A company just starting a business made the following four inventory purchases in June: Date Number of units purchased Total cost June  1 190 units $ 450 June 10 150 units 600 June 15 150 units 700 June 28 100 units      610     $2360 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is     $750.   $1484.   $570.   $880.

Q: A company just starting business made the following four inventory purchases in June: June 1 120…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: A company just starting business made the following four inventory purchases in June: June 1 190…

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

Q: A company just began business and made the following four inventory purchases in June: $ 990 1,344…

A: Under average cost method using periodic inventory system, value of ending inventory and cost of…

Q: Splish Brothers Inc. just began business and made the following four inventory purchases in June:…

A: Under the weighted average model, the cost of the goods that are available for sale is divided by…

Q: In its first month of operations, Sheridan Company made three purchases of merchandise in the…

A: In organization, there are two system for inventory valuation. (1) Perpetual Inventory system (2)…

Q: Marigold Corp. has the following inventory data: July 1 Beginning inventory 18 units at $19 $342 7…

A: Lets understand the basics.COGS and ending inventory can be calculated by,(1)FIFO(2)LIFO(3) Average…

Q: The periodic inventory records of Allen Medical Supply indicate the following for the month of June:…

A: In LIFO method inventory comes first are out first .Ending inventory consists 15 units from…

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: Wildhorses has the following inventory data:

A: LIFO This method is opposite of FIFO method. In this method, Inventory purchased or acquired last…

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 just starting its business made the following four inventory purchases in June: Date…

A: Gross profit is defined as the excess of the selling price of the goods over the cost of goods sold.…

Q: Concord Corporation just began business and made the following four inventory purchases in June:…

A: Introduction Inventory is the goods and material a business holds for sale. For recording inventory,…

Q: A company just starting its business made the following four inventory purchases in June:

A: Cost per unit. = Total Cost / No.of units purchased   June 1 : $832/260 = $3.2 June 10 : $1056/320 =…

Q: Wildhorse Company just began business and made the following four inventory purchases in June: June…

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

Q: Vaughns has the following inventory data: Nov. 1   Inventory   31 units @ $6.10 each 8   Purchase…

A: In Last-in-first-out (LIFO) it is assumed that the last purchased item will be sold first. So, the…

Q: Suppose that Sunland Natural Cosmetics Company began business and made the following four inventory…

A: Inventory valuation is a method which is used to valued the inventory and to find the unsold…

Q: Concord Company uses a periodic inventory system. For April, when the company sold 550 units, the…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Marigold Corp. just began business and made the following four inventory purchases in June: June…

A: Average cost method refers to the method of determining the the total cost of goods purchased or…

Q: Oriole has the following inventory data: Nov. 1   Inventory   34 units @ $6.70 each 8…

A: The cost of goods available for sale is the sum of the cost of inventory purchased at each time…

Q: Suppose that Ivanhoe Natural Cosmetics Company began business and made the following four inventory…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and…

A: Total goods available for sales is computed by adding all the units we have and all the units that…

Q: A company just began business and made the following four inventory purchases in June: June   1…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: The records at the end of January of the current year for Young Company showed the following for a…

A: The last in first out is an inventory valuation method used to determine the cost of goods sold and…

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: A company just starting business made the following four inventory purchases in June June 1 10 320…

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

Q: Blossom Company just began business and made the following four inventory purchases in June: June 1…

A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…

Q: NOVA Sports Inc. has the following data for inventory for June: Units Unit Cost Total Cost June 1…

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

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

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

Q: Whisperings has the following inventory data: Nov. 1   Inventory   28 units @ $5.50 each 8…

A: Answer: Calculation of the cost of goods sold under LIFO: Note: In the LIFO method of accounting of…

Q: May 1 May 5 May 20 made the following merchandise purchases and sales during the month of May:…

A: Inventory valuation can be done with following methodsFirst in first out methodLast in first out…

Q: Motors has the following inventory information. Nov. 1 Inventory 30 units e s8.00 Purchase 120 units…

A: Under periodic system , the inventory are not valued at regularly basis, the valuation is done…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: clsoing inventory = opening inventory + purchase - sales

Q: In its first month of operations, Sheridan Company made three purchases of merchandise in the…

A: To calculate the cost of ending inventory under the FIFO (First-In, First-Out) and LIFO (Last-In,…

Q: Swifty Corporation just began business and made the following four inventory purchases in June: June…

A:

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.