Units Unit Cost Total Cost January 1 Beginning  16,000 140 2,240,000   5 Purchase  4,000 150 600,000   10 Sales  15,000       15 Purchase 20,000 160 3,200,000   16 Purchase Return 1,000 160 160,000   25 Sales 8,000       26 Sales Return  4,000       31 Purchase 30,000 150 4,500,000 Required: Compute the total cost balances of Ending Inventory and Cost of Goods Sold using: LIF

Q: Laker Company reported the following January purchases and sales data for its only product.    Date…

A:

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

A: Inventory is the balance of goods purchased for the motive of sale or for further production into a…

Q: Bullwinkle company has the following inventory, purchases, and sales data for the month of August.…

A:

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: Marsh Company had 150,000 units of product A on hand at January 1, costing P21 each. Purchases of…

A: There are various methods of pricing material issues such as first in first out (FIFO) method, last…

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

A: Inventory: Inventory is a physical item of trade sold by suppliers during their accounting period.…

Q: Massive Company provided the following information for the current year: Unit cost Total cost Units…

A: Inventory is defined as the goods purchased by an entity with the purpose to resell them to earn…

Q: What is the moving average UNIT COST of the inventory on January 31?

A: The moving average cost equals the total cost of the items purchased divided by the number of items…

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: Lisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: Perpetual FIFO:                     Goods Purchased Cost of Goods Sold Ending Inventory Date…

Q: The Alpenrose Milk Company reported the follówing during the month of March: March 1 Inventory on…

A: FIFO PeriodicUnder the FIFO Method, we sale the oldest inventory we have in stock. perpetual…

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

A:

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

A: In the case of the FIFO method, the inventory which is purchased first is also sold first. Whereas…

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: Periodic weighted average is generally easiest method among all the inventory valuation methods…

Q: SUPERIOR Company had 20,000 units of bottles on hand at January 1, costing P35 each. Purchases of…

A: FIFO stands for First in and first out. It means that units purchased at first are to be sold first.…

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

A:

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: The moving average costing is a simple but accurate valuation method for inventory.

Q: The inventory records for Radford Company reflected the following 600 units @ $2.80 Beginning…

A: Particulars No. of Units Cost per unit Total Value May 1 600 $2.80 $1680 May 7…

Q: The following are the sales and purchases of Jungkook Company: Units Unit Price January Sales…

A: FIFO is an inventory valuation method which is used to value the ending inventory and cost of goods…

Q: Jailbird Company provided the following data about the inventory for the month of January:…

A: Inventory Valuation is the process of calculating the cost of ending inventory lying with the entity…

Q: The following information is available for Pintus Company: Item Units Unit cost Total Beginning…

A: Average cost method is the method to value the cost of inventory. It is calculated by dividing total…

Q: Moath Company reports the following for the month of June. Units Unit Cost Total Cost 200 $ 1,000…

A: Formula: Weighted average unit cost = Total cost / Number of units. Division of Number of units with…

Q: The following transactions occurred in CuddlePH Company during the month of May: Units Price…

A: Under FIFO Method value of ending inventory is calculated on the assumption that units of inventory…

Q: During April, Wiggins Company sold 900 units of Product X for $10 per unit. Its beginning inventory,…

A: The periodic inventory framework is a technique for stock valuation for monetary revealing purposes…

Q: Cost of ending inventory Cost of materials issued

A: Moving average method: Under this method moving average cost is calculated based on the weighted…

Q: 2. Trini Company had the following transactions for the month. Number of Units Cost per Unit Total $…

A: Cost allocation:- Cost allocation is the process of identifying and allocating the total production…

Q: The following are the sales and purchases of Med Company:   Units Unit price January Sales 300,000…

A: Under First in -First out inventory valuation methods goods that are brought at earlier dates are…

Q: Roseanne Company's inventory records show the following data:     Units Unit Cost Inventory,…

A: Definition:   First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased…

Q: Celine Company provided the following data relating to an inventory item. Total cost 1,000,000…

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

Q: The company uses the perpetual inventory method. • I t began the month of March with 100 units of…

A:

Q: JKL & Company had 3,000 units in finished-goods inventory on December 31.  The following data are…

A: Sales Revenue is the amount received or receivable from the customers on the account of cash sales…

Q: Seasons Limited would like to estimate the month end inventory by using the sales revenue earned…

A: For every organization there will always be opening stock and closing stock as all the purchases…

Q: Marsh Company had 150,000 units of product A on hand at January 1, costing P21 each. Purchases of…

A: FIFO (First-in First Out): As per FIFO inventory accounting, units purchased first are sold first.

Q: The following data is available for one of the products sold by Chan Company for the month of April:…

A: This question is related to inventory valuation, there are many methods of inventory valuation such…

Q: Akira Company had the following transactions for the month. Sales for the month are $25 per unit.…

A: Cost of goods sold (units)=Beginning+Purchase-Ending units=150+160+130-50=390 units

Q: The following data about Maxwell Company is given for the month of August. August 1 Inventory 800…

A: Weighted Average Cost (WAC) refers to the method of inventory valuation which uses a weighted…

Q: A company began January with 8,000 units of its principal product. The cost of each unit is $8.…

A: Ending inventory refers to the value of the inventory which is remained at the end of the accounting…

Q: The inventory records for Radford Co. reflected the following: Beginning inventory @ May 1 1,900…

A: Weighted average cost per unit is defined as total cost of the goods purchased divided by total…

Q: Concord Company reports the following for the month of June. Unit Date Explanation Units Total Cost…

A: Under FIFO, inventory is valued at latest prices while cost of goods sold at initial prices. Under…

Q: Omega Company reports the following for the month of June. Units Unit Cost June 1 Beg Inventory 300…

A: The cost of the ending inventory and the cost of goods sold can be computed by various methods. The…

Q: Thursday Co. is estimating the cost of its inventory at month-end. The accountant determined the…

A: SOLUTION- COST OF GOOD SOLD REFERS TO THE DIRECT COSTS OF PRODUCING THE GOODS SOLD BY A COMPANY.

Q: Massive Company provided the following information for the current year:…

A: Inventory valuation means valuing the inventory at the time when they are purchased or sold. There…

Q: Lane Company provided the following inventory card during February: Purchase Units used Balance…

A: SOLUTION- WEIGHTED AVERAGE METHOD-  IT IS INVENTORY COSTING METHOD THAT ASSIGN AVERAGE COSTS TO…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…

A: The weighted Average Cost (WAC) method of inventory valuation equips a weighted average to estimate…

Q: 00 Freight-In    4,000   Purchase Discounts 1,000   Purchase Returns 10,400 17,200…

A: The first in, first out (FIFO) accounting concept asserts that assets purchased or acquired first…

Q: What was the unit average cost of the January 1 inventory? * The following are the sales and…

A: Inventory valuation is the most commonly used technique to identify the value of the ending…

Q: The inventory records of TC show the following purchases: Month        Units        Cost January…

A: Introduction:- As per First-In--First-Out method first come into the inventory first issued for…

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: FIFO Method         Date…

Q: Pineview Company ended the month of March with inventory of $26,000. Pineviewexpects to end April…

A: Inventory to be purchased in a particular period means inventory which can fulfill sales demand 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.