The Sterling Company shows the following information relating to one of its raw materials. Inventory, January 1 300 units at P17.50 Purchases, January 10 900 units at P18.00 Purchases , January 20 1,200 units at P18.25 Issuance, January 8 200 units Issuance, January 18 600 units Issuance, January 25 1,000 units Required: What are the values of ending inventory under (a) perpetual , and (b) periodic methods, assuming the given cost flows ? 1. FIFO 2. Average

Q: The following information relates to the inventory of Margaret’s Megamart Ltd during December.…

A: Periodic inventory system: Under this system, the physical count of goods at specific interval is…

Q: Remote Company had the following information pertaining to inventory:     Units Unit Price Total…

A: Average cost per unit = Total cost of goods available for sale / Total no. of units available for…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: As per last-in, first-out method units sold from inventory are the units that have been purchased…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 11…

A: Here in this question, we are required to calculate ending inventory value under periodic FIFO…

Q: The following information relates to the inventory of Margaret’s Megamart Ltd during December.…

A: Inventory, is a part of current assets which forms a part of total assets, is key component of the…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: LIFO means last in first out that is the goods acquired at the end are to be sold first under this…

Q: During the month of January, Pfizer Company which used a perpetual inventory system recorded the…

A: Under average method, unit cost is calculated as total cost of goods available for sale divided by…

Q: The following information relates to the inventory of Margaret’s Megamart Ltd during December.…

A: Particulars Units Cost per unit Total Cost (A) Goods 2000   25660   Closing stock…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

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

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Under periodic inventory system, no record is made at regular intervals for purchase and sale of…

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

A: Companies do not follow up for the cost of each item of the inventory, so when these inventories are…

Q: The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the…

A: Under perpetual inventory system of recording inventory, whenever a purchase or sale of inventory is…

Q: Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period…

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

Q: The following information relates to the inventory of Margaret’s Megamart Ltd during December.…

A: Periodic inventory system: It involves the physical count of goods at a specific interval of time.…

Q: The following data are extracted from the records of an entity relating to an inventory item:…

A: Under moving average method, average unit cost of inventory is changed every time new purchases or…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Inventory:- Inventory is referred as the stock that a particular business holds in order to produce…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Lower-of-Cost-or-Market Stalberg Company's beginning inventory and purchases during the fiscal year…

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

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Solution: Cost assigned to ending inventory under LIFO is as under using below table:

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: A company reports the following beginning inventory and two purchases for the month of January. On…

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

Q: Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.

A: Perpetual Inventory System:   Perpetual Inventory System refers to the inventory system that…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Inventory cost valuation has different kinds of following methods: a) FIFO: Under this method, it is…

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

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

A: Inventory refers to the stock held by the company for the resale purpose of the inventory which is…

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: 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 lots of a particular commodity were available for sale during the year Beginning…

A:

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: The following information was available from the inventory records of Moen Company for January:…

A: 1. Total cost = P29310 + P20600 + P28917 = P78827 2. Total number of units = 3000 + 2000 + 2700…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Meaning of First In First Out :-  First In, First Out, also known as FIFO, is a method for valuation…

Q: Consider the following transactions for A67 Company for the month shown in chronological order:…

A: # of units Unit cost Total Beginning Inventory 800 $50 $40,000 Purchased 600 $52 $31,200…

Q: Laker Company reported the following January purchases and sales data for its only product. Units…

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Lower-of-Cost-or-Market Stalberg Company's beginning inventory and purchases during the fiscal year…

A: Calculation of total amount to be assigned to the ending inventory under: a.) FIFO As per FIFO…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Introduction FIFO stands for First In First Out Method. It is a technique used for the assets…

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

A: Units Unit Cost Total cost 40,000 50 2,000,000 (35,000) 50 (1,750,000) 5000 50 250,000

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Introduction: FIFO Method: FIFO Stands for First in First out. Which means first received inventory…

Q: Lower-of-Cost-or-Market Stalberg Company's beginning inventory and purchases during the fiscal year…

A: Solution:- 1)Calculation of the total amount to be assigned to the ending inventory under each of…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A:

Q: [The following information applies to the questions displayed below.] Laker Company reported the…

A: Journal entry is a process of recording and classifying business transactions into books of…

Q: Laker Company reported the following January purchases and sales data for its only product.   Date…

A: LIFO (Last-in-First-out) method is used for valuation of cost of goods sold and ending inventory. In…

Q: Altira Corporation provides the following information related to its merchandise inventory during…

A: Inventory valuation is an accounting practice that is followed by companies to find out the value of…

Q: Laker Company reported the following January purchases and sales data for its only product.   Date…

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

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Last in last out shows the inventory purchased last would be sold first.

Q: The following information was available from the inventory records of Sheffield Corp. for January:…

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

Q: Please help

A: 1.Periodic inventory system: The method or system of recording the transactions related to…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: FIFO is the method of valuation of inventory, where it is assumed that the product first purchased…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Inventory schedule under LIFO method…

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.