Acme Manufacturing Company began business in June and made the following four inventory purchases: June 1 150 units $ 990 June 10 200 units 1,344 June 15 200 units 1,368 June 28 150 units 1,062 ​ $4,764 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is A. $1,361. B. $1,320. C. $1,344. D. $1,416. Reset Selection

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: Suppose that Sheridan has the following inventory data: Nov. 1 Inventory 10 units @ $6 each Purchase…

A: First in, first out (FIFO) is an inventory method that assumes the first goods purchased are the…

Q: es Montoure Company uses a periodic inventory system. It entered into the following calendar-year…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Q: Wildhorse Lighting had a beginning inventory of 31 units at a cost of $7 per unit on August 1.…

A: Total goods available for sale=Beginning inventory+Purchases=31+36+46+41=154

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: 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: Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the…

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

Q: April 5 April 10 April 15 April 20 April 22 ne unit is sold on April 25. The c entify the cost of…

A: Answer : Ending inventory = Total number of unit purchase - Unit sold Ending inventory = 5 - 1 = 4…

Q: Laker Company reported the following January purchases and sales data for its only product. The…

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

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: Inventory Costing Methods - Periodic Method Fortune Stores uses the periodic inventory system for…

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

Q: Laker Company reported the following January purchases and sales data for its only product. The…

A: The first things acquired are presumed to be the first goods sold in the first in, first out (FIFO)…

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: 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: A company nvento Multiple Choice O $33,300. Date April 1 Beginning inventory Units Acquired at Cost…

A: Ending inventory is viewed as a current asset since it is anticipated to be sold or turned into cash…

Q: Determine the inventory cost using the average cost method. (Round to nearest whole dollar)

A: Under this method, closing inventory and the cost of goods sold are computed using an average rate…

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

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

Q: Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Laker Company reported the following January purchases and sales data for its only product. The…

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

Q: Shellhammer Company's inventory records show the following data for the month of September:…

A: Weighted-average method:Weighted-average method is a method of inventory valuation. In this method,…

Q: Required information [The following information applies to the questions displayed below.] A company…

A: Periodic inventory system means where day to day in or out of goods is not recorded and value of…

Q: Tablet Company, which uses a periodic inventory system, reports the following in its inventory…

A: Total units available for sale = Beginning Inventory + Purchases = 10 + 5 + 5 = 20 units Cost of…

Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: Date March 1 March 10 March 16 March 23 Transaction Beginning Inventory Purchase Purchase Purchase…

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

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

A: Periodic inventory system is a system where cost of goods sold is not updated simultaneously. At…

Q: culate the November 30 Inventory and the November Cost of goods sold using the FIFO cost formula…

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

Q: The Luann Company uses the periodic inventory system. The following July data are for an item in…

A: Step 1: Compute the ending inventory (in units) as follows:

Q: Use the following information for the Exercises 3-7 below. (Algo) [The following information applies…

A: As per our guidelines we are allowed to solve only one question at a time  here is the solution for…

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

A: Under the FIFO method, the oldest products in inventory are sold first. Under the LIFO method, the…

Q: The following information was available from the inventory records of Jun Company for January: Unit…

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

Q: Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the…

A: Weighted average is the average cost of units of inventory purchased during a particular period (say…

Q: XYour answer is incorrect. Calculate the cost of goods sold for May and the ending inventory at May…

A: Periodic inventory system: A periodic inventory system is a system of measuring inventory which is…

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: Carrington Inc. reported the following information for the month of August: Inventory, August 1 64…

A: The specific identification method relates to inventory valuation, specifically keeping track of…

Q: Radical Radials Company has the following inventory data: July 1 beginning inventory: 30 units at…

A: LIFO Method :— It is one of the method of inventory valuation in which it is assumed that recent or…

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.