a company has a beginning inventory of 32 units at a cost of 12.00 each on oct. 1. on October 5, it purchases 22 units at 13.00 per unit. on October 12 it purchases 32 units at 14.00 per unit. on oct. 15 it sells 66 units. using FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?

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A: In periodic inventory system, the entire material is physically counted and the value of ending…

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

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A: a. Compute the total cost of the ending inventory according to FIFO.

Q: Coulter Company uses the LIFO inventory method under theperiodic inventory system. The following…

A: In this numerical has covered the concept of LIFO under Periodic Inventory System for valuing the…

Q: st 1 st 5 Beginning Ba Purchase

A: Answer : FIFO Method : Date Purchase     Cost of good sold     Inventory       Unit unit cost…

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

Q: What are the advantages and disadvantages of reviewing the balance statement for a company.

A: Any financial statement typically lists a company's assets and debts, including shareholder equity…

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A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods:…

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

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Q: Bramble Company uses a periodic inventory system. Details for the inventory account for the month of…

A: Under FIFO method of inventory valuation , units which were purchased firsts are sold first ,…

Q: Oriole Company sells one product and uses a perpetual inventory system. The beginning inventory…

A: UNDER LIFO METHOD (LAST PURCHASED FIRST SOLD )

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

Q: Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: LIFO is the inventory valuation method as per which the goods that are bought at last are to be sold…

Q: ABC Co uses perpetual inventory system and Average Cost Method. The company's information for…

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

Q: Sales during the year were 700 units. Beginning Inventory was 400 units at a cost of $10 per unit.…

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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.