XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is 500 units  at 5 $  each. Information related to XYZ Company's inventory at October 31 is given below: Alpha CO Date Explanation Units Units Cost Total Cost 10/08 Purchase 800 $ 11                          10/15 Purchase 600 $ 14   10/20 Purchase 300 $ 15     Total goods available       During the year, 1400 units were sold.   Required: Compute the cost of ending inventory and the cost of goods sold under: FIFO method LIFO method The weighted average

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Ending Inventory = Total Cost of goods - Cost of goods sold

Q: Nash's Trading Post, LLC uses a periodic inventory system. Details for the inventory account for the…

A: Formula: Sales units = Beginning inventory + Purchases - Ending inventory. Gross profit = Sales -…

Q: Eastview Company uses a perpetual LIFO inventory system, and has the following purchases and sales:…

A: Cost of goods sold for 120 units is $1320 which is obtained by multiplying 120 units with the unit…

Q: The following units of an item were available for sale during the year: Beginning inventory 27 units…

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

Q: The Stilton Company has the following inventory and credit purchases during the fiscal year ended…

A:

Q: At the beginning of the current period, Haitijah Industries has 150 units of a product with a unit…

A: under FIFO Method  the goods which bought first will be sold first  under LIFO method the goods…

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

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

A: Determine weighted-average cost per unit.

Q: The Barton Corporation company has the following purchases and sales during the year ended December…

A: The cost of goods available for sale includes the sum of beginning inventory and goods purchased…

Q: Chou Sales Corporation uses the periodic inventory system. On January 1, 2018, Chou had 1,000 units…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: During the current period, Haitijah sells 340 units.   A. Assume Haitijah uses the FIFO method.…

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

Q: At the beginning of the current period, Viraat Industries, which uses a periodic inventory system,…

A: a. Cost of goods sold = Beginning Inventory units + Purchase #1 units + Purchase #2 40 units =…

Q: Johnson Company reports the following inventory information for beginning inventory, purchases, and…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: Marigold uses the periodic inventory system. For the current month, the beginning inventory…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Seminole Co. began the year with 23,000 units of product in its January 1 inventory costing $15…

A: Introduction: LIFO: LIFO stands for last in first out which is method of inventory accounting where…

Q: Mater Company uses the periodic inventory method and had the following inventory information…

A: Hey, since you have uploaded multiple questions,  as per guidelines I will answer first question…

Q: Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it…

A: As per LIFO method it assumes units purchased at last is sold out first. On oct4, the sold units are…

Q: During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date…

A: Under the LIFO method, the latest sales are sold first, and therefore, the cost of goods sold…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Ending Inventory = Total Cost of goods - Cost of goods sold

Q: During the year, TRC Corporation has the following inventory transactions.   Date Transaction…

A: Note: As per the norms of Bartleby, only first three subparts are to be mandatorily answered. Hence…

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

A: Calculate ending inventory:

Q: The following units of an item were available for sale during the year: Beginning inventory 22 units…

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

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

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

Q: Larkspur Company uses a perpetual inventory system. Beginning inventory is 2,700 T-shirts at a cost…

A: Lets understand the basics. There are various type of inventory systems are followed by the entities…

Q: Larkspur, Inc uses a periodic inventory system and reports the following for the month of June. Date…

A: Units Sold = Units available for sale - Units in ending inventory Units Sold = 670 - 203…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Meaning of First In First Out :-  First In, First Out, also known as FIFO, is a method for valuation…

Q: The Stilton Company has the following inventory and credit purchases during the fiscal year ended…

A: given that, goods available for sale = 640 + 350 + 230 = 1220 units  number of units sold = 430 +…

Q: At the beginning of the current period, Viraat Industries, which uses a periodic inventory system,…

A:

Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…

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

Q: Morgenstern Ltd. has the following units and costs for the month of April. Beginning inventory,…

A: FIFO means first in first out which means that inventory which is recieved first , will be sold…

Q: Lisa Company uses the periodic inventory system and had 100 units in beginning inventory at a total…

A: given that, beginnig inventory = 100 units @ $10000 purchases = 200 units @ $26000   closing stock =…

Q: Montero Company maintains a perpetual inventory system and sells all its inventories at a price of…

A: Under FIFO method, goods purchased first are to be sold first and newer goods are left in stock or…

Q: The following units of an item were available for sale during the year: Beginning inventory 44 units…

A: Particulars Purchase Sale Balance Units Cost per Unit Total Cost Units Cost per Unit Total Cost…

Q: Vaughn Company had 100 units in beginning inventory at a total cost of $12,000. The company…

A: Total cost of goods available for sale = Beginning inventory + Purchases = $12,000 + $30,000 =…

Q: During the year, TRC Corporation has the following inventory transactions. Number Unit Date…

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

Q: how much is the ending inventory using the weighted average method?

A: In the given case; Beginning units = 6000 units Add: Purchases  = 4000 units Less: Sales          =…

Q: Grays Company has inventory of 30 units at a cost of $11 each on August 1. On August 3, it purchased…

A: Under the FIFO method of inventory, the earliest purchases are sold first. So the sales of 32 units…

Q: Crane Company had 100 units in beginning inventory at a total cost of $8,000. The company purchased…

A: Cost per unit of beginning inventory = $8,000 /100 units = $80 per unit Cost per unit of purchase…

Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

A: a. FIFO method:

Q: Swifty Company uses the perpetual inventory system and the moving-average method to value…

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

Q: Kingbird Company uses a periodic inventory system. For April, when the company sold 470 units, the…

A: Inventory Valuation:"LIFO" stands for last-in, first-out, meaning that the recently purchased…

Q: XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory  is…

A: First in First out (FIFO) is one of the inventory valuation methods in which the earliest inventory…

Q: June Corp. sells one product and uses a perpetual inventory system. The beginning inventory…

A: The Cost of goods sold is always calculated without the profit part that is at cost.

Q: XYZ Company uses the periodic inventory system to account for inventories. Information related to…

A: We are using periodic inventory valuation which means inventory is reconciled and calculations made…

Q: The following units of an item were available for sale during the year: Beginning inventory 21,600…

A: Perpetual InventoryPerpetual inventory is a method of accounting for inventory that records the sale…

Q: During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date…

A: Inventory valuation refers to the process of determining the value of inventory available with the…

Q: Koi Corporation uses the periodic inventory system. During its first year of operations, Koi made…

A: Inventory valuation methods are those methods which are used for valuation of inventory in the…

Q: Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it…

A: Compute the value of ending inventory after October 4 sale under LIFO method as shown below:

Q: The Stake Technology Inc. company has the following purchases and sales during the year ended…

A: Perpetual inventory system is that inventory system under which all transactions related to purchase…

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.