Units Unit cost Total Cost June  1 Inventory 250 $7 $1,750           12 Purchase 325 $8 $2,600 23 Purchase 475 $9 $4,275 30 Inventory 130     Instructions: Compute the cost of the ending inventory and the cost of goods sold under (1)FIFO and (2)LIFO Which costing method gives the higher ending inventory? Why?

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: Units Unit cost Total cost Jan.1 Beginning balance 5 Purchase 15 Sale 10,000 150 1,500,000 10,000…

A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…

Q: Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units…

A: * I am not getting the same answer as it is given in the column but i have used the correct…

Q: PA2. 10.2 Trini Company had the following transactions for the month. Number of Units Cost per Unit…

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

Q: Description Beginning Date Units Unit Cost Total Cost June 1 12 $ 8 $96 11 Purchase 38 9. 342 24…

A: The cost of goods sold is the cost which was incurred on the units that were sold during period.

Q: V Total Cost of goods sold, $315,000 EX 6-9 Weighted average cost flow method under perpetual…

A: Weighted average Cost - The perpetual inventory updated inventory as on regular basis, while…

Q: A company reports the following beginning inventory and purchases, and it ends the period with 30…

A: Inventory is valued at the end of the financial statement. There are many methods to value the…

Q: une  1 Balance  450 units @ $11                   June   15 Sold 200 units @ $24…

A: Date  Purchase Cost of goods sold Balance Inventory Quantity  Cost per Unit (In $)   Total Cost…

Q: Activity Number of units Price per unit Beginning inventory 210 €58 Purchases: #1 780 €53 Purchases:…

A: Under Average costing method, average cost per unit will be calculated by dividing total costs by…

Q: Units Unit Cost Total Cost 1/1 Beginning Inventory 104 $6 $624 1/20 Purchase 416 $7 2,912 7/25…

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

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: Dec. 20 675 units at $33 Dec. 14 900 units Dec. 31 450 units a. Assuming that the perpetual…

A: Under LIFO method of inventory management, the inventory which is purchased latest is utilized for…

Q: Purchases Sales April 1 (balance on hand) 100 @R$5.00 ||April 5 300 4 400 @ 5.10 12 200 300 @ 200 @…

A: (a) Perpetual inventory records are kept in units only:- Purchases in units.                   Sales…

Q: Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units…

A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average Method   FIFO Method…

Q: cost             retail inventory, start of period (jan 1, 20--)            $37,000         $66,000…

A: Cost to retail ratio = Cost of goods available for sale for cost  / Cost od goods available for sale…

Q: DATA Units Per Unit Description Inventory on hand Purchase Date Jan 1 1,000 2$ 4 Jan 3 3,000 2$ Jan…

A: Last in first out is also written as LIFO. It is the method used for valuation of material and…

Q: Question 2: Harold Co. reported the following current-year purchases and sales data for its only…

A: Purchases refer to the amount of goods or services purchased or bought by an organization. The…

Q: Activities Date January 1 Beginning inventory January 8 Units Acquired at Cost 360 units @ $18=…

A: Periodic inventory system means where day to day in or out of goods is not recorded and value of…

Q: Unit Total Balance Date Date Explanation Units Cost Cost in Units June Jun-01 Beginning inventory 50…

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

Q: Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $18 $576 Sale no. 1 10 Purchase no. 1…

A: Introduction: FIFO: FIFO stands for First in First Out. Which means first received inventory to be…

Q: April 1 Beginning Inventory 100 units e $4 April 2 Sales 50 units April 3 Purchases 300 units e 56…

A: Total no. of units sold = 50 + 250 + 200                                   = 500 units

Q: Activities Units Acquired at Cost e $ 6.00 = Date Units sold at Retail $ 840 January 1 January 10…

A: Solution a and b:

Q: Unit cost Total Cost Units Beginning Inventory 100 $18.00 $1,800.00 Purchase 700 $20.00 $14,000.00…

A: Solution Cost of good sold is a cost which is incurred for the salw of a product.

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

A: gross profit = sales - the cost of goods.   The FIFO method uses the inventory which has been…

Q: Inventory Date Quantity Unit Cost Total Cost Mar. 1 850 $98 $83,300 1,275 $95 $121,125 Mar. 8 650…

A: Inventory Records in an entity can be made in two ways; Periodic Inventory where no proper entries…

Q: Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct.…

A: Gross margin is also regarded as gross profit which is defined as the sales revenue that the company…

Q: 7) Use either the FIFO or LIFO inventory valuation method to determine final inventory. Date Units…

A: Perpetual FIFO:                     Beginning Inventory & Purchases Cost of Goods Sold Ending…

Q: Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 102 $30 3/3…

A: Lets understand the basics. In FIFO basis company assumes that, goods come first in the inventory is…

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: A company purchased 100 units for $30 each on January 31. It purchased 400 units for $40 each on…

A: The LIFO (Last-In, First Out) inventory method means the latest inventory purchased will be sold…

Q: Dec. 20 675 units at $33 Dec. 14 900 units Dec. 31 450 units Assuming that the perpetual inventory…

A: Introduction:-  LIFO method:- LIFO means Last in first out It Means last comes into inventory first…

Q: Date Mar. Mar. 5 Purchase Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1…

A: There is various type of inventory valuation. 1. FIFO Method - Where goods purchased first sell…

Q: sing the  moving average  -   perpetual inventory method; compute for the units unsold and its total…

A: Solution Concept Under moving average perpetual inventory method , the inventory is updated on a…

Q: Units Unit Cost Total Cost Beginning inventory Purchases Sales (47 units at $24,630 each) 20 $11,520…

A: In LIFO it is assumed that the last purchased item will be sold first. So, the closing inventory…

Q: Q1: ABC company had the following purchases and sales information: Purchases Sales 10 units at $110…

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

Q: Required: Compute for the cost of ending inventory and cost of goods sold using:   a. FIFO    b.…

A: Inventory: The goods that are kept by the business for the purpose of selling are known as inventory…

Q: Question #1 Unit cost/ Units Sales price 2,000 3.70 Opening Inventory 8,000 4.10 Purchase #1 6,000…

A: FIFO is the inventory method in which inventory purchased first will be sold first.  Under weighted…

Q: Jasper & Willams made purchases of a particular product in the current year as follows: 1 Beginning…

A: Cost of goods sold = Total cost of goods available for sale - Cost of ending inventory

Q: Beginning inventory and purchases Units Unit Cost Total Cost Jan 1 60 $7 $420 April 1 45

A: Formula: WAC = Cost of goods available for sale / Units available for sale

Q: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24…

A: Perpetual Inventory System:  Perpetual Inventory System refers to the inventory system that…

Q: Date Activities Purchase Purchase Sales Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28…

A: Formulas that are used:-   Note:- I have used the weighted average method to calculate the per-unit…

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.