Using the data below, determine the ending inventory amount assuming the weighted average method with a periodic inventory system. Beginning inventory, 10 units Purchases, 20 units Total cost of units available for sale, $3,000 Ending inventory, 12 units

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: A periodic inventory system is a form of accounting stock valuation practice. In this system, the…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units…

A: units cost per unit Total Jan.1 180 108  $         19,440 Mar.10 224 110…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO…

A: LIFO Method - Under FIFO Method of Inventory valuation inventory purchased latest will be sold first…

Q: The accounting records of Sage Hill Electronics show the following data. Beginning inventory…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence,…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

Q: The following units of an inventory item were available for sale during the year: Unit Unit Cost…

A: The average cost per unit is computed as total cost of goods available for sale divided by number of…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Inventory valuation can be done under different methods like FIFO,LIFO, Weighted Average.FIFO Stands…

Q: The units of an item available for sale during the year were as follows:   March 1 Inventory 10…

A: Definition: Periodic Inventory System: A periodic inventory system is a system in which the…

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,090…

A: Total units available for sale = 1090+1410+1695+1145 = 5,340 units Total cost of goods available for…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

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

A: FIFO method means First in First Out. It means inventory which is purchased first will be sold…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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

Q: Use the information below to answer the following question. The following units of an inventory item…

A: Weighted Average: Under the weighted average method, a weighted average cost is calculated and the…

Q: The units of an item available for sale during the year were as follows: 8 units at $27 6 units at…

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

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Under FIFO first goods will be sold first

Q: eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: First-in, first-out method states that the inventory that is purchased at first will be issued at…

Q: Assume that the total inventory on hand at the end of the year as determined by taking a physical…

A: Goods with the terms of FOB shipping point should not be included in the inventory till the goods…

Q: William Company uses the periodic inventory system and theaccounts reflected the following data:…

A: In this numerical has covered the concept of LIFO and FIFO method for valuing the inventory.  FIFO…

Q: The beginning inventory and purchases of an item for the period were as follows: Beginning…

A:

Q: The units of an item available for sale during the year were as follows: Jan 1 Inventory 21 units…

A: In First-in-first-out (FIFO) it is assumed that the first purchased item will be sold first. So, the…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: calculating ending inventory a)first in first out =(6*40+3*39)=$357 b)last in first…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A:

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: FIFO Method Value of ending inventory Under FIFO method using periodic inventory system, Value of…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: For any manufacturing company inventory management play a vital role. There are mainly three methods…

Q: Pertodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item avaleble…

A: The inventory of a business can be valued using various methods, few of them are: First In First…

Q: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…

A: The cost of goods sold can be determined using various methods like FIFO, LIFO, and the weighted…

Q: Based upon the following data for a business with a periodic inventory system, determine the cost of…

A: Cost of goods sold means the total cost of our service which we are providing or  the product cost…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Solution-                                                                                FIFO METHOD…

Q: Beginning inventory', purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory…

A: The weighted average cost per unit is calculated as total cost divided by number of units available…

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: a.

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: In FIFO earlier  goods will be sold first

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units…

A: Average cost per unit = Cost of goods available for sale / No. of units Available for sale = 1378/42…

Q: Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit.…

A: FIFO method uses the inventory which is bought first for the production, but whereas the LIFO method…

Q: The accounting records of Kingbird Electronics show the following data. Beginning inventory   2,400…

A: Number of units sold during the period is 7,500 units.

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

A: FIFO method means First in First Out. It means inventory which is purchased first will be sold…

Q: Periodic inventory by three methods; cost of merchandise soldThe units of an item available for sale…

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

Q: n chronological order, the inventory, purchases, and sales of a single product for a recent month…

A: Solution: Introduction: A Perpetual Inventory system is a system which is automatically recorded and…

Q: Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 350 units at…

A: Solving through weighted average. Date Purchases     Sales     Ending Inventory       Quantity…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Inventory valuation can be defined as the technique used to find out the cost of the inventory.…

Q: Consider the following information:     Units Cost per unit Total costs Goods in inventory at…

A: Under Weighted average cost method, value of ending inventory and cost of goods sold is calculated…

Q: Beginning inventory, purchases, and sales of a commodity are presented below:…

A: FIFO: Oldest purchases from the inventory will be sold first LIFO: sales will be made from most…

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: Total units available for sale = 10 + 25 + 30 + 15 Total units available for sale = 80 units   Total…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 800…

A: Inventory valuation is based on the flow of inventory used by the organization. There are several…

Q: The following units of an inventory item were available for sale during the year: Beginning…

A: Total units available for sale = 10+17+28+15 = 70 units Units sold = 48 units Ending inventory…

Q: The accounting records of Amp Electronics show the following data.     Beginning inventory 4,000…

A: Inventory valuation can be done using various methods : A. FIFO method B. LIFO method C. average…

Q: [The following information applies to the questions displayed below.] Daniel Company uses a periodic…

A: Cost of goods sold is the direct cost assigned of the produced goods sold by the company. It is also…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A:

Q: The inventory accounting records for Lee Enterprises contained the following data: Beginning…

A: Cost of goods sold: It refers to the purchase value of the goods that are being sold. The amount of…

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.