginning balance of inventory and purchases…

A: Introduction  Inventory may be defined as the stock of goods ready to be sold at a particular point…

Q: pany had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on January…

A: Solution: Introduction: Inventory Valuation Methods are generally used to determine the Cost of…

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

A: The Numerical has covered the concept of First in First out method and Weighted Average Method of…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: out of beginning inventory of 30 units, 20 units are sold in sale no. 1

Q: he following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: Calculation of COGS and ending inventory: FIFO COGS= (500*4)+(600*5)+(500*6) =2000+ 3000 +3000 =$…

Q: The inventory records of Kuffel Co. reflected the following information for the year ended December…

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

Q: The records of Rami co. show the following data on June 30, 2020, During the month inventory on hand…

A: Definition: First-in-First-Out (FIFO): In the First-in-First-Out method, the first purchased items…

Q: A company has the following information available that was used to report inventory using the…

A: The cost index represents the cost fluctuations incurred by businesses as a result of the…

Q: Grotesque Company which employed the FIFO retail method provided the following inventory data: 2020…

A: The retail inventory method calculates the ending inventory by multiplying the retail closing stock…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…

A: Under LIFO purchases made at last are sold first.    In this question, 3900 units are sold. So first…

Q: The 2021 inventory data for Island Corporation is presented below. Assume that Island uses periodic…

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

Q: You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock…

A: Weighted average cost per unit= Total purchase and begcost/ Total purchased and beg unit

Q: The following information was available from the inventory records of Sheffield Corp. for January:…

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

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 800…

A: Inventory valuation is based on the flow of inventory used by the organization. There are several…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: Periodic Inventory System:- This is the inventory system where entries get updated on a periodic…

Q: Riverside Inc. began business on January 1, 2020. The firm made the following inventory purchases…

A: FIFO and LIFO are the assumptions used to calculate the amount of cost of goods sold and ending…

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: Rate after profit=100%-Normal profit rate=100%-20%=80%

Q: Nadal Athletic has the following transactions related to its inventory for the month of August 2021:…

A: Using weighted average method, the cost per unit is calculated as total cost of goods available for…

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.