The following units of an inventory item were available for sale during the year : beginning inventory  10 units at $55 first  purchase 25 units at $60 second purchase 30 units at $65 third purchase 15 units at $70   the firm uses the periodic inventory system durning the year 60 units of the item were sold  the value of the the ending inventory using fifo is

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

A: a.

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units…

A: units cost per unit Total Jan.1 180 108  $         19,440 Mar.10 224 110…

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

A: FIFO: FIFO stands for first in first out. Under this system, inventory which are purchased first…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at…

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

Q: The following inventory data are available for the company: Transactions…

A: Under FIFO method, the ending inventory consists of the most recent inventory purchased. The first…

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: 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: 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 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: 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 units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at…

A:

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

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

Q: The units of an item available for sale during the year were as follows: Jan. 1 5 units at $29 $145…

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

Q: The units of an item available for sale during the year were as follows: 8 units at $27 6 units at…

A: FIFO is the inventory method in which inventory purchased first will be sold first. Under LIFO…

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

A: Organization generally follows two inventory system which are as follows:- (1) Periodic inventory…

Q: he units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units @…

A: solution ending inventory             =7 units a inventory cost by FIFO =under FIFO the goods…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,010…

A: Particulars Units Price per unit Total value Jan. 1 1010 $126           1,27,260…

Q: The beginning inventory and purchases of an item for the period were as follows: Beginning…

A:

Q: The units of an item available for sale during the year were as follows: Jan 1 Inventory 21 units…

A: In First-in-first-out (FIFO) it is assumed that the first purchased item will be sold first. So, the…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,800…

A: “Hey, since there are two questions posted, we will answer first question(EX 7-13). If you want any…

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 units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units…

A: Weighted average cost per unit = Cost of goods available for sale / Total units available for sale =…

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

A: a. FIFO Method means First in First Out. Those inventories which are purchased first those should be…

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

A: "Since you have asked multiple question, we will solve the first question for you. If you want…

Q: The units of an item available for sale during the year were as follow: Jan 1   Inventory    14…

A: Unit Cost Of Unit Sales = Total Cost Of Goods Available For Sales / Total Goods Available for Sales…

Q: ble for sale during the year were as follows: r. 1 Inventory 25 units @ $32 $800 ne 16 Purchase 29…

A: Solution: Under periodic method Inventory cost is determined at the end of a specific period as…

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

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

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 an item available for sale during the year were as follows: Jan. 1 Inventory 14 units…

A: Average cost per unit = Cost of goods available for sale / No. of units Available for sale = 1378/42…

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: 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 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 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 units of inventory item is available for sale durning the year :   beginnig…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

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

A: FIFO is First In First Out Method. In this method, it is assumed that stock which is purchased…

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

A: A)

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…

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.