The following lots of Commodity Z were available for sale during the year. Beginning inventory 8 units at $47 First purchase 18 units at $55 Second purchase 51 units at $57 Third purchase 16 units at $58 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 ending inventory balance at the end of the year according to the LIFO method?

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: Inventory refers to the goods or items which are stored by the business either for selling or for…

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

A: The stock of items in which firm deals are recorded as inventory in the books of the firm. The…

Q: Funky Fashions uses a periodic inventory system. The beginning inventory of a particular product,…

A: Inventory valuation means valuing the inventory at the time of its sale and purchase using methods…

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 FIFO inventory costing method. 2.the LIFO method. 3.From the resulting data, what conclusions…

A: Requirement 1:   FIFO method:

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

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

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

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

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

A: Average-cost method:   Under Weighted average cost method, the company calculates a new average cost…

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 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: 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 a particular commodity were available for sale during the year Beginning…

A: Using LIFO method, the units purchased at last are sold first and older inventory is left in the…

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

A: Average cost means where the cost of units sold and closing inventory is valued at average cost…

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

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

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 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: Assume your organization has the following inventory changes during the year: Beginning…

A: Introduction:- The term inventory refers to both the raw materials utilised in manufacturing and the…

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

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

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

A:

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

A: In the Average cost method, inventory cost is determined by dividing the total cost of goods…

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: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: Under FIFO Method value of balance inventory is calculated after each transaction of purchase or…

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 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.