The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units @ $29 $609 June 16 Purchase 29 units @ $32 928 Nov. 28 Purchase 46 units @ $35 1,610     96 units   $3,147   There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. 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.

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

A: Average method of inventory says that valuation of inventory should be done at weighted average unit…

Q: Assume Baxter Manufacturing begins January with 11 units of inventory that cost $12 each. During…

A: Introduction:- The following inventory methods used for inventory valuation as follows under:--…

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: 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 11…

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

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 8…

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

Q: a company has a beginning inventory of 32 units at a cost of 12.00 each on oct. 1. on October 5, it…

A: Inventory valuation refers to the technique that is used by businesses to identify the value of the…

Q: Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units…

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

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 12…

A: There are 3 types of methods for inventory valuation: a.FIFO b. LIFO c. Weighted average a. FIFO: In…

Q: Determine the ending inventory cost by (a) FIFO (b) LIFO (c) Average Cost.   a. b. c.

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

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

A: Inventory costing is defined as the process of allocating cost to the inventory associated with the…

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

A: Using LIFO method, the units purchased at last are sold first and older inventory is left in the…

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

A: Calculate the cost of merchandise sold and ending inventory. (Weighted average method).

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

A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods…

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 22 units…

A: SOLUTION- THE INVENTORY CAN BE VALUED USING VARIOUS METHODS AS FIFO,LIFO AND WEIGHTED AVERAGE .

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: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21…

A: Solution:- a)Calculation of Ending inventory using FIFO method as follows:- Rule:- As per FIFO…

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 11…

A: Average cost means where the cost of units sold and closing inventory is valued at average cost…

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: 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: On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625.…

A: In This Numerical the 1st two parts are covered the concept of Inventory valuation Under FIFO…

Q: Inventory records for Marvin Company revealed the following: Cost Mar. 1 Beginning inventory 960…

A: Under FIFO method the oldest products in inventory have been sold first.

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 lots of Commodity Z were available for sale during the year. Beginning inventory 10…

A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…

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

A: Month Purchases Sales Jan 20 units at $7 April 30 units at $8 May    15 units at $14

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

A: Sales = (total goods available for sale - Ending inventory ) x selling price =(480 - 60) x $26 =420…

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

A: The merchandise corporations follow inventory valuation method according to their requirements to…

Q: Autok Fabricators, Inc. has 10 units in beginning inventory costing $45 each. It purchased 90 more…

A: Accounting for inventory is done using the three important methods called FIFO (First In First Out),…

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

A: Inventory valuation methods are different methods used to allocate the value to the inventory. They…

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

A:

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 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: 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: Madison uses the periodic inventory system. For the current month, the beginning inventory consisted…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

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