The following three identical units of Item Beta are purchased during June:   Item Beta   Units   Cost   June   2 Purchase   1   $50            12 Purchase   1   60            23 Purchase   1   70            Total     3   $180            Average cost per unit         $60 ($180 ÷ 3 units) Assume that one unit is sold on June 27 for $110. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.   Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6

Q: Date Purchases Sales   Units Cost/Unit Units Jan. 1 100 $0.80    Jan. 4 390 0.90   Jan. 5     280…

A: The inventory can be evaluated using various methods as: FIFO, LIFO and Weighted Average method.

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

A: Moving average unit cost will be calculated by dividing total costs by number of units.

Q: Units Unit cost Total cost Jan.1 Beginning balance 5 Purchase 15 Sale 10,000 150 1,500,000 10,000…

A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Gross profit = Sales - Cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: Units Unit cost Total Cost June  1 Inventory 250 $7 $1,750           12…

A: Inventory valuation is a method which shows cost of goods sold and cost of ending inventory which…

Q: eBook Show Me How Cost Flow Methods. The following three identical units of Item LO3V are purchased…

A: Gross Profit :— It is calculated by subtracting sales from cost of goods sold.    Ending Inventory…

Q: Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item…

A:

Q: Moath Company reports the following for the month of June. Units Unit Cost Total Cost June 1…

A: Given, Total Units = 900 Ending Units = 100 Units Sold = 800

Q: Cost flow assumptions-FIFO AND LIFO using a periodic system  the beginning inventory was 600 units…

A: FIFO or the First In First Out is the inventory valuation method in which the oldest inventory is…

Q: The following three identical units of Item Beta are purchased during June: Item Beta Units Cost $…

A: Formula for Gross profit= Sales - Cost of goods sold.The cost of goods sold are calculated…

Q: Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item…

A: Inventory valuation methods are based on the flow of methods. It includes methods like First in…

Q: May 1 Beginning inventory 162 units @ $30 per unit 12 Purchased 112 units@ $35 per unit 16 Sold 180…

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

Q: Cost Flow Methods The following three identical units of Item K113 are purchased during April:…

A: Gross profit = Sales - Cost

Q: Cost Flow Methods The following three identical units of Item B are purchased during June: Item B…

A: as per the FIFO method units purchased first will be sold first. FIFO method is the most widely used…

Q: Three identical units of merchandise were purchased during July, as follows:                 Date…

A: Gross profit = Sales - cost of merchandise sold Ending inventory = Total cost of goods available for…

Q: Cost Flow Methods The following three identical units of Item JC07 are purchased during April:…

A: Solution:- Calculation of the gross profit for April and ending inventory on April 30 as follow:-

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Sales Revenue = $51   Under the FIFO method, goods purchased at the earliest are sold first.…

Q: Unit Total Balance Date Date Explanation Units Cost Cost in Units June Jun-01 Beginning inventory 50…

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

Q: Compute the cost of the ending inventory and the cost of goods sold under (1)FIFO and (2)LIFO.(2…

A:

Q: Unit Transactions Units Cost $ 50 Beginning inventory, January 1 Transactions during the year: a.…

A: A) Last in First out: Date   Purchases     Cost of Goods Sold     Closing Inventory     Qty.…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

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

Q: The total unit sale in the month of January OMR 150,000. 1st January Inventory OMR 50,000. December…

A: The formulation:

Q: Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item…

A: The inventory flow method is used for the inventory valuation, it is based on the flow of inventory.…

Q: Unit Transactions Units Cost Beginning inventory, January 1 Transactions during the year: a.…

A: As the name suggest, under LIFO the inventory purchased last is sold first. Moreover, under LIFO…

Q: hree identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Inventory valuation can be done using three methods; FIFO LIFO Average cost.

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

A: Following are the calculation of weighted average unit cost:

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Gross profit = Sales - cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item…

A: gross profit = sales - the cost of goods.   The FIFO method uses the inventory which has been…

Q: Cost Flow Methods The following three identical units of Item JC07 are purchased during April:…

A: A) First-in, first-out (FIFO Gross profit =Cost of sale on April 27 - Cost of puurchase on April…

Q: Cost Flow Methods The following three identical units of Item P401C are purchased during April:…

A: Requirement a: Calculate the gross profit and ending inventory under first-in-first out method:

Q: ost Flow Methods the following three identical units of Item JC07 are purchased during April: Item…

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

Q: Date Transactions Number of Units Unit Cost  April 1 Beginning inventory 420 2.12 April 20 Purchase…

A: As the question asked has more than 1 question, the first question is answered. If you want the…

Q: Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item…

A:

Q: Units Unit Cost Total Cost Beginning inventory Purchases Sales (47 units at $24,630 each) 20 $11,520…

A: In LIFO it is assumed that the last purchased item will be sold first. So, the closing inventory…

Q: Moving Question 1 National supplies company had the following activity during the current monthly…

A: Using weighted average method, the cost per unit is calculated as total cost of goods available for…

Q: Date Transaction Number of Units Unit Cost April 1 Beginning Inventory 420 2.12 April 20 Purchase…

A: Weighted average cost method is a method of inventory valuation. In this method, purchases are added…

Q: Cost flow methodsThe following three identical units of Item P401C are purchased duringApril:…

A: Gross profit is the amount which is earned after reducing the cost of goods sold from the revenues…

Q: Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item…

A: FIFO & LIFO Method: First in, first out (FIFO) is an accounting approach in which assets that…

Q: Date Activities Purchase Purchase Sales Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28…

A: Formulas that are used:-   Note:- I have used the weighted average method to calculate the per-unit…

Q: Three identical units of merchandise were purchased during May, as follows:       Units Cost May 3…

A: First in first out (FIFO) Date Particulars units $ May-03 Purchase 1 $130…

Q: Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item…

A: Question: 1

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.