22. ATHLETIC SHOES The beginning inventory and purchases of shoes made by The Sports Authority this year are as shown. Beginning inventory 300 pairs at $21.60 400 pairs at $24.00 450 pairs at $24.30 350 pairs at $22.50 March August November An inventory at the end of December shows that 530 pairs of shoes remain. (a) Find the inventory value using the weighted-average method. (b) Find the inventory value using the FIFO method. (c) Find the inventory value using the LIFO method.

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Q: Capital Technologies Inc. began 2020 with inventory of $20,000. During the year, Capital purchased…

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A: FIFO (First-in First Out): Under FIFO inventory accounting, units prurchased first are sold first.…

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A:

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Q: 21. ATHLETIC SOCKS REI made the following purchases of wool socks. Beginning inventory May August…

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A:

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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.