Retail Inventory Method The following information is provided by Raynette's Pharmacy for the last quarter of its fiscal year ending on March 31, 20--:   Cost Retail Inventory, start of period, January 1, 20--   $28,700     $51,700   Net purchases during the period   164,304     264,700   Net sales for the period       261,700   Required: 1.  Estimate the ending inventory as of March 31 using the retail inventory method and the cost of goods sold for the time period January 1 through March 31 using the retail inventory method

Q: When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate…

A: Cost of goods sold = Sales - Gross profit = $1,218,000 - ($1,218,000*45%) = $1,218,000 - $548,100 =…

Q: Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method.…

A: 1.

Q: Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company…

A: Particulars  Cost  Retail Beginning Inventory P550,000 P820,000 Purchases…

Q: May's Dress Shop's inventory at cost on January 1 was $40,500. Its retail value was $60,500. During…

A: Given: Particulars Cost Retail Beginning inventory $40,500 $60,500 Purchases $195,300…

Q: Harmes Company is a clothing store that uses the retail inventory method. The following information…

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

Q: The following information is taken from the books of All in the Family Center for the first quarter…

A: Cost index ratio = Total cost of Goods available for sale at Cost / Total cost of Goods available…

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

A: a. Calculate the ending inventory using FIFO method.

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

A:

Q: Perpetual Inventory Using FIFO The following units of a particular item were available for sale…

A: Inventory: Inventory is the goods purchased or manufactured with the intention of sale. The…

Q: Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company…

A: Particulars  Cost  Retail Beginning Inventory P550,000 P820,000 Purchases P3,800,000…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units…

A: Average cost per unit = Total cost of goods available for sale / total units available for sale =…

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

A: Under FIFO, the inventory purchased at first is issued first. Under LIFO, the inventory purchased in…

Q: Retail Inventory Method Harmes Company is a dothing store that uses the retail inventory method. The…

A: Cost Price   Retail Price    $   $  Beginning Inventory (January 1)   29,900     40,200…

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

Q: Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company…

A: Cost to retail ratio = (P4,350,000 / P6,020,000) x 100 = 73%

Q: Universal Suppliers had sales of $475,000 in the month of June. Use the retail method to estimate…

A: Ending inventory is the amount of inventory left with the company at the end of the period.

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: It is given that periodic inventory system is applied for calculating the inventory and it is also…

Q: Retail Inventory Method The following information is provided by Raynette's Pharmacy for the last…

A: Cost to retail ratio = Total cost of goods available / Total Retails value of goods available

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

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

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

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: Harmes Company is a clothing store that uses the retail inventory method. The following information…

A: Cost of Goods available for sale(FIFO)=Beginning Inventory+Purchases=$32,500+$130,000=$162,500

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

A: Solution:- Determination of the inventory cost using periodic inventory system as follows:-

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: Fisman Corporation. uses the retail method of inventory. At the end of June, the records of the…

A: Cost to retail ratio is calculated by dividing the total of beginning inventory plus purchases at…

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: Using the following data taken from Connor Inc. which uses a periodic inventory system to answer…

A: Gross profit = Net sales - cost of goods sold where, Net sales = Sales - sales return - sales…

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

A: Solution-                                                                                FIFO METHOD…

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

A: The question is based on the concept of Cost Accounting.

Q: Required information [The following information applies to the questions displayed below.) Laker…

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

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

A: Periodic inventory system:The method or system of recording the transactions related to inventory…

Q: Perpetual inventory using FIFO The following units of a particular item were available for sale…

A: FIFO is first in first out method of inventory valuation or costing, under which inventory which is…

Q: The records of Earthly Goods provided the following Information for the year ended December 31,…

A: Year end inventory means cost of ending inventory which is left at the end of the period.

Q: Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise…

A:

Q: Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise…

A: Under the FIFO method, units purchased first are sold first. Under the LIFO method, units purchased…

Q: Retail Inventory Method Harmes Company is a dothing store that uses the retail inventory method. The…

A: Harmes Company              Calculation of ending…

Q: Carla Company uses the perpetual inventory system. The following information is available for…

A: Ending units = Total units available for sale - No. of units sold = 2,600 units - 1,600 units =…

Q: Perpetual Inventory Using FIFO The following units of a particular item were available for sale…

A: There are various methods by which the cost of ending inventory and cost of goods sold can be…

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

A: The average cost per unit would be $1976 / 43 = $45.95

Q: Using the following data taken from Hsu's Imports Inc. which uses a periodic inventory system to…

A: The cost of inventory includes all costs incurred in bringing the inventory to its present location…

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

A: Introduction: FIFO: FIFO stands for First in First out which means first received inventory to be…

Q: The records of Earthly Goods provided the following information for the year ended December 31,…

A: we know that,  cost to retail ratio = Cost of goods available for sale/goods available for sale at…

Q: Dakota Company had net sales (at retail) of $260,000. The following additional information is…

A: The inventory management will include ordering of goods, storing/holding of goods, work in progress…

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.