46.Jang Jun-woo Company uses the weighted average method to determine the cost of its  inventory. Jang Jun-woo recorded the following information pertaining to its inventory:  Units Units cost Total cost  Balance 1/1 160,000 60 9,600,000 Sold on 1/15 140,000  Purchased on 1/31 80,000 90 7,200,000  What amount of inventory should Jang Jun-woo report in its January 31, 2020 balance  sheet under Perpetual and Periodic?

Q: Using the weighted average method, complete the steps below to calculate the ending inventory units,…

A: Cost of Goods Sold (COGS) is a fundamental accounting metric that represents the direct costs…

Q: The records of Rami co. show the following data on June 30, 2020, During the month inventory Sold on…

A: Average Method:-It is the cost calculated by dividing the total cost by the total number of units.…

Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost For 2021, the…

A: LIFO was an costing method where it was used in inventory valuation in which the recent produced…

Q: The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31,…

A: FIFO means the item which is received first will be sold out first. In case of production , it means…

Q: The following inventory data are available for the company: Transactions…

A: Under FIFO method, the ending inventory consists of the most recent inventory purchased. The first…

Q: FRUITS Company wants to estimate its ending inventory balance by applying the retail inventory…

A: Since you have asked a multipart part question, hence as a policy we are answering first 3 parts if…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 1,600…

A: Cost of goods sold is the amount of cost which is incurred on the making of the goods. It includes…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Introduction: FIFO Method: FIFO stands for First in First out. Which means First received inventory…

Q: The table below is a summary of inventory for YZ company. Do a descriptive analysis on products in…

A: Descriptive analysis, also known as descriptive statistics, is a statistical method used to…

Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Q: Calculate the ending inventory balance for Blossom Ltd.. assuming the company uses a perpetual…

A:

Q: The inventory records of Kuffel Co. reflected the following information for the year ended December…

A: Periodic Inventory system is a system of maintaining inventories at periodic level. Whereas in…

Q: The following information was taken from the accounting records of Tampa Roofing Company for the…

A: Under fifo method of inventory valuation the units purchased first will be sold first. And in…

Q: The following is the information for ABC Corporation for the inventory transactions. The company…

A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first.

Q: Calculating LIFO Inventory Values. The Brattle Corporation began operations in 2018. Information…

A: LIFO method stands for Last In First Out. Under this method, the inventory purchased recently is…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: we know that, opening inventory + Purchases - sales = ending inventory    Cost per unit as per…

Q: action ning Inventory ase Units Unit 25 35 ase 50 ase 55 165 d 50 units on October 28.

A: Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…

Q: A company has the following information available that was used to report inventory using the…

A: Most of ending inventory is to be reported at cost index 1.06

Q: Express mart provided the following inventory information for the month of January 2019.   Units…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: 2. The following data is available for the month of September for two items of inventory that might…

A: For financial reporting, profit analysis, tax planning, and general financial management, inventory…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Under the perpetual inventory system, the inventory and the cost of goods sold records are updated…

Q: 1) During 2021, a company sells 30 units of inventory at $60. The company has the following…

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

Q: 18. On January 2020, Roel Corp. Has th following inventory purchases. January Units Amount P7,500…

A: FIFO means where the goods purchased first will be sold first and closing inventory will consist of…

Q: Kimberly Young Company was formed on December 1, 2019. The following information is available from…

A: Under periodic inventory system the cost of goods sold and inventory are not updated simultaneously.…

Q: You are provided with the following information for Concord Inc. for the month ended June 30, 2020.…

A: SOLUTION-                                   COST OF GOODS AVAILABLE FOR SALE      DATE…

Q: The following is the information for ABC Corporation for the inventory transactions The company sold…

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

Q: You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a…

A: Periodic Inventory system is a system where inventory is maintained in different methods as per the…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Ending units = Total units available for sale - Total units sold = 80 - 42 = 38 units

Q: Global company provided the following inventory information for the month of March 2019.   Units…

A: Closing inventory units = Mar 1 Beginning inventory + Mar 8  Purchases + Mar 16 Purchases - Mar 14…

Q: 1. The following information relates to the one typy of inventory of Toy Ltd during the month of May…

A: The first in first out method of inventory valuation is one where the inventory purchased first is…

Q: Q1. You are provided with the following information for Diana Inc. for the month ended December 31,…

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

Q: Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 19,900 $42.85 Jan 5 sale 5,840…

A: The ending inventory comprises the cost of the units that are not sold yet. The inventory can be…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: out of beginning inventory of 30 units, 20 units are sold in sale no. 1

Q: he following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: Calculation of COGS and ending inventory: FIFO COGS= (500*4)+(600*5)+(500*6) =2000+ 3000 +3000 =$…

Q: What is the cost of goods sold for May using a LIFO inventory costing method in a perpetual…

A: Last in first out (LIFO) is a method used to account for inventory. Under LIFO method, the costs of…

Q: A company uses the dollar-value LIFO method of computing inventory. An external price index is used…

A: DVL stands for Dollar Value LIFO method. LIFO stands for Last In First Out. Using LIFO, newer…

Q: The inventory records of Kuffel Co. reflected the following information for the year ended December…

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

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.