The records of a company showed the following for June:  Sales                                 4,200 units at P200 each Purchases                         4,000 units at P150 each Beginning inventory         6,000 units at P100 each Assuming the periodic inventory system is used, how much is the ending inventory using the FIFO method?  is 870000 correct?

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A:

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A: LIFO is last in first out method of inventory in which inventories which are purchased at last will…

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A:

Q: The units of an item available for sale during the year were as follows: January 10 January 15…

A: FIFO is First in first out method of inventory valuation method in which inventories purchased first…

Q: The Hat Store had the following series of transactions for Year 2. Date Description Transaction…

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Q: Mark Price Company uses the gross profit method to estimate inventory for monthly reporting…

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Q: Marigold uses the periodic inventory system. For the current month, the beginning inventory…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

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A: Periodic inventory method: It is a inventory valuation method. In this method inventory account is…

Q: Oriole Company sells one product and uses a perpetual inventory system. The beginning inventory…

A: UNDER LIFO METHOD (LAST PURCHASED FIRST SOLD )

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Q: LoBianco Company's record of transactions for the month of April was as follows. Purchases…

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

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A:

Q: On 1st October, the Opening Inventory balance of a product is 150 units @ 15 per unit. Using the…

A: This question deals with the calculation of closing inventory and cost of goods sold under LIFO…

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A: The question is based on the concept of Cost Accounting.

Q: . Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record…

A: Perpetual inventory record of purchases, cost of inventory and inventory. Above calculations are…

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A: As per periodic inventory system, inventory records are not updated every transaction, they are…

Q: Larkspur, Inc uses a periodic inventory system and reports the following for the month of June. Date…

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A: Under FIFO method, the goods purchased first are sold first and newer goods are sold later.

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for…

A: In FIFO method, the inventory that comes first is sold first. FIFO stands for 'First in first out'.

Q: A company has the following purchases and sales during October. Using the FIFO periodic inventory…

A: Inventory refers to the stock that the company kept for resale purposes or the goods that are not…

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for…

A: Total cost = Cost per unit * Number of units The question requires purchase cost of goods purchased…

Q: The company uses the perpetual inventory method. It began the month of March with 100 units of…

A: Calculation of weighted average cost per unit : Date  Particulars  Calculation  Per Unit Cost…

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Q: how much is the ending inventory using the weighted average method?

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

A:

Q: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

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A: (1) FIFO

Q: Mahmood's company has beginning inventory of 35 units at a cost of $40 each on December 1. On…

A:

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Q: Lee Ltd. has the following units and costs for the month of April. Beginning inventory, April 1,…

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A: Calculate the cost of goods sold under LIFO method:

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