WHAT IS THE COST OF GOODS ABAILABLE FOR SALE BASE OFF OF THE CHART?   Crane Company reports the following for the month of June. Date   Explanation   Units   Unit Cost   Total Cost June 1   Inventory   150   $4   600     12   Purchase   450   5   2250     23   Purchase   400   6   2400     30   Inventory   80             Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8

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: Hassan Company reports the following for the month of June.     Units Unit cost Total Cost June…

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

Q: Extreme Company showed the following information: Total cost Unit cost Units 40. 400,000 10,000…

A: FIFO is a method of valuing inventories in which the goods purchased first are sold on a priority…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Under LIFO Inventory company used the latest inventory to sell at the first and beginning inventory…

Q: Teat Mountain uses a periodic inventory system in April, 600 units were sold and the following…

A: In the context of the given question, we are required to compute ending inventory and cost of goods…

Q: Lambeth Company experienced the following events in February: Date Event Units Unit Cost Total Cost…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

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: Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of…

A: The ending inventory includes the number of units that are left in stock at the end of period. Using…

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

A:

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24…

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

Q: Shown below is activity for one of the products of Denver Office Equipment:       January 1…

A: Lets understand the basics. In FIFO basis company assumes that, goods comes first in the inventory…

Q: Monty Corp. reports the following for the month of June.         Units   Unit Cost   Total Cost…

A: GIVEN   Monty Corp. reports the following for the month of June.         Units   Unit Cost…

Q: Skysong Company uses a periodic inventory system. For April, when the company sold 540 units, the…

A: Inventory Valuation under FIFO:"FIFO" stands for first-in, first-out, meaning that the oldest…

Q: Waterway Company uses a periodic inventory system. For April, when the company sold 650 units, the…

A: To ascertain the weighted average cost per unit the Cost of goods available for sale are divided by…

Q: Larkspur, Inc. reports the following for the month of June.         Units   Unit Cost   Total…

A: FIFO : First in First Out.  It assumes that the oldest inventory is sold first. LIFO : Last in First…

Q: The following information is available for Goode Company: May 1 Beginning inventory 18 units @ $4…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the…

A: FIFO  METHOD UNDER PERPETUAL INVENTORY SYSTEM PARTICULAR PURCHASE Cost of Goods Sold BALANCE…

Q: Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the…

A: As per FIFO method, goods purchased first will be sold first which means ending inventory should be…

Q: Lambeth Company experienced the following events in January: Date Events Units Unit Cost Total Cost…

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

Q: Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of…

A: Weighted average unit cost = Total cost/ total units available for sale

Q: Jeters Company uses a perpetual inventory system reports the following for the month of June. Date…

A: (a). Average cost per unit: cost of good available for sale/units available for sale June…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Last in, first out (LIFO) is a method of inventory accounting in which the most recently made things…

Q: Bramble Company reports the following for the month of June. Assume a sale of 500 units occurred on…

A: FIFO states that the inventory purchased first would be sold first. Whereas, LIFO states that the…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: LIFO means last in first out where as FIFO means first in first out. In FIFO , cost of goods sold is…

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

A: In this question we will find out Ending inventory, COGS with LIFO, FIFO method and Average cost…

Q: Smart Tech's beginning inventory and purchases for the month of August were as follows:     # of…

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

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: Smart Tech's beginning Inventory and purchases for the month of August were as follows: Cost per *…

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

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: Sunland Company reports the following for the month of June. Date Explanation Units…

A: 3. Moving-Average - Under the Moving-Average Method, the cost is considered to be average at the…

Q: Whispering Winds Corp. reports the following for the month of June.         Units   Unit Cost…

A: Cost of goods sold shows the carrying value of goods that have been sold during a particular period…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: Sales = (total goods available for sale - Ending inventory ) x selling price =(480 - 60) x $26 =420…

Q: The related data of Mineyah Company's Finished goods inventory:…

A: Quantity Unit cost Total cost January 1 800 P205 P164,000   January 12 600 210…

Q: The units of an item available for sale during the year were as follows: January 10 Inventory 27…

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

Q: Bridgeport Corp. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate the weighted average unit cost:

Q: Units Purchased Units Cost Units Issued Date 5/1 (BI) 10 P15 5/5 20 20 5/15 15 5/19 10 5/24 15 18…

A: Total no. of units issued = 15 + 10 + 15                                        = 40 units

Q: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the…

A: The accounting principle of FIFO states that assets bought first are sold of first.

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: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate the weighted- average unit cost:

Q: Riverbed Corp reports the following for the month of June. Date Explanation Units…

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

Q: The following information is for the Bud Company; the company sells just one product: Units Unit…

A:

Q: Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June.…

A: Computation of weighted-average unit cost: Resulting excel sheet is as follows:

Q: Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston purchased…

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

Q: Sylvia's Designs Co. had the following inventory activity during April:…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: McKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost…

A: Weighted Average cost method: In this method, the value of closing inventory is calculated on the…

Q: Lemke Corp. uses a perpetual inventory system with a (moving) weighted average inventory costing…

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

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

A: a)

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

A: Inventory refers to the amount of goods or merchandise which the company uses to manufacture or sale…

Q: HOW DO I CALCULATE THE COST OF THE ENDING INVENTORY AND THE COST OF GOODS SOLD? Date   Explanation…

A: Under FIFO method , goods purchased first are sold first . Under LIFO Method , goods purchased in…

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.