Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 21 units at $1,800 May 15 Purchase 29 units at $1,950 Aug. 7 Purchase 10 units at $2,040 Nov. 20 Purchase 17 units at $2,100 There are 20 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar.   Cost Inventory Method Ending Inventory Cost of Goods Sold a.  First-in, first-out method $ $ b.  Last-in, first-out method $ $ c.  Weighted average cost method $ $

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

A: FIFO methods assumes that Goods purchased first are Sold first which means Ending Inventory consist…

Q: an. 1 Inventory 40 units at $116 Mar. 10 Purchase 60 units at $124 Aug. 30 Purchase 30 units at $130…

A:

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: The cost of ending inventory and cost of goods sold can be valued using various methods like LIFO,…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: First in first out means the units first bought is first sold and for the valuation of ending…

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

A: In periodic inventory system, the inventory records are maintained periodically at specified…

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

A: Units sold = Total units available - Units in ending inventory

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

A: Periodic Inventory System: In this system, inventory gets updated in records on a periodic basis…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,800…

A: Under periodical inventory system, movement of inventory is updated at the end of the period. there…

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 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: Jan. 1   Inventory 11…

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

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 14 units…

A: Periodic inventory system is a system in which the inventory is updated in the accounting records on…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at…

A:

Q: The units of an item available for sale during the year were as follows: $ 7,200 Jan. Inventory 20…

A: In the question mentioned inventory cost, we assumed that ending inventory.

Q: The units of an item available for sale during the year were as follows: Jan. Inventory 1,800 units…

A: Calculation of Cost of goods available for sales and units sold: Ending results are as follows:

Q: inventory cost by the first-in, first-out method.

A: Computation of inventory cost by various methods are shown below :

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 16…

A: Total units available for sale = 16 + 16 + 20 + 7 = 59 units Total cost of goods available for sale…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: FIFO - As per FIFO method, inventory purchased first will be sold first and therefore ending…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Under the FIFO method, the earliest purchases are sold first which the ending inventory consists of…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units…

A: As per the LIFO method, those units are issued first, which are purchase last. So it means the…

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

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

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

A: Ending inventory refers to amount of stock left with the firm at the end of accounting period. It is…

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

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

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Inventory is a current asset that appears on the statement of the financial position of a company.…

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: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The details regarding the Inventories are given. Required  Calculate the cost of Inventory as in…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Calculate cost of merchandise available for sale:

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 22 units…

A: SOLUTION- THE INVENTORY CAN BE VALUED USING VARIOUS METHODS AS FIFO,LIFO AND WEIGHTED AVERAGE .

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Workings: Calculation of Goods available for sale: On January 01 purchased Inventory 40 units @ $ 96

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000…

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

Q: eriodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Goods or items which are stored by the business either for selling or for further production so as…

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

A: Unit Cost Of Unit Sales = Total Cost Of Goods Available For Sales / Total Goods Available for Sales…

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

A: LIFO method - Last in first out. It assumes that last inventory are sold first  FIFO - First on…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: a. Determination of inventory cost by the First in First out method (FIFO) Under FIFO method…

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 15 units…

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

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: as per the FIFO method, the consumption of inventory will be from the first purchase, As per the…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Periodic inventory system is a system of inventory valuation in which the transactions of purchase…

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

A: FIFO stands for First in First Out LIFO stands for LIFO in First Out

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

A: The three methods of inventory valuation are FIFO or First In First Out, LIFO or Last in Last Out or…

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: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units…

A: Formula: Cost per unit = Total cost / Number of units

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

A: Periodic Inventory System: The periodic inventory system, records inventory balance on hand…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: First-in-first-out (FIFO), last-in-last-out (LIFO), and weighted average cost method are the…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

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

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Merchandise inventory is one of the important current asset of the business. Its valuation and…

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

A: Periodic Inventory system The purpose of using of this system to ease the working calculation which…

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

A:

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.