Three identical units of merchandise were purchased during July, as follows:                 Date Product Basic H Units  Cost        3-Jul Purchase 1 35       10 Purchase 1 36       24 Purchase 1 37       Total   3 $108                       Average cost per unit   $36                     Assume one unit sells on July 28 for $45.                       Determine the gross profit, cost of merchandise sold, and ending inventory on July 31  using the (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.

Q: Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item…

A: FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Gross profit = Sales - Cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: In its first month of operations, Waterway Company made three purchases of merchandise in the…

A: Computation of the average unit cost and the cost of the ending inventory are as follows:

Q: Assume that three identical units of merchandise were purchased during October, as follows:…

A: Sales revenue on October 31 = $28

Q: Kaanapali Merchandising had the following transactions during November: Nov 1 Beginning inventory…

A: Under FIFO cost flow assumption, cost of goods sold are valued at cost of first purchase and ending…

Q: Apitong Company made two different schedules of gross income for the quarter ended September 30:…

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

Q: Iron Hill began August with 45 units of iron inventory that cost $24 each. During August, the…

A: Sale value=35×$63+65×$77=$2,205+$5,005=$7,210

Q: Three identical units of merchandise were purchased during March, as shown:     Steele Plate Units…

A: Gross profit represents deduction of cost of goods sold from the revenues of the company.

Q: company had the following purchases and sales during its first month of operations: Date Activities…

A: Tje average cost per unit is calculated as total cost of goods available for sale divided by number…

Q: The following three identical units of Item Beta are purchased during June: Item Beta Units Cost $…

A: Formula for Gross profit= Sales - Cost of goods sold.The cost of goods sold are calculated…

Q: The following three identical units of Item P401C are purchased during April:   Item Beta   Units…

A: Formulas:

Q: he following three identical units of Item JC07 are purchased during April:   Item Beta   Units…

A: The three inventory costing methods are: Last-in, First-out First-in, First-out Weighted average…

Q: The following three identical units of Item JC07 are purchased during April:   Item Beta   Units…

A: FIFO is first in first out inventory method which says that inventory which is purchased first must…

Q: Assume that three identical units of merchandise are purchased during October, as follows:…

A: FIFO: FIFO stands for First in First out which means the first received inventory to be sold first.

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: Three identical units of merchandise were purchased during July, as follows: Units Cost July 3…

A: Inventory Valuation: Inventory valuation is one of the important processes for an organization. This…

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

A:

Q: 5. Screnity Books has the following transactions in August related to merchandise inventory. Aug. 1…

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

Q: In its first month of operations, Lily Company made three purchases of merchandise in the following…

A: Cost of the ending inventory under the average-cost method = Inventory on hand*Weighted-average…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Sales Revenue = $51   Under the FIFO method, goods purchased at the earliest are sold first.…

Q: In its first month of operations, Sheridan Company made three purchases of merchandise in the…

A:

Q: Assume that three identical units of merchandise were purchased during October, as follows: Units…

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

Q: The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost…

A: FIFO stands for first in first out. Under the FIFO inventory valuation method, the inventory…

Q: ONLY ANSWER THE FOLLOWING QUESTIONS Three identical units of merchandise were purchased during…

A: a. Calculate the cost of goods and ending inventory under FIFO.

Q: The following three identical units of Item Beta are purchased during June:   Item Beta   Units…

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

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: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

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

Q: Three identical units of merchandise were purchased during May, as follows:       Units Cost May 3…

A: The Numerical has covered the concept of Inventory Valuation. There are three methods of Inventory…

Q: The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: hree identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Inventory valuation can be done using three methods; FIFO LIFO Average cost.

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Gross profit = Sales - cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: In its first month of operations, Lily Company made three purchases of merchandise in the following…

A: For calculation of Weighted-average unit cost, Divide Cost of goods available for sale by the number…

Q: Lyon Center began operations on July 1. It uses a perpetual inventory system. During July, the…

A: Inventory valuation is the process of determining the cost of inventory to be measured in financial…

Q: n its first month of operations, Waterway Company made three purchases of merchandise in the…

A:

Q: The following three identical units of Item K113 are purchased during April: Item Beta Units Cost…

A: FIFO & LIFO Method: First-in, first-out (FIFO) is an accounting approach in which assets that…

Q: ABC Company had the following purchases and sales information: Purchases Sales January: February: 20…

A: Definition: Weighted-average cost method: Under the average cost method inventories are priced at…

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

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: The following three identical units of Item PX2T are purchased during April:   Item Beta   Units…

A: Gross profit = Sales - cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: Cost Flow Methods The following three identical units of Item A are purchased during April: Item A…

A: First in first out (FIFO) Gross profit = Sales- Cost of goods sold =$118 -$68 =$50 Ending inventory…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: PLEASE LIKE THE ANSWER      Gross profit  COGS  Ending Inventory  ANSWERS:…

Q: Assume that three identical units of merchandise were purchased during October, as follows: Units…

A: LIFO Method of Inventory Valuation : The full form for LIFO is “Last-In, First-Out”.  This  is one…

Q: Assume that three identical units of merchandise were purchased during October, as follows: Units…

A: Sales $28 ( 1 units *$28) Cost of merchandise sold $11 (1*11) Gross profit $17 ($28-$11)…

Q: Hull Company's record of transactions concerning part X for the month of April was as follows.…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

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

A: a)

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

Q: Assume that three identical units of merchandise were purchased during October, as follows: Units…

A: LIFO means last in first out . It is a method to value the inventory and cost of goods sold. Gross…

Q: The following three identical units of Item A are purchased during April: Item A Units Cost $ 68…

A: Gross profit is the profit earned, it is = Sales - Cost of goods soldEnding inventory is the value…

Q: Three identical units of merchandise were purchased during May, as follows:       Units Cost May 3…

A: First in first out (FIFO) Date Particulars units $ May-03 Purchase 1 $130…

Q: Bramble Company sells one product. Presented below is information for January for Bramble Company.…

A: In the periodic method, all inventory is physically counted at the end of the accounting period 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.