a company had begining inventory of 10 units at a cost of 13 each on march 1 on march 2 it purchased 10 units at 20 each on march 6 it purchased 6 units at 18 each on march 8 it sold 22 units for 61 each using the FIFO perpetual invenotry method what is the cost of the 22 units sold 338 396 438 330 366

Q: Use the following to answer questions 7- 17 During September, KC Company sells 730 mountain bikes…

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

Q: rogers products uses a periodic inventory system. the company’s records show the beginning inventory…

A: Average cost: Under this method ending inventory is valued at the weighted average cost. FIFO :…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Part 2: Explanation:Step 1: Calculate Cost of Goods Available for SaleTo calculate the cost of goods…

Q: The following Inventory transactions apply to Green Company for Year 2. January 1 April 1 August 1…

A: FIFO: First In First Out Sales on April 1 will be first sold from the beginning inventory. Sales on…

Q: Hardev

A: First-In First-Out under Perpetual Inventory System300 units costing $95 per unit (remaining from…

Q: During the year, Wright Company sells 460 remote-control airplanes for $120 each. The company has…

A: Introduction: FIFO Inventory Method: FIFO stands for First-in First-Out. As the name suggests, this…

Q: A company had the following purchases and sales during the month of November: Units Acquired at Cost…

A: LIFO stands for Last In First Out. Using LIFO perpetual inventory, the newer inventory is sold out…

Q: The following is a record of Nash Company's transactions for Colt Products for the month of May…

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

Q: ABC Company employs a periodic inventory system and sells its inventory to customers for $32 per…

A: Using LIFO method, the new inventory is sold out and older inventory is left in the stock. The gross…

Q: ABC Company sells 75 units on June 3. The inventory data on that date are: Lot Date Acquired Units…

A: FIFO is first in first out method of inventory valuation under which inventories which are purchased…

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: A company purchased 200 units for $40 each on January 31. It purchased 150 units for $35 each on…

A: Weighted average inventory costing method: - Weighted average inventory costing method is the method…

Q: The following information is for the inventory of mini-kettles at Grouper Company Limited for the…

A: FIFO is the first in first out inventory valuation method which says that inventory purchased first…

Q: The following lots of Commodity Z were available for sale during the year. Line Item Description…

A: Under FIFO method Goods Comes First are also sold first. Hence, Latest Inventory will constitute…

Q: ABC Company employs a periodic inventory system and sells its inventory to customers for $46 per…

A: The Average cost is a method of inventory valuation where all the amounts are summed up and units…

Q: Simple Plan Enterprises uses a periodic inventory system. Its records showed the following:…

A: FIFO is the inventory valuation method through which the company determines the cost of goods sold…

Q: During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has…

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

Q: Zoola, Inc. provided the following information regarding its inventory for the current year, its…

A: Solution-                                                        Income statement of zoola inc under…

Q: The following information is for the inventory of mini-kettles at Blue Spruce Company Limited for…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The cost of units available for sale is the total cost of units purchased and are available for…

Q: Cullumber Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per…

A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

Q: During the year, Wright Company sells 435 remote-control airplanes for $120 each. The company has…

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

Q: During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has…

A: Under FIFO method, inventory which is coming first in the store will be sold first. Ending inventory…

Q: RYX Company had the following purchases and issues during June 2011: June 1               Beg.…

A: Using FIFO, the older units are sold first and newer units are sold later.

Q: The following lots of a Commodity P were available for sale during the year. Beginning inventory 5…

A: Total units sold=5+15+10+10-20=20 units Out of the total units, the units sold under FIFO will be…

Q: Simple Plan Enterprises uses a periodic inventory system. Its records showed the following:…

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

Q: A company uses a periodic inventory system. On August 1, the company had 6 items of beginning…

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

Q: During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has…

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

Q: The following lots of a Commodity P were available for sale during the year. Beginning inventory 5…

A: According to the periodic system of inventory computation, the computation of inventory balance is…

Q: Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal…

A:

Q: Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…

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

Q: During the year, Wright Company sells 510 remote-control airplanes for $100 each. The company has…

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Q: During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has…

A: Introduction: FIFO: FIFO stands for First in First Out. Which means first received inventory to be…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 10…

A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…

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

A: LIFO is last in first out inventory valuation method in which goods purchased at last in 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.