Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $35.00     10 Purchase 1   38.00     24 Purchase 1   41.00   Total 3 $114.00           Average cost per unit $38.00 Assume one unit sells on July 28 for $53.00. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.   Gross Profit Cost of Goods Sold Ending Inventory a) First-in, first-out $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 b) Last-in, first-out $fill in the blank 4 $fill in the blank 5 $fill in the blank 6 c) Average $fill in the blank 7 $fill in the blank 8 $fill in the blank 9

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

A: Calculation of gross profit and ending inventory:

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: 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: Pharoah Co. began operations on July 1. It uses a perpetual inventory system. During July, the…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

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

A: FIFO , LIFO , WEGIHTED AVERAGE , ALL METHODS HAS  BEEN DISCUSED IN NEXT SHEET.

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

A: Inventory valuation is a method used by the organisation to evaluate the total value of goods held…

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

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

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

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

Q: 6. Assume that three identical units of merchandise are purchased during October, as follows: Units…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be 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: Assume that three identical units of merchandise are purchased during October, as follows:…

A: Inventory valuation is done in order to report the ending inventory on balance sheet and cost of…

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: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month…

A: 1. Cost of goods sold under LIFO method Sale units cost per unit cost of good sold =Sale…

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

A: Calculate the average unit cost.

Q: Three identical units of merchandise were purchased during March, as shown:       Units Cost Mar.…

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

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

A: First In, First Out, commonly known as FIFO, is an asset-management and valuation method in which…

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

A: The inventory of a company can be valued on the basis of different methods such as FIFO, LIFO, and…

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: Mama's Mexican Meals, Inc., had the following activity for an inventory item during June: Unit Units…

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

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: A company just starting in business purchased three merchandise inventory items at the following…

A: Solution We are provided with the following information Sales = $ 270 Closing (Third purchase) = $…

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

A: Average unit cost is calculated as Cost of goods available for sale divided by the number of units…

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: 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: July 1, purchased 10 units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106…

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

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.