Three identical units of merchandise were purchased during May, as follows:       Units Cost May 3   Purchase 1 $130 10   Purchase 1    136 19   Purchase 1    142 Total     3 $408   Assume that two units are sold on May 23 for $313 total. Determine the gross profit for May and ending inventory on May 31 using (a) FIFO, (b) LIFO, and (c) weighted average cost methods.   Gross Profit Ending Inventory a.  First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b.  Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c.  Weighted average cost $fill in the blank 5 $fill in the blank 6

Q: The following data regarding purchases and sales of a commodity were taken from the related…

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

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

A: Inventory refers to the cost of purchased goods that are bought with the motive to resell.

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

A: Sales revenue on October 31 = $28

Q: Sandhill Co. reports the following for the month of June. Date   Explanation   Units…

A: Compute weighted average cost per unit:Compute the weighted average average cost per unitDate…

Q: Bonita Company reports the following for the month of June. Units Unit Cost Total Cost June 1…

A: Inventory valuation is used to calculate the ending inventory. It is based on the flow of inventory…

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 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 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: 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: 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: Three identical units of Item K113 are purchased during July, as shown below.   Item K113 Units…

A: LIFO or Last-In-First-Out is a method of inventory valuation where the inventory is valued at the…

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: A company just starting business made the following four inventory purchases in June: June 1. 150…

A: FIFO means the inventory which comes first will be consumed or sold first i.e. first in first…

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: 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: We have the following information: October 1: Purchased 1 unit for $5 October 12 Purchased 1 unit…

Q: Use the information below for questions 7-11 $ 380 July 1 Beginning inventory Purchases 20 units at…

A: Inventory Valuation can be done by the First In First Out (FIFO) method and the Last In First…

Q: A company just starting business made the following four inventory purchases in June: Unit Unit Cost…

A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

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: The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost…

A: Inventory valuation is used to calculate the ending inventory. It is based on the flow of inventory…

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 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: 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 three identical units of Item LO3V are purchased during April: Item L03V Units Cost…

A: Cost of goods and value of ending inventory using FIFO method Cost of Goods sold: Under FIFO…

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: Beginning inventory, purchases, and sales for Product XCX are as follows: Sept. 1 Beginning…

A: Perpetual inventory is a method of accounting for inventory that records the sale or purchase of…

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: Arrow Company is a retailer that uses the periodic inventory system. August 1 Beginning inventory 80…

A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

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: 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: Muharraq company had the following purchases and sales information: Purchases 13 units at $150 20…

A: As per FIFO (First in first out) method, inventory which is purchased first will be sold first.

Q: Assume ShoeFanatic.com began July with 12 units of inventory that cost a total of $192. During July,…

A:

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.