4) The health food store carries a power bar that come 8 to a box. The number of boxes on hand on December 11 is 15. Find the average cost per unit for the power bars and the value of the inventory using the average-cost method. (Lesson 7) a) the average cost per unit b) the value of the inventory using the average cost method. Date Units Received Unit Cost Total Cost Dec. 1 50 $3.24 Dec. 8 10 $3.45 Dec. 10 40 $3.26

Q: Select one: a. Stores purchases are added to inventory and are charged to cost when issu b. Direct…

A: It is transfers from kitchen to bar would increase daily food cost.A book inventory is based on an…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: Weighted Average Method - This method is part of inventory valuation methods. Under this method…

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Some of the methods are used to value inventories are FIFO, LIFO and weighted average method.

Q: 29. Calculate the cost of food used for the month of November. Show your calculations. Purchases in…

A: To find the cost of food used for November we will consider the purchases made during the month…

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

A: Definition:   Perpetual inventory system: The method or system of maintaining, recording, and…

Q: Assume Jones Manufacturing begins January with 10 units of inventory that cost $10 each. During…

A: Inventory valuation method includes: FIFO Method LIF Method Weighted average method FIFO Method:…

Q: The following information pertains to ABC: March 1 Beginning inventory = 30 units @ $5 March 3…

A: Under LIFO Method, cost of goods sold is calculated on the Assumption that units of inventory which…

Q: The Wildhorse Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of…

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

Q: Assume Baxter Manufacturing begins January with 11 units of inventory that cost $12 each. During…

A: Introduction:- The following inventory methods used for inventory valuation as follows under:--…

Q: The purchases by Nizwa Book Store are given below. If the shop sells 70 books, find the value of…

A: The different methods used to value the inventory are : LIFO, FIFO, average method.

Q: 6. The axons using perpetual inventory system, based on given data: Sept. 1 Sept.3 Sept.5 Sept. 12…

A: FIFO, or First-In, First-Out, is a listing costing method that companies use to trace the value of…

Q: 57 units are in the ending inventory from the units that were purchased first. Beginning inventory:…

A: The question has asked to compute the value of ending inventory under the LIFO method.  LIFO method:…

Q: Question - Inventory Costing Methods The beginning balance of Sky Store's merchandise inventory,…

A: Weighted average means , the goods which are sold , are valued at weighted average where as FIFO…

Q: how do I calculate ending inventory for FIFO, LiFO, and average. I am working on problem p7-2  page…

A: There are 3 methods for the valuation of inventory: First in, first Out Method:First in, first Out…

Q: Assume Hadley Co has the following purchases of inventory during the first month of operations…

A: Under weighted average method of inventory valuation, weighted average cost per unit will be…

Q: Sandhill Department Store uses a perpetual inventory system. Data for product E2-D2 includes the…

A: Lets understand the basics. In perptual method weighted average basis, average is calculated for the…

Q: Determine the ending inventory cost by (a) FIFO (b) LIFO (c) Average Cost.   a. b. c.

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

Q: Give me answer this question

A: Initial Inventory:October 1: 12 units at $12 eachTotal cost=12×12=$144 Purchases:October 5: 6 units…

Q: The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180…

A: The calculations are attached below. You may kindly note that all amounts are in $.

Q: Guihua Company opened a new store in February this year. During the first year of operations, the…

A: Assume Guihua uses a moving average perpetual Method. Calculation of Cost of goods sold, Cost of…

Q: *P6-12A You are given the following information about Meesha Novelty's inventory for the month of…

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

Q: The following information pertains to Julia & Company:   March   1   Beginning inventory = 30 units…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: lculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO…

A: Solution: Average cost method: Average cost per unit = total cost / total units  = 1202.60 / 191 =…

Q: Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO…

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

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: 6) Granola bars came 16 to the box. Number of boxes on hand on February 8 is 20. Complete the table…

A: Average method means where price is charged on goods sold and closing inventory at average basis…

Q: 7) Records for Chief Supermarket show this Units Unit Date Received Cost opening balance and these…

A: Under average cost method, inventory values like cost of sold inventory and ending inventory is…

Q: Muscat Co. just starting business made the following four inventory purchases in June:…

A: Inventory is an asset which realizes revenue to the business when it is sold. There are various…

Q: Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO…

A: Inventory valuation refers to the methods used by the company to determine the value of its…

Q: 11. Shirley's Bridal Shop's inventory records for short bridal veils show this informa-tion. At the…

A: Using excel

Q: Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300…

A: Using periodic inventory system, the cost of goods sold is recorded at the end of period. Using FIFO…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…

A: Inventory valuation methods are different methods used to allocate the value to the inventory. They…

Q: During June, the following changes in inventory took place. DATE June 1 June 14 June 24 DATE June 8…

A: FIFO and LIFO Method: The First in, First out (FIFO) cost method assumes that the oldest inventory…

Q: ouie company sells Astro's photocards for P30 each. the following was taken from the inventory…

A: 1 First-In First out method :  Cost of sales :  March 10 : 300 units @ P15 = P4,500 March 20 : 200…

Q: Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24…

A: Inventory is a physical item of trade sold by suppliers during their accounting period. There are…

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.