Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Nov. 01 Inventory 16 units at $20.00 Nov. 04 Sold 11 units Nov. 10 Purchased 33 units at $21.00 Nov. 17 Sold 25 units Nov. 30 Purchased 23 units at $25.00 Using the perpetual LIFO system, what is the cost of the merchandise sold for November? Select the correct answer. A. $745.00 B. $848.00 C. $845.00 D. $740.00

Q: Required Information Trey Monson starts a merchandising business on December 1 and enters Into the…

A: The inventory can be valued using weighted average methods as finding cost per unit by dividing cost…

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

A: A periodic inventory system or the periodic inventory method is an accounting method in which one…

Q: Required information [The following information applies to the questions displayed below.] Trey…

A: Under FIFO Method, using perpetual inventory system, value of inventory is calculated at the end of…

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A: Total units available for sale =15+29+25 = 69 units Total no. of units sold = 25 units Ending units…

Q: HW6#17a: Use the following data to answer the Chapter 6 Comprehensive Review Question DEFROST…

A: LIFO: Last in First out. Ending inventory includes the oldest cost. FIFO: First in First out. Ending…

Q: Required information Trey Monson starts a merchandising business on December 1 and enters into the…

A: FIFO method : It is a method of pricing the issues of materials, in the order in which they are…

Q: Required information Trey Monson starts a merchandising business on December 1 and enters into the…

A: Inventory or stock is the goods and material a business holds for resale. Before working on the…

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

Q: PROBLEM 1 Norris Company uses the perpetual inventory system and had the following purchases and…

A: Lets understand the basics. In FIFO basis company assumes that, goods purchased first are sold…

Q: Better Bottles, Inc., uses a periodic inventory system and has the following information availa…

A: First In, First Out: First In, First Out (FIFO) is a bookkeeping strategy wherein resources bought…

Q: Required information Trey Monson starts a merchandising business on December 1 and enters into the…

A: In LIFO method ( Last in first out ) : The inventory bought / purchased last is sold first . The…

Q: Required information ABC starts a merchandising business on December 1 and enters Into the following…

A: Under Weighted Average Method, using perpetual inventory system, value of inventory after each…

Q: Jennifer Company sells many products. Gizmo is one of its popular items. Below is an analysis of the…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: (ADOPTED) The following information was made available for a particular product sold by Blue…

A: Particulars Units Cost per Unit Total Purchase 700 158 110600 Purchase 800…

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A: LIFO (Last-in-First Out): As per LIFO method, units purchased last are sold first.

Q: Calculator The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale…

A: LIFO Method of perpetual inventory system: LIFO means Last in First out. In this method, units…

Q: Steven Company uses a perpetual inventory system.  It sells its product to customers for $60 per…

A: QUESTION IS ASKED ONLY TO COMPUTE THE NUMBER OF UNITS LEFT IN ENDING INVENTORY AS ON APRIL 30-…

Q: Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase…

A: FIFO is the inventory valuation method in which stock which is purchased first is taken out for sale…

Q: Requlred Information Trey Monson starts a merchandising business on December 1 and enters into three…

A: The period and perpetual inventory method are used for inventory valuation. The period inventory…

Q: Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?…

A: Cost of goods sold for Nov 4 = Units sold×Price=9×$20=$180

Q: culator Addison, Inc. uses a perpetual inventory system. The following is information about one…

A: Workings: By following FIFO method cost of ending  merchandise inventory on September,30 is $ 800.

Q: 5. Screnity Books has the following transactions in August related to merchandise inventory. Aug. 1…

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

Q: Using a perpetual system, what is the cost of merchandise sold for November if the company uses…

A: Cost of merchandise sold is shown below as per LIFO method : For the purpose of computation of cost…

Q: 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale?   $…

A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…

Q: ABC Company makes the following purchases: 1.One item on 2/2/2020 for $10 2.One item on 2/15/2020…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: In preparing a perpetual inventory card using first-in, first-out assume that you have inventory…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Calculator Addison, Inc. uses a perpetual inventory system. The following is information about one…

A: Formulas:

Q: Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?…

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

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A: Calculate the average cost per unit for June 1 sale and August 27 sale.

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

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A: Journal entries for part 1, 2 and 3 were as follows:

Q: Required information ABC starts a merchandising business on December 1 and enters into the following…

A: A perpetual inventory system is the inventory system where the level of inventory is updated…

Q: Required information Trey Monson starts a merchandising business on December 1 and enters into the…

A: FIFO : First In First Out. In this FIFO method, the goods which were purchased first will be sold…

Q: Activity 1 Directions: Compute for the Cost of Goods Sold. Write your solutions and answers on a…

A: The cost of goods sold is a direct cost of products that are sold by a company. This includes direct…

Q: The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units…

A: FIFO is first in first out inventory method which says that inventory purchased first will be sold…

Q: ABC Merchandise business follows perpetual inventory system. The business had 200 units in inventory…

A: LIFO is the technique used for the valuation of the inventory. In this, the goods that are acquired…

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

Q: Addison, Inc. uses a perpetual inventory system. The following is information about one inventory…

A: FIFO is the inventory valuation which means First in First out. This method says that inventory…

Q: Addison, Inc. uses a perpetual inventory system.  The following is information about one inventory…

A: Under FIFO, goods that are purchased first are assumed to be sold first.

Q: Required information Trey Monson starts a merchandising business on December 1 and enters Into the…

A: LIFO method says that inventory which is purchased in the last should be sold first.

Q: Addison, Inc. uses a perpetual inventory system. The following is information about one inventory…

A: There are 3 methods for valuation of inventory : FIFO LIFO Weighted average price method

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A: A perpetual inventory system is defined as a program or system that measures the inventory of the…

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.