The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units $30 $630 June 16 Purchase 33 units $33 1,089 Nov. 28 Purchase 37 units $39 1,443 91 units $3,162 There are 13 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.

Q: Coronado Co. uses a periodic inventory system. Its records show the following for the month of May,…

A: FIFO LIFO Ending inventory may 31   $330   $242 Cost of goods sold   $902   $990

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

A: Weighted average cost method: It is an inventory valuation method that is used to compute the cost…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units…

A: Calculation of ending inventory cost FIFO= (60*200)+(15*180) = $ 14700

Q: Muscat Company has the following inventory information. Units Per unit price Iotal July 1 Beginning…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

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

A:

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

A: Under FIFO method goods that are brought at earlier dates are sold first. Cost of goods sold include…

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: A company had the following purchases during its first year of operations: Purchases 20 units at S 5…

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

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

A: Periodic inventory system is a system in which the inventory is updated in the accounting records on…

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

A:

Q: The units of an item available for sale during the year were as follows: $ 7,200 Jan. Inventory 20…

A: In the question mentioned inventory cost, we assumed that ending inventory.

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units…

A: As per the LIFO method, those units are issued first, which are purchase last. So it means the…

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: Monty Corp. uses a periodic inventory system reports the following for the month of June. Date…

A: Perpetual Inventory system is a form of inventory valuation where the computation on inventory…

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: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24…

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

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23…

A: LIFO method made the corporation record the cost of goods being sold by assuming that the units…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20…

A: Given, There are 11 units of the product in the physical inventory at November 30. The periodic…

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

A: Under the FIFO method, the earliest purchases are sold first. Therefore, the cost of goods sold…

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 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 Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A: Calculate Units sold:  Units Sold=Total units avaialble-Inventory at November 30=97-13=84

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: A company had the following purchases during its first year of operations: Purchases Sales January…

A: Introduction:- As per the FIFO method, First comes into inventory first goes out. which means first…

Q: A company reports the following beginning inventory and 2 purchases for the month of January. On…

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

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 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: 10. Zaynab Company uses a periodic inventory system. Its records show the following for the month of…

A: There are various methods of valuing inventory. Some of the common methods of valuing inventory are:…

Q: The following data is available for an item of JNC Inc. for the month of March: March 1 Inventory…

A: The inventory valuation methods are used to evaluate the ending inventory and cost of goods sold.…

Q: The units of an item available for sale during the year were as follows: January 10 Inventory 27…

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

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units…

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

Q: Smalley, Inc., purchased items of inventory as follows:Jan. 4 100 units @ $2.00Jan. 23 120 units @…

A: First in first out: It refers to the method of inventory valuation that calculates the balance of…

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.

Q: Use the following information from Marvel Company for themonth of July. July 1 Beginning inventory…

A: First in first out: It refers to the method of inventory valuation that calculates the balance of…

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

A: Periodic Inventory System: The periodic inventory system, records inventory balance on hand…

Q: The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units…

A: Last in first out: In this method, it is assumed that goods purchased recently are sold first.

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20…

A: Inventory cost by the average cost method=Ending Inventory Units×Total Cost Goods Available for…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24…

A: a) Inventory cost by FIFO method - As per FIFO method, goods purchased first will be sold first,…

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: a.  Determine the inventory cost by the FIFO method. $fill in the blank 1 b.  Determine the…

A: The FIFO (“First-In, First-Out”) method means that the cost of a company’s oldest inventory is used…

Q: Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the…

A: Inventory refers to the amount of goods or merchandise which the company uses to manufacture or sale…

Q: Cocomelon company's inventory records report the following in November of the current year:…

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

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22…

A: Cost of Goods sold= Cost of goods available for sale-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.