The related data of Mineyah Company's Finished goods inventory:                                                                                                                                        Quantity       Unit cost                          January 1                                            800                 P205                   January 12                                         600                 210                      January 24                                         400                 220                      At month-end, the physical count show 350 units remained.                                                                                                  Under the Weighted average, how much is the cost of ending finished goods inventory?

Q: A physical count on January 31 shows that 250,000 units of Product A on hand. What is the cost of…

A: Date Units Unit Cost Jan-01 1500 21 Jan-10 200000 22 Jan-18 250000 23 Jan-28 100000 24…

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

A: Moving average unit cost will be calculated by dividing total costs by number of units.

Q: If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…

A: Purchase material are calculated as-  Material used + ending inventory - beginning inventory

Q: The Sterling Company shows the following information relating to one of its raw materials.…

A: Inventory:- The term inventory includes the raw material, that is used for the production of goods…

Q: Assume Jones Manufacturing begins January with 10 units of inventory that cost $10 each. During…

A: Inventory valuation method includes: FIFO Method LIF Method Weighted average method FIFO Method:…

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: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Inventory: Inventory is a physical item of trade sold by suppliers during their accounting period.…

Q: Massive Company provided the following information for the current year: Unit cost Total cost Units…

A: Inventory is defined as the goods purchased by an entity with the purpose to resell them to earn…

Q: What is the moving average UNIT COST of the inventory on January 31?

A: The moving average cost equals the total cost of the items purchased divided by the number of items…

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

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

Q: The following data are obtained from Gianne Manufacturing Company: Cost of goods manufactured is…

A: Raw materials consumed means actual quantity and value of materials that is being used and consumed…

Q: Lambeth Company experienced the following events in February: Date Event Units Unit Cost Total Cost…

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

Q: What is COGS and cost of ending inventory in the company using average costing method where 4.000…

A: No. of units sold = No. of units purchased - no. of units in ending inventory = 4000 - 400 = 3600…

Q: The following were the information provided by UNIKELO retail: Purchases and Beginning Inventory •…

A: (1) The cost per unit that is derived by dividing the Total cost of the Inventory on hand with the…

Q: Blossom Company reports the following for the month of June.           Units   Unit Cost…

A:

Q: A company had the following purchases and sales during its first year of operations: Purchases 15…

A: LIFO (Last in First Out):- It is a method of inventory valuation where the last purchased inventory…

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: In the case of the FIFO method, the inventory which is purchased first is also sold first. Whereas…

Q: Rocha & Noel Inc. had cost of goods sold of $123,200 for the current year ended December 31. The…

A: Given information:   Cost of goods sold $123,200 Finished goods inventory on January 01 $30,800…

Q: The following data are obtained from Gianne Manufacturing Company: Cost of goods manufactured is…

A: Cost of goods manufactured: Cost of goods manufactured shows the total costs incurred for…

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: Periodic weighted average is generally easiest method among all the inventory valuation methods…

Q: JM Ltd had the following material transactions during November. Number of units Cost per unit…

A: Formula: Weighted average cost per unit = Total Value / Number of units

Q: The following data on materials purchased and issued during the month of June were shown: Assuming…

A: Perpetual Inventory System: In a perpetual inventory system, an inventory management system…

Q: Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning…

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

Q: Lambeth Company experienced the following events in January: Date Events Units Unit Cost Total Cost…

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

Q: The following data are obtained from Glendale Sompany for a given period: Cost of goods…

A: Total manufacturing cost=Cost of goods manufactured+Ending work in process=P 187,500+P 12,500=P…

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: Roundtree Company reported the following information with respect to cost of goods sold for the…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: JKL & Company had 3,000 units in finished-goods inventory on December 31.  The following data are…

A: Sales Revenue is the amount received or receivable from the customers on the account of cash sales…

Q: Roundtree Company reported the following information with respect to cost of goods sold for the…

A: Dear student, Since you have asked multiple subparts we will answer only first 3 subparts as per…

Q: Marsh Company had 150,000 units of product A on hand at January 1, costing P21 each. Purchases of…

A: FIFO (First-in First Out): As per FIFO inventory accounting, units purchased first are sold first.

Q: Trini Company had the folowing transactions for the month. Number Cost of Units per Unit Totat…

A: First in First out (FIFO) is one of the inventory valuation methods in which the earliest inventory…

Q: Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning…

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

Q: Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning…

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

Q: Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning…

A: The question is related to Valuation of closing nventory under three different methods  Required…

Q: Oriole Company had the following information at December 31: Finished goods inventory, January 1 $…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: Whispering Winds Corp. reports the following for the month of June.         Units   Unit Cost…

A: Cost of goods sold shows the carrying value of goods that have been sold during a particular period…

Q: If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…

A: Amount of raw materials purchased on credit for the month of July = Amount of raw materials used  +…

Q: The following data about Maxwell Company is given for the month of August. August 1 Inventory 800…

A: Weighted Average Cost (WAC) refers to the method of inventory valuation which uses a weighted…

Q: Bridgeport Corp. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate the weighted average unit cost:

Q: LOVING-KINDNESS Corp’s inventory records revealed the following: Date Transaction Number of Units…

A: Date Transaction Numberof Units UnitCost TotalCost  August 1  Beginning inventory 500  P8.50…

Q: Omega Company reports the following for the month of June. Units Unit Cost June 1 Beg Inventory 300…

A: The cost of the ending inventory and the cost of goods sold can be computed by various methods. The…

Q: Roundtree Company reported the following information with respect to cost of goods sold for the…

A: Cost of goods sold (COGS) is the cost of acquiring or manufacturing the products that a company…

Q: Lane Company provided the following inventory card during February: Purchase Units used Balance…

A: SOLUTION- WEIGHTED AVERAGE METHOD-  IT IS INVENTORY COSTING METHOD THAT ASSIGN AVERAGE COSTS TO…

Q: The related data of Finland Company: Quantity Unit cost January 1 800 P200 January 12 600 220…

A: The inventory valuation of a firm can be done using different methods like First In First Method…

Q: Belle Company reports the following information for the current year. All beginning inventory…

A: Introduction: Inventory expenses are calculated using absorption costing. Manufacturing overhead…

Q: inventory

A: Produced units = 18500 Beginning inventory = ( $5159 total unit cost /$6.70 per unit cost ) = 770…

Q: WHAT IS THE COST OF GOODS ABAILABLE FOR SALE BASE OFF OF THE CHART?   Crane Company reports the…

A: Cost of goods available for sale: It is the value of goods that are available for sale. It is…

Q: McKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost…

A: Weighted Average cost method: In this method, the value of closing inventory is calculated on the…

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

A: a)

Q: Pineview Company ended the month of March with inventory of $26,000. Pineviewexpects to end April…

A: Inventory to be purchased in a particular period means inventory which can fulfill sales demand and…

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.