The following inventory data are available for the company: Transactions                                Units                    Unit Cost Beg. Inventory 1/1/2020                700                        $22  Purchase in February                    600                        $20  Purchase in July                            700                        $18 A count of inventory at year end (12/31/2020) revealed that 600 units remained on hand in ending inventory.  What was the cost of goods sold and ending inventory for the year using the first-in, first-out (FIFO) inventory method?

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

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A: FIFO ledger Formulas   Moving Weighted Moving Average Formula

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A: a.

Q: Nash's Trading Post, LLC uses a periodic inventory system. Details for the inventory account for the…

A: Formula: Sales units = Beginning inventory + Purchases - Ending inventory. Gross profit = Sales -…

Q: Marigold Company has the following inventory information. July 1 Beginning Inventory 30 units at $80…

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A: Calculation of ending inventory cost FIFO= (60*200)+(15*180) = $ 14700

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A:

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

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: Crandall Distributors uses a perpetual inventory system and has the following data available for…

A: There are various methods by which the cost of ending inventory and cost of goods sold can be…

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,090…

A: Total units available for sale = 1090+1410+1695+1145 = 5,340 units Total cost of goods available for…

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

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Q: The following units of an inventory item were available for sale during the year: Beginning…

A: Total units are 68  Out of which units sold are 50 given  Hence 18 are closing inventory  LIFO…

Q: When the physical count of Swifty Company inventory had a cost of $4390 at year end and the…

A: When ending inventory is overstated, this reduces the amount of inventory that would otherwise have…

Q: Explain the following : 1. RAAS Company uses a periodic inventory system. Details for the inventory…

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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: Lopez Company reported the following current-year data for its only product. The company uses a…

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A: Quantity sold = Quantity of opening stock + Quantity purchases - Quantity of closing stock Quantity…

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

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Q: The following information is for the Bloom Company for 2012; the company sells just one product:…

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

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

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Q: Upland Co.s inventory records showed the following data accounted for in a perpetual inventory…

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Q: Mission Company provided the following information for the year 2021: Jan. 01 Inventory on hand 200…

A: Total units available for sale  = 200 + 300 + 500 = 1000 units   Total units sold = 400 + 400 = 800…

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

A: Under FIFO method of inventory valuation , units which were purchased firsts are sold first ,…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000…

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

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…

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Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Beginning inventory…

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

A: Given the following information: Opening Inventory: 400 units @ $5 per unit Purchases15th January,…

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

A: Ending inventory is the cost of things on hand at the end of the reporting period. For a corporation…

Q: Consider the following information for Maynor Company, which uses a perpetual inventory system:…

A: FIFO means first in first out where goods sold consist of oldest purchase. LIFO means last in first…

Q: The following units of an inventory item were available for sale during the year. Use this…

A: FIFO method of costing inventory states that the items purchased first will be sold out first, and…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,095…

A: Workings: Total units: 1095+1385+1680+1125                 = 5285 units.

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: The following units of an inventory item were available for sale during the year : beginning…

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Q: SOVEREIGN Industries' inventory during the year is given below. The company uses a periodic…

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Q: 1. The following units of an inventory item were available for sale during the year. Use this…

A: Under the periodic inventory method, the inventory is valued at the end of the period. There are…

Q: On January 2020, Roel Corp. has the following inventory purchases. January Units Amount 4 5750…

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Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

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

Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

A: a. FIFO method:

Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

A: First in First out (FIFO) is one of the inventory valuation methods in which the earliest inventory…

Q: The following units of an inventory item were available for sale during the year. Use this…

A: Solution: Ending inventory units = Total units - units sold = (10 + 25 + 30 + 15) - 60 = 80 units -…

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: Total units available for sale = 10+17+28+15 = 70 units Units sold = 48 units Ending inventory…

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Beginning inventory…

A: The inventory card is prepared in the next step using the FIFO method.   Under the FIFO method,…

Q: The inventory accounting records for Lee Enterprises contained the following data: Beginning…

A: Cost of goods sold: It refers to the purchase value of the goods that are being sold. The amount of…

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.