The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 Second purchase on May 17 Third purchase on May 23 Sale on May 31 1,000 units e $3.60 1,100 units e $3.80 1,300 units @ $3.90 900 units @ $4.00 3,300 units @ $5.50 What is the amount of gross margin assuming the weighted average cost flow method is used? (Round your intermediate calculations to 2 decimal places.)

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: Complete the inventory schedule assuming the Weighted Average (WAVG)                   inventory…

A: It has been mentioned in the question that the average weighted inventory valuation has been used by…

Q: Lamas has the following products in inventory at the year end: Selling Price P 65 P 23 P 25 Selling…

A: As per accounting standard 2, all inventories in the business should be valued at lower of cost or…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales…

A: Ending units=Beginning units+Purchases -Units sold=260+340+440+190-800=430 units

Q: Jammer Company uses a weighted average perpetual inventory system and reports the following: Units…

A: Under Weighted Average perpetual inventory system: Cost per unit is calculated based on total moving…

Q: The GMA corporation shows the folowing data related to an item of Inventory Inventory, January 1 100…

A: Cost of goods available = (100 x P50) + (300 x P54) + (90 x P60) = P26,600

Q: A company uses a weighted-average perpetual inventory system. The following transactions took place…

A: THE WEIGHTED AVERAGE PERPETUAL INVENTORY SYSTEM RECALCULATES A NEW UNIT COST WHENEVER A NEW PURCHASE…

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

A: Ending units  = 30 + 70 - 45 + 40 - 30 = 65 units   Cost per unit on July 5 = [(30 x $80) + (70 x…

Q: The accounting records of Sage Hill Electronics show the following data. Beginning inventory…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence,…

Q: of beginning inventory at a cost of $3.00. During the year, the company made the following…

A: Solution..   Total units available for sale  = Beginning inventory + Purchases  = 500 + 1,200 + 800…

Q: The following units of an item were available for sale during the year: Beginning inventory 27 units…

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

Q: The accounting records of Sage Hill Electronics show the following data. Beginning inventory…

A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

Q: Caminas has the following products in inventory at the year end. Product Quantity Cost Selling…

A: We have the following information: Product : AQuantity: 1,000Cost: $40Selling Price: $55Selling…

Q: A company uses the periodic inventory system and had the following activity during the current…

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: Jammer Company uses a weighted average perpetual inventory system and reports the following:…

A: Cost of inventory on August 29 = ($260 + $435) x (5 / 25) = $139

Q: On 1st May, the Opening Inventory balance of a product is 200 units @ 10 per unit. Using the…

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and…

Q: Niles Co. has the following data related to an item of inventory: Inventory, March 1 Purchase, March…

A: Solution: Nos of units sold = Units available for sale - Units in ending inventory = (100 + 350+ 70)…

Q: What is the amount of inventory on March 31 using the moving average cost flow technique? During…

A:

Q: William Company uses the periodic inventory system and theaccounts reflected the following data:…

A: In this numerical has covered the concept of LIFO and FIFO method for valuing the inventory.  FIFO…

Q: The following information is available for Goode Company: May 1 Beginning inventory 18 units @ $4…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: Hazards company had the following data: Beginning inventory (on May 1) $380 Purchases during May…

A: 8. Ending Inventory as of May 30 = Beginning inventory + Purchases - Cost of goods sold = $380 +…

Q: A method of inventory costing in which the cost of the units sold and in ending inventory is a…

A: The inventory valuation can be done using different systems like perpetual inventory system or…

Q: Information related to Hixen Company's periodic inventory for October 31 is given below: Units Unit…

A: The valuation of inventory is done either using the periodic inventory system or using the perpetual…

Q: The Luann Company uses the periodic inventory system. The following July data are for an item in…

A: Step 1: Compute the ending inventory (in units) as follows:

Q: Anders Company used the moving average method to determine the cost of the inventory. During January…

A: It is method of Perpetual Inventory Costing System where in the unit cost is calculated every time…

Q: The following is a chart of the inventory purchases in the last year Number of Units Unit Cost Sales…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

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

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: The following information was available from the inventory records of MAX Company :for March Units…

A: Weighted average cost method is an inventory valuation method in which cost of goods sold and ending…

Q: Beginning inventory', purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory…

A: The weighted average cost per unit is calculated as total cost divided by number of units available…

Q: he following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: Calculation of COGS and ending inventory: FIFO COGS= (500*4)+(600*5)+(500*6) =2000+ 3000 +3000 =$…

Q: Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Apr. 20…

A: Introduction: WACC is a key input in discounted cash flow assessment and is frequently discussed in…

Q: The inventory records for Radford Co. reflected the following: Beginning inventory @ May 1 1,900…

A: Weighted average cost per unit is defined as total cost of the goods purchased divided by total…

Q: The following units of an item were available for sale during the year: Beginning inventory 44 units…

A: Particulars Purchase Sale Balance Units Cost per Unit Total Cost Units Cost per Unit Total Cost…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…

A: The weighted Average Cost (WAC) method of inventory valuation equips a weighted average to estimate…

Q: The accounting records of Kingbird Electronics show the following data. Beginning inventory   2,400…

A: Number of units sold during the period is 7,500 units.

Q: n chronological order, the inventory, purchases, and sales of a single product for a recent month…

A: Solution: Introduction: A Perpetual Inventory system is a system which is automatically recorded and…

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: Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10…

A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average cost method FIFO…

Q: Use the following information to calculate the a) value of inventory on hand on Mar 31, b) cost of…

A: Inventory valuation is used to determine the value of the total inventory hold by the business at…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…

A: Under LIFO purchases made at last are sold first.    In this question, 3900 units are sold. So first…

Q: Hazards company had the following data Beginning inventory (on May 1) Purchases during May $300…

A: The ending inventory is calculated as difference between cost of goods available for sale and cost…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 800…

A: Inventory valuation is based on the flow of inventory used by the organization. There are several…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2017: Sales…

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

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.