Use the following information from Marvel Company for themonth of July. July 1 Beginning inventory 75 units @ $25 eachJuly 3 Purchase 348 units @ $27 eachJuly 8 Sale 300 unitsJuly 15 Purchase 257 units @ $28 eachJuly 23 Sale 275 units Assume that Marvel uses a specific identification inventory system. Its ending inventory consists of 20 units from beginning inventory, 40 units from the July 3 purchase, and 45 units from the July 15 purchase. What is the dollar value of its ending inventory? a. $2,940 c. $2,625 e. $2,840 b. $2,685 d. $2,852

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A: Last in first out means that cost of goods sold consist of latest purchase and closing stock consist…

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A: LIFO means last in first out that is the goods acquired at the end are to be sold first under this…

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

Q: Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for…

A: LIFO: LIFO is also called last in first out, which means inventory sold cost used in the latest…

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A: FIFO - It is a method of inventory valuation in which goods received first are sent out first for…

Q: The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each…

A: The FIFO method under the perpetual inventory system records the cost of goods sold from the…

Q: Use the following information for the Quick Study below. (Algo) (5-7) [The following information…

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A: Calculate the cost of merchandise sold and ending inventory. (Weighted average method).

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A: for the valuation of inventory following methods are used for valuation. 1. FIFO 2. LIFO 3. Weighted…

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A: The goods that ar available for sale, the cost of these goods is said to be cost of goods available…

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A: FIFO: FIFO stands for First in First out. It means first received inventory to be sold first.

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A: Formula: Average cost per unit = Total cost of goods available for sale / Total no. of units…

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A: Under Specific Identification Method, Cost of goods sold and value of ending inventory is calculated…

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A: Hi student Since there are multiple questions, we will answer only first question.

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A: As per periodic inventory system, inventory records are not updated every transaction, they are…

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A: In FIFO the first goods will be sold first

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A: clsoing inventory = opening inventory + purchase - sales

Q: Use the following information from Marvel Company for the month of July to answer the following…

A: Ending inventory is $2,685

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A: Definition:   Average cost method: Under average cost method, the company calculates a new average…

Q: Use the following information from Marvel Company for themonth of July. July 1 Beginning inventory…

A: Last in first out: It refers to the method of inventory valuation that calculates the balance of…

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A: FIFO: under FIFO, good purchased first will used for sale or production first LIFO: Most recent…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

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A: In case of FIFO units sold are from purchases made earlier, therefore units in ending inventory…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Weighted Average cost method is a method of pricing of inventory. Under average cost method the…

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Q: Pharoah Company has the following inventory data: July 1 Beginning inventory 150 units at $19 $2850…

A: Answer) Calculation of Cost of ending inventory using FIFO Method Under FIFO method using periodic…

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Q: Assume that Wally World uses a perpetual weighted average inventory system. During the period, it…

A: Beginning inventory  value  = 10×$12 =$120 Purchase  = 10×$15 =$150

Q: Unitech has the tollowing inventory information. July 1 Beginning Inverntory 60 units at $19 $1,140…

A: FIFO: First In First Out Under FIFO,  the cost of goods sold is calculated considering the initial…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Inventory schedule under LIFO method…

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.