The following lots of a particular commodity were available for sale during the year Beginning inventory               7 units at $52.00 First purchase                        19 units at $53.00 Second purchase                   51 units at $58.00 Third purchase                       13 units at $57.00 The firm uses the periodic system, and there are 24 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the LIFO method? A. $5,070.00 B. $1,248.00 C. $1,265.00 D. $1,379.00

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

A: A periodic inventory system is a form of accounting stock valuation practice. In this system, the…

Q: The following lots of a particular commodity were available for sale during the year: Beginning…

A: A periodic inventory system or the periodic inventory method is an accounting method in which one…

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

A: a.

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 11…

A: Here in this question, we are required to calculate ending inventory value under periodic FIFO…

Q: The following lots of a particular commodity were available for sale during the year Beginning…

A: Introduction: LIFO: LIFO stands for Last in First out which means last received inventory to be sold…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units…

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

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 8…

A: As per LIFO method -  inventory purchased, at last, will be sold first.   Given that, ending…

Q: he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A:

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

A: The average cost per unit is computed as total cost of goods available for sale divided by number of…

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 11…

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

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 10…

A: First In, First Out (FIFO): It is a system of Inventory valuation in which the goods that are…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

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

Q: The units of an item available for sale during the year were as follows:   March 1 Inventory 10…

A: Definition: Periodic Inventory System: A periodic inventory system is a system in which the…

Q: The units of an item available for sale during the year were as follows: $ 7,200 Jan. Inventory 20…

A: (a) Calculate the ending inventory using FIFO method.

Q: The following hammers were available for sale during the year for Wilkins Tools: Beginning…

A: UNDER LAST IN FIRST OUT METHOD (LIFO) , THE COST OF THE MOST RECENT PURCHASED ITEM ARE FIRST TO BE…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 8…

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

Q: Use the information below to answer the following question. The following units of an inventory item…

A: Weighted Average: Under the weighted average method, a weighted average cost is calculated and the…

Q: 7 First purchase 19 units at $52 Second purchase 24 units at $59 Third purchase 17 units at $62

A: The accounting concept of first in, first out (FIFO) stipulates that assets purchased or acquired…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 12…

A: There are 3 types of methods for inventory valuation: a.FIFO b. LIFO c. Weighted average a. FIFO: In…

Q: The following lots of Commodity Z were avcilable for sale during the year. Beginning inventory 10…

A: FIFO (First-in First Out): Under FIFO inventory accounting, units purchased are sold first. As the…

Q: Beginning inventory 12 units at $47.00 First purchase 19 units at $55.00 Second purchase 52 units at…

A: Solution: amount of inventory at the end of the year using LIFO = 12 units from beginning inventory…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

A: Under the LIFO method, the cost of the goods sold includes the latest purchases the ending inventory…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 22 units…

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

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

A: Given,

Q: The following lots of a Commodity P were available for sale during the year. Beginning inventory 5…

A: According to the periodic system of inventory computation, the computation of inventory balance is…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

A: Inventory refers to the stock held by the company for the resale purpose of the inventory which is…

Q: The following lots of a particular commodity were available for sale during the year Beginning…

A: The correct option is  A. $1,408.00

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A: Calculate Units sold:  Units Sold=Total units avaialble-Inventory at November 30=97-13=84

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 10…

A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…

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

A: LIFO SYSTEM (LAST IN FIRST OUT) TOTAL UNITS AVAILABLE :  = 80 UNITS  TOTAL UNITS SOLD :  = 60 UNITS…

Q: The following lots of a particular commodity were available for sale during the year Beginning…

A:

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 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…

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

Q: The following lots of a particular commodity were available for sale during the year: Beginning…

A: Total units available for sale = 10+25+30+15 = 80 units Units sold = 25 units Ending inventory…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…

A: Inventory valuation methods are different methods used to allocate the value to the inventory. They…

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

A: As the form illustrated mentioned in the question is not available, the answer is given in  the…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A: Calculating units sold: Units sold = Total units available for sale - Units in ending inventory = 96…

Q: The following lots of a Commodity P were available for sale during the year. Beginning inventory 5…

A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 9…

A: Solution: A Periodic Inventory System which updates and records the inventory accounts at a certain,…

Q: The following lots of a Commodity P were available for sale during the year. Beginning inventory 5…

A: FIFO Method = First in First out is a method of inventory valuation in which it is assumed that…

Q: The following lots of a particular commodity were available for sale during the year Beginning…

A: Average Cost method: This approach allocates a cost to inventory items based on the overall cost of…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 8…

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

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24…

A: a) Inventory cost by FIFO method - As per FIFO method, goods purchased first will be sold first,…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23…

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

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 10…

A: FIFO  Method works with assumption that inventory which is purchased first will be sold first.And…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 12…

A: As per FIFO method, goods purchased first will be sold first which means ending inventory is valued…

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: he following lots of Commodity Z were available for sale during the year. Beginning inventory 11…

A: Calculation of Ending Inventory Valuation under LIFO method

Q: The following lots of a particular commodity were available for sale during the year Beginning…

A: The amount of  inventory at the end of the year according to LIFO method is $1,203 Refer step 2 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.