Use the following information for Problems 32 and 33.Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with 2,000 units of inventory carried at LIFO cost of $20 per unit. During the first quarter, it purchased 8,000 units at an average cost of $40 per unit and sold 9,500 units at $60 per unit.Assume the company expects to replace the units of beginning inventory sold in April at a cost of $45 per unit and expects inventory at year-end to be between 2,100 and 2,500 units. What amount of cost of goods sold should be recorded for the quarter ended March 31?a. $335,000b. $350,000c. $380,000d. $387,500

Q: Units Unit Cost Total Cost January 1 Beginning  16,000 140 2,240,000   5 Purchase  4,000 150 600,000…

A: The valuation of inventory is made by using different methods. Mainly, there is LIFO, FIFO, Average…

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

A: The stock of items in which firm deals are recorded as inventory in the books of the firm. The…

Q: .the FIFO inventory costing method. 2.the LIFO method. 3.From the resulting data, what conclusions…

A: Requirement 1:   FIFO method:

Q: . A company does an ABC analysis of its inventory and calculates that out of 10,000items, 19% can be…

A: The number of counts is calculated multiplying number of items with count frequency per year. Every…

Q: Use the information below to answer the following question.The following lots of a particular…

A:

Q: Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with…

A: Cost of goods sold (LIFO) = 8000 units purchased for $40 per unit + 1500 units from beginning…

Q: During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has…

A: Under weighted average method, the unit cost is calculated as total cost of goods available for sale…

Q: Kylah Enterprises began the current month with inventory costing $10,000, then purchased inventory…

A: Perpetual Inventory System is maintained on a continual basis or perpetual record is maintained for…

Q: Answer all questions. Ch.6-4

A: Please find the solution along with the detailed calculation.

Q: Win Company, which uses the FIFO inventory method, had 300,000 units in inventory at the beginning…

A: The correct option is  C. $5,000,000

Q: The following were the information provided by UNIKELO retail: Purchases and Beginning Inventory •…

A: (1) The cost per unit that is derived by dividing the Total cost of the Inventory on hand with the…

Q: A recent annual report of Gateway $2000 , Inc. , shows : cost of goods sold. $4,072; inventory at…

A: Operating cycle is the number of days required to receive Inventory, sale of Inventory and…

Q: Urban Technology began the year with inventory of $320,000 and purchased $1,800,000 of goods during…

A: Cost of goods available for sale = Beginning inventory + Purchases

Q: Sapphire Aerospace operates 52 weeks per year, and its cost of goods sold last year was $6,500,000.…

A: a) Working note:

Q: Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost…

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

Q: 1. Assume the company does not expect to replace the units of beginning inventory sold; it plans to…

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

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: Win Company, which uses the FIFO inventory method, had 300,000 units ih inventory at the beginning…

A: Given, Company follows FIFO method;   Beginning Inventory = 300000 units Costing $ 50 each Details…

Q: Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with…

A: Last in first out (LIFO) method of inventory valuation gives preference to value of inventory…

Q: Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with…

A: Particulars No. of units Rate per unit Total cost 9,500 units sold 8,000 $40 $320,000…

Q: Vibrant Company had $850,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…

A:

Q: Use the following information for Problems 32 and 33.Tristan, Inc., uses the LIFO cost-flow…

A: Total goods available for sale = Beginning inventory + Purchases = 2,000 units + 8,000 units =…

Q: The following information for Dorado Corporation relates to the three-month period ending September…

A: 1. Cost of goods sold (LIFO) = 400,000 units purchased at $24 each + 25,000 units from beginning…

Q: DeForest Company had the following transactions for the month. Sales for the month are $85 per unit.…

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

Q: The following is a chart of the inventory purchases in the last year Number of Units Unit Cost Sales…

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

Q: DeForest Company had the following transactions for the month. Sales for the month are $85 per unit.…

A: The inventory valuation is done using various methods as: LIFO FIFO WEIGHTED AVERAGE METHOD

Q: At the end of January, Mineral Labs had an inventory of 905 units, which cost $13 per unit to…

A: Under the LIFO method, the inventory which has been purchased most recently is sold first and under…

Q: Assume Ava Co. has the following purchases of inventory during the first month of operations…

A: LIFO is last in first out inventory valuation method in which goods purchased at last in the…

Q: The cost of goods sold for Veltron International last year amounted to $547,800, and the average…

A: Inventory turnover refers to the rate at which the inventory in the company is sold, used, and…

Q: Assume that in September, Joplin Designs customers actually return $150,000 of inventory. Using the…

A: A journal entry is a form of accounting entry that is used to reporting the business transaction in…

Q: Consider the following transactions for A67 Company for the month shown in chronological order:…

A: # of units Unit cost Total Beginning Inventory 800 $50 $40,000 Purchased 600 $52 $31,200…

Q: The cost of goods sold for Veltron International last year amounted to $534,600, and the average…

A: The inventory turnover ratio can be calculated by dividing the cost of goods sold by average…

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: Terry Company had January 1 inventory of $100,000 when it adopted dollarvalue LIFO. During the year,…

A: Given informationOpening stock (inventory) = $100000purchase = 600000Closing stock = 143360Base…

Q: Apply the COGS equation used on the bottom of page 6-3 of the VLN to the following data set to…

A: The cost of goods sold is calculated as difference between cost of goods available for sale and…

Q: Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first…

A: Cost Sales value Beginning 64500 123000 Purchases 315000 483000 Total 379500 606000…

Q: Endor Company begins the year with $90,000 of goods in inventory. At year-end, the amount in…

A: Inventory Turnover Choose Numerator:     /  Choose Denominator:    = Inventory Turnover Cost of…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: FIFO, LIFO and weighted average are the three most common methods which are used for the recording…

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

A: Under weighted average cost method using periodic inventory system, value of ending inventory and…

Q: Based on a physical inventory at year-end, Roger Company determined the chocolate inventory on a…

A: Accounting Standards  requires that, for inventory measured using FIFO or average cost, it be…

Q: The following information for Quadrado Corporation relates to the three-month period ending…

A: Formula: Gross profit = Sales - cost of goods sold

Q: AAA Hardware uses the LIFO method to value its inventory. Inventory at the beginning of the year…

A: FIFO: Under this inventory method, the units that are purchased first, are sold first. Thus, it…

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

A: FIFO Method         Date…

Q: An organization has an inventory order quantity of 20,000 units and a safety stock of 4,000 units.…

A: Solution: Annual inventory carrying cost = Average inventory level * Carrying cost per unit per year…

Q: Based on physical inventory at year-end, Cherry Company determined the chocolate inventory on a FIFO…

A: Inventory is reporter at Lower of Cost of Net realizable value. where, Net relizable value =…

Q: Based on physical inventory at year-end, Cherry Company determined the chocolate inventory on a FIFO…

A: Solution:- Calculation of the  amount should be reported as chocolate inventory at year-end as…

Q: In December year 1, Johnny corporation produced three products that it still has in inventory at…

A: Inventory refers to the stock that the company held for resale purposes or which is not sold in the…

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 Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.