The following three identical units of Item JC07 are purchased during April:   Item Beta   Units   Cost   April 2 Purchase   1   $177   April 15 Purchase   1   179   April 20 Purchase   1   181   Total     3   $537   Average cost per unit         $179 ($537 ÷ 3 units) Assume that one unit is sold on April 27 for $234. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method.

Q: The following three identical units of Item JC07 are purchased during April:   Item JC07   Units…

A: Calculation of gross profit and ending inventory:

Q: Date Purchases Sales   Units Cost/Unit Units Jan. 1 100 $0.80    Jan. 4 390 0.90   Jan. 5     280…

A: The inventory can be evaluated using various methods as: FIFO, LIFO and Weighted Average method.

Q: Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item…

A: FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the…

Q: Silawing current-year purchases and sales for its only product. Date January 1 January 10 March 14…

A: The LIFO and FIFO method are the most important methods of Inventory valuation. The FIFO method…

Q: Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item…

A:

Q: Al Ahli company had the following purchases and sales during its first year of operations: Purchases…

A: The weighted average inventory costing method is the method under which the average cost per unit of…

Q: Moath Company reports the following for the month of June. Units Unit Cost Total Cost June 1…

A: Given, Total Units = 900 Ending Units = 100 Units Sold = 800

Q: Cost flow assumptions-FIFO AND LIFO using a periodic system  the beginning inventory was 600 units…

A: FIFO or the First In First Out is the inventory valuation method in which the oldest inventory is…

Q: he following three identical units of Item JC07 are purchased during April:   Item Beta   Units…

A: The three inventory costing methods are: Last-in, First-out First-in, First-out Weighted average…

Q: UILS ALyui cu aL CUSt January 1 January 10 January 20 January 25 January 30 Beginning inventory…

A: The gross profit is calculated as difference between sales and cost of goods sold. The inventory can…

Q: H. end Calculate the cost of goods sold dollar value for A65 Company for the month, considering the…

A: FIFO Method: Under the FIFO method, there is an assumption that the first goods purchased are also…

Q: The following three identical units of Item JC07 are purchased during April:   Item Beta   Units…

A: FIFO is first in first out inventory method which says that inventory which is purchased first must…

Q: Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item…

A: Inventory valuation methods are based on the flow of methods. It includes methods like First in…

Q: Cost Flow Methods The following three identical units of Item K113 are purchased during April:…

A: Gross profit = Sales - Cost

Q: Question 5 Opening and closing inventory balances and purchases for the month of May2020for…

A: The cost of goods sold is the cost of items which have been sold during the period. The different…

Q: Ahswer Problem - Inventory Triangular Scone Inc. sells just one product and had the following…

A: Under FIFO method, old units are sold first and newer units are sold later.

Q: Cost Flow Methods The following three identical units of Item B are purchased during June: Item B…

A: as per the FIFO method units purchased first will be sold first. FIFO method is the most widely used…

Q: Use the following information for the Quick Study below. (Algo) (5-7) [The following information…

A: FIFO is the method of inventory valuation in which the inventory that has been initially bought is…

Q: Cost Flow Methods The following three identical units of Item JC07 are purchased during April:…

A: Solution:- Calculation of the gross profit for April and ending inventory on April 30 as follow:-

Q: Unit Total Balance Date Date Explanation Units Cost Cost in Units June Jun-01 Beginning inventory 50…

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

Q: The following three identical units of Item Beta are purchased during June:   Item Beta   Units…

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

Q: Cost Flow Methods The following three identical units of Item K113 are purchased during April Item…

A: The inventory is valued using following methods: 1. FIFO 2. LIFO 3. Weighted average method

Q: Cost Flow Methods The following three identical units of Item LO3V are purchased during April:…

A: Gross Profit Ending Inventory a. First-in, first-out (FIFO) $77 $383 b. Last-in, first-out…

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

A: In this question we will find out Ending inventory, COGS with LIFO, FIFO method and Average cost…

Q: The following three identical units of Item K113 are purchased during April:   Item Beta   Units…

A: Computation of Gross profit and ending inventory are as under:

Q: Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item…

A: gross profit = sales - the cost of goods.   The FIFO method uses the inventory which has been…

Q: Cost Flow Methods The following three identical units of Item JC07 are purchased during April:…

A: A) First-in, first-out (FIFO Gross profit =Cost of sale on April 27 - Cost of puurchase on April…

Q: Cost Flow Methods The following three identical units of Item P401C are purchased during April:…

A: Requirement a: Calculate the gross profit and ending inventory under first-in-first out method:

Q: Inventory Date Quantity Unit Cost Total Cost Mar. 1 850 $98 $83,300 1,275 $95 $121,125 Mar. 8 650…

A: Inventory Records in an entity can be made in two ways; Periodic Inventory where no proper entries…

Q: The following three identical units of Item K113 are purchased during April: Item Beta Units Cost…

A: FIFO & LIFO Method: First-in, first-out (FIFO) is an accounting approach in which assets that…

Q: The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost…

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

Q: Three identical units of merchandise were purchased during March, as shown:       Units Cost Mar.…

A: a. Calculate the cost of goods, ending inventory, and gross profit under FIFO.

Q: Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item…

A:

Q: The following three identical units of Item PX2T are purchased during April:   Item Beta   Units…

A: Gross profit = Sales - cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: Units Unit Cost Total Cost Beginning inventory Purchases Sales (47 units at $24,630 each) 20 $11,520…

A: In LIFO it is assumed that the last purchased item will be sold first. So, the closing inventory…

Q: Cost Flow Methods The following three identical units of Item A are purchased during April: Item A…

A: First in first out (FIFO) Gross profit = Sales- Cost of goods sold =$118 -$68 =$50 Ending inventory…

Q: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) Purchase (Jan. 11) $ 14 $ 322 $ 20 $ 2 23…

A: Inventory valuation methods include: FIFO Method LIFO method Weighted average method

Q: Moving Question 1 National supplies company had the following activity during the current monthly…

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

Q: urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following…

A: The average cost per unit using the perpetual inventory system is the price at which the balance of…

Q: Cost flow methodsThe following three identical units of Item P401C are purchased duringApril:…

A: Gross profit is the amount which is earned after reducing the cost of goods sold from the revenues…

Q: Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign…

A: Unit cost for moving average method = Total cost of available units / Total available units

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

A: a)

Q: Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item…

A: FIFO & LIFO Method: First in, first out (FIFO) is an accounting approach in which assets that…

Q: Date Activities Purchase Purchase Sales Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28…

A: Formulas that are used:-   Note:- I have used the weighted average method to calculate the per-unit…

Q: Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item…

A: Question: 1

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.