1 your client, Awesome Inc has asked you to help with valuing its closing inventory                     below details are from Trial Balance                         Sales     $154,300.00       Opening Inventory     $18,780.00       Purchases     $119,325.00                     Awesome generally has a gross profit of 25%

Q: PROBLEM 2: FOR CLASSROOM DISCUSSION Gross profit rate 1. The following data relate to the records of…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: The following information pertains to Julia & Company: March 1 Beginning inventory - 34 units @…

A: Solution According to the FIFO method , inventories that are acquired first will be sold first The…

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A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

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A:

Q: Determine the costs assigned to ending inventory when costs are assigned based on the weighted…

A: Introduction:- Weighted average method is one of the inventory valuation method. which is used to…

Q: A trial balance contains the following: $ Opening inventory 2,000 Closing inventory 4,000…

A: Cost of sales includes all cost that incurred on manufacturing and selling the product to the…

Q: valuing its closing inventory

A: Cost of goods sold = Sales - (Sales * Percentage of gross profit) Sales $154,300 Percentage of…

Q: Problem #10 A company just starting business made the following four inventory purchases in June:…

A: Number of units purchased in the month of June = 150+200+200+150 = 700 units

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

A: FIFO Method :— It is one of the method of inventory valuation in which beginning Inventory and first…

Q: Find the gross margin as a percentage amount. Gross Sales $230,000 Customer Returns and Allowances…

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Q: 14. Utilize the following figures to calculate: a. The closing book inventory at retail. b. The cost…

A: Cost to Retail Inventory Method Cost to retail method which is used to measure the ending inventory…

Q: A small gift shop has a beginning inventory at $9,120. If the additional inventory detailed in the…

A: Cost of goods sold is calculated as difference between cost of goods available for sale and ending…

Q: A small gift shop has a beginning inventory that is valued at $9,400. If the additional inventory…

A: COST OF GOODS SOLD :  = BEGINNING INVENTORY + PURCHASES DURING THE YEAR - ENDING INVENTORY

Q: Beginning inventory, purchases, and sales data for DVD players are as follows: 56 units at $65 40…

A: FIFO Method -Under FIFO Method, Inventory purchased first are sold out. Costs are recognized  based…

Q: E Periodic LIFO

A: Correct answer :- A $ 544

Q: Sheridan has the following inventory data: Nov. 1 Inventory 25 units @ $5.00 each 101 units @ $5.40…

A: Solution..     Ending inventory under FIFO method

Q: 1. On January 1, the Abrams Company began business with the purchase of 250 units of inventory for…

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

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A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

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Q: February 15 June 30 Purchase Sales Purchase Tree Seedlings has the following current-year purchases…

A: FIFO method uses the price of the first batch of materials purchased for all issues, until all…

Q: uffins Budgeted Sales Selling price per dozen Total Sales Revenue from Muffins ookies Budgeted Sales…

A: Based on the information provided, the question appears to be related to accounting and budgeting,…

Q: i need the answer quickly

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A: Cost of goods sold (COGS): Cost of goods sold refers to the direct costs of producing the goods sold…

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A: Periodic inventory system means where day to day in or out of goods is not recorded and value of…

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A: Value of ending inventory represents the value of inventory remained within the business at the end…

Q: Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total…

A: Specific Identification method can be applied in situations where different purchases can be…

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A: The first is first out method says that the most recent purchases are sold before any other units.…

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A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: Cost of Goods Sold = [ ? ]

A: COGS includes all the direct expenses that are incurred in production. Indirect expenses to…

Q: get answer Without fail please provide it

A: Using LIFO method, using the table below:Date        Transaction    Units / PriceUnits…

Q: Prepare the journal entries to record the following transactions related to buying and selling…

A: Journal entries are the record of financial transactions.

Q: Hazards company had the following dald. Beginning inventory (on May 1) $190 Purchases during May…

A: The direct expenses of manufacturing the commodities supplied by a corporation are referred to as…

Q: How to solve this and which answer is the correct?

A: The answer are as follows

Q: 1. The Eccentric Store had a beginning inventory on August 1 of 50 units of goods at a cost of $30…

A: COGS: It refers to the direct cost of manufacturing goods required to be sold by the company

Q: Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10…

A: LIFO stands for last in first out. It is a method of valuing inventories in which the goods…

Q: Glitter Enterprises started the period with 70 units in beginning inventory that cost $2.30 each.…

A: Under the LIFO cost flow method, the most recent purchase of inventory is taken into consideration…

Q: Myanmar Company had the following transactions: April 1, Beginning Inventory: 20 units @ $205 each =…

A: The first step in inventory management is to accurately predict consumer demand. Businesses can…

Q: Coronado has the following inventory information. July Beginning 1 20 units at $340 Inventory $17 60…

A: Under weighted average cost method using periodic inventory system, value of ending inventory and…

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

A: FIFO Method :— It is one of the method of inventory valuation in which it is assumed that old…

Q: The following buds were available for sale during the year Beginning inventory 15 units at $40 20…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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A: InventoryInventory is the material available with the company for the process of production and…

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Q: On May 1, Wildhorse Company had 450 units of inventory on hand, at a cost of $4.00 each. The company…

A: INVENTORY VALUATIONInventory Valuation is a method of calculation of Value of Inventory at the End…

Q: 5

A: Weighted Average: $42,434Perpetual FIFO: $42,564Perpetual LIFO: $27,924Specific Identification:…

Q: Lorna Company has the following data available: Beginning inventory $170,000​ Net purchases…

A: The objective of the question is to calculate the estimated cost of the ending inventory using the…

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.