A company just starting business uses a periodic inventory system. A physical count of merchandise inventory on June 30- reveals that there are 320 units on hand. The company made the following three inventory purchases in June.   # of Units Unit Cost Total Costs June 1 150 $10 $1,500 June 10 200 $9 $1,800 June 15 250 $8 $2,000  Using the LIFO inventory method, the value of the Ending Inventory on June 30 is __________ . Select one: a. $ 2,070 b. $ 3,030 c. $ 2,670 d. $ 2,630

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A:

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

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A: Definition:   Periodic inventory system: The method or system of recording the transaction related…

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A: FIFO Method :— It is one of the method of inventory valuation in which beginning Inventory and first…

Q: une  1 Balance  450 units @ $11                   June   15 Sold 200 units @ $24…

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Q: A company just starting business made the following four inventory purchases in June: June 1 100…

A: Units available for sale = 100 + 170 + 170 + 120 = 560 units Units in ending inventory = 180 units…

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A: First in first out method means inventory which is coming first in the business will be sold first.…

Q: None

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

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A: FIFO (first in first out) is one of the methods to value inventory that tells the inventory coming…

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A: Under LIFO method when goods are sold, goods which are purchased recently has to be sold out first.…

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A: Ending inventory is the amount of inventory which is held by the entity at the end of the period.…

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Q: Need help

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

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A:

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

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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.