ABC Co uses perpetual inventory system and Average Cost Method. The company's information for December 2021 is as follows:   December 1- Beginning inventory value is $ 800 in total for 20 units of inventory.   December 7- Sold 10 units $50 each.   December 12- Purchased 15 units at the cost of $42 each.   December 17- Sold 8 units $50 each. December 23-Sold 4 units $50 each.   December 27- Purchased 8 units at the cost of $44 each.   December 30- Sold 10 units $50 each.     What amount should be recorded to COGS for the sale transaction on December 17? Lütfen birini seçin: a. 630 b. 431,20 c. 164,80 d. 329,60

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A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

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

A: FIFO is First In First Out. Cost of Goods sold under FIFO method will consists of units that are…

Q: Below are the merchandise transactions of Yellow Company for the month of January        2019.…

A: Sales Jan,10,2019 8000 15 120000   Jan,25,2019 3000 17 51000     11000   171000

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A: Ending Inventory = Total Cost of goods - Cost of goods sold

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A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

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A:

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Q: Record the following transactions in the general journal of Fitzroy Ltd using (a) perpetual…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Co. C has the following units of beginning inventory and purchases for the year: beginning inventory…

A: Under FIFO method, units which are purchased first are sold first .  Under FIFO method , ending…

Q: december was 2500 TL (2.500 units at unit cost of 1TL). Journalize th hased 5000 units of inventory…

A: Under FIFO method, the units purchased first is sold first . The cost of goods sold will be taken of…

Q: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: Solution:   Date Particulars Unit  Unit cost Total cost July 1 Purchases 10 91 9,10 3…

Q: the following units of an item were available for sale during the year: Beginning inventory 25…

A: Solution-1                                               Fifo Mehod   Sno Receipt Issue Balance…

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: Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: In LIFO (Last In First Out ) Method, the goods received last are dispatched first, so the ending…

Q: A company using the periodic inventory system has merchandise inventory costing $333 on hand at the…

A: Formula to calculate cost of merchandise sold: Cost of merchandise sold = Opening merchandise…

Q: Bonita Industries sells one product and uses a perpetual inventory system. The beginning inventory…

A: Perpetual Inventory System In perpetual inventory system the entries are carried out at the time of…

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

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

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Q: n, what is the gross profit for the month?

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Q: Johnson Company reports the following inventory information for beginning inventory, purchases, and…

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

Q: During 2021, a company sells 365 units of inventory for $93 each. The company has the following…

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

Q: At May 1, 2020, Sunland Company had beginning inventory consisting of 210 units with a unit cost of…

A: Lets understand the basics.There are various methods are followed for calculating inventory balance…

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Q: During 2021, a company sells 460 units of inventory for $87 each. The company has the following…

A: To use the weighted average model, one divides the cost of the goods that are available for sale by…

Q: Pink Company has beginning inventory of 24 units at a cost of $12.00 each on May 1. On June 5, it…

A: In case of LIFO method latest goods will be sold first. Thus ending inventory consists of goods…

Q: On 04/01/2021, Toronto Co. had 6,000 units of merchandise on hand that cost P120 per unit. During…

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Q: You have the following information for Vaughn Inc. Vaughn Inc. uses the periodic method of…

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Q: Tea co. has inventory of 27 units at a cost of $8 each on August 1. On August 3, it purchased 37…

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Q: ntercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

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Q: XYZ company prepares financial statements monthly and the company uses FIFO method under a perpetual…

A: FIFO is first in first out method for inventory costing, under which inventories which are purchased…

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A: Formula: Cost per unit = Total cost / Number of units.

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…

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.