Periodic inventory by three methods; cost of merchandise soldThe units of an item available for sale during the year were as follows:Jan. 1 Inventory 1,800 units at $108Mar. 10 Purchase 2,240 units at $128Aug 30 Purchase 2,000 units at $116Dec. 12 Purchase 1,960 units at $120There are 2,000 units of the item in the physical inventory at Deccmber 31. Theperiodic inventory system is used. Determine the inventory cost and the cost ofmerchandise sold by three methods, presenting vour answers in the following form:Inventory MethodCostMerchandise Inventory Merchandise Solda. First-in, first-out $ $b. Last-in, first-outc. Weighted average cost

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

A: a.

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

A: This Numerical has covered the concept of Valuing of Ending Inventory Under Periodic Method. In the…

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

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 5 units at…

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

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

A: There are two type of inventory system generally followed which are, (1) Periodic inventory system…

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

A: Calculate the cost of goods available.

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: 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: January 10 January 15…

A: FIFO is First in first out method of inventory valuation method in which inventories purchased first…

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

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

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: The units of an item available for sale during the year were as follows: Jan. 1 5 units at $29 $145…

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

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

A: Lets understand the basics. In first in first out basis company assumes that, goods come first in…

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

A: “Hey, since there are two questions posted, we will answer first question(EX 7-13). If you want any…

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: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 11…

A: Average cost means where the cost of units sold and closing inventory is valued at average cost…

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

A: Determine units and cost of goods goods available for sale.

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: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units…

A: "Since you have asked multiple question, we will solve the first question for you. If you want…

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

A: The periodic inventory method is a system of inventory valuation for accounting purposes in which…

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

A: Solution-                                                                                FIFO METHOD…

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

A:

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

A: Solution a: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,095…

A: Workings: Total units: 1095+1385+1680+1125                 = 5285 units.

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

A: Given: Date Units Price $ Total cost Jan-01 27 400 10,800 Feb-19 55 460…

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

A: Total units available for sale = 37 units Total cost of goods available for sale = $1,441 Average…

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

A: FIFO-First-in-First-Out:  As the name itself suggests, in this method, the oldest inventory or…

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.