Arrow Company is a retailer that uses the perpetual inventory system.   August 1 Beginning inventory 80 units of Product A @ $1,600 total cost   5 Purchased 100 units of Product A @ $2,116 total cost   8 Purchased 200 units of Product A @ $4,416 total cost   11 Sold 170 units of Product A @ $4,800 total sale   Calculate the inventory cost of item A on August 11 (after the sale) using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar. A. First-in, first-out     Ending Inventory Answer   B. Last-in, first-out     Ending Inventory Answer   C. Weighted-average     Ending Inventory Answer

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Weighted average method is the method in which the cost of goods available is divided through the…

Q: May 12 8% Date Purchase May 100 May 20 May 31 purchases, and sales May 31 Balances Unit Cost Total…

A: LIFO is the last in first out method. As per this, the goods bought at last are to be sold at first.…

Q: FIFO

A: The objective of the question is to calculate the cost of merchandise sold and the inventory balance…

Q: Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:…

A: FIFO is the inventory management method. In this, the inventory which is purchased first is to be…

Q: Inventory Purchase Information Date Number of Units Cost per unit Extended Cost Beginning…

A: The Perpetual inventory system updates the inventory value upon the happening of each transaction…

Q: Please do not give solution in image format thanku

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: Question Content Area Beginning inventory, purchases, and sales for an inventory item are as…

A: The objective of the question is to calculate the cost of goods sold (COGS) for the sale on…

Q: Inventory Costing Methods-Perpetual Method Mary Company uses the perpetual inventory system. The…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: Beginning inventory purchases, and sales data for DVD players are as follows: 48 units at $55 37…

A: Under the LIFO method, the newest products in inventory have been sold first.

Q: Inventory Costing Methods—Periodic Method  Arrow Company is a retailer that uses the periodic…

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

Q: Beginning inventory, purchases, and sales for Item Doodad are as follows: July 1   Inventory 90…

A: Inventory is a stock that the company has held for the resale purpose or the goods that are not sold…

Q: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as…

A: LIFO means last in first out where as FIFO means first in first out.Inventory and cost of goods sold…

Q: Beginning inventory, purchases, and sales for Item PK95 are as follows: May 1 Inventory 48 units @…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…

A: Under the LIFO method, the cost of the goods purchased recently are to be expenses first. In other…

Q: Comparing Inventory Costing Methods Better Bottles, Incorporated uses a periodic inventory system…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: May 2 Purchase 27,000 units at $62.00 Aug. 9 Sale 22,500 units Oct. 20 Purchase 10,500 units at…

A: Answer :Weighted average cost per unit = Total cost / Total units Cost of good sold = Total cost -…

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…

A: Answer a)

Q: Inventory Costing Methods—Perpetual Method  Chou Sales Corporation uses the perpetual inventory…

A: The inventory valuation is done using various methods : FIFO LIFO Weighted Average method

Q: Inventory Costing Methods—Perpetual Method The Luann Company uses the perpetual inventory system.…

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

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…

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

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

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

Q: Inventory Costing Methods—Periodic Method  The following information is for the Vista Company; the…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Cost of goods sold and inventory balance, under weighted average cost method is calculated as…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Weighted average unit cost is a method of valuing the inventory wherein the unit cost is recomputed…

Q: Inventory Valuation Methods     Inventory Data – June 1-30   June 1                  Inventory…

A: Inventory: It is the goods and material a business holds to sale. There are various methods of…

Q: Periodic System― Calculating Ending Inventory and Cost of Sales using FIFO The following information…

A: In order to estimate the ending inventory and cost of products sold using the FIFO (First-In,…

Q: Suppose that Ivanhoe Automated Retail Company has the following inventory data: Nov. 1 Inventory 24…

A: LIFO (Last in first out) is one of the methods of inventory management used to calculate the value…

Q: Perpetual Inventory Using LIFO The following units of a particular item were available for sale…

A: LIFO or Last in first out is a method of inventory valuation in which goods that are purchased…

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…

A: LIFO means last in first out . It is a method to value the inventory and cost of goods sold. Gross…

Q: Perpetual inventory using FIFO Beginning inventory, purchases, Nov. 1 Inventory 10 Sale 15 Purchase…

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

Q: Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

Q: Perpetual Inventory Using LIFO The following units of a particular item were available for sale…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…

A: last in first method is inventory valuation method, in which most recent inventory is sold first.…

Q: Perpetual inventory using LIFO The following units of a particular item were available for sale…

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

Q: a.  Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the…

A: First-in-first-out and last-in-first-out is a inventory management method. FIFO method under which…

Q: Inventory Costing Methods-Perpetual Method Archer Company is a retailer that uses the perpetual…

A: Perpetual accounting system or continuous inventory describes systems of inventory where information…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Under the Weighted Average Cost method, a rate (calculated by dividing the total cost of goods…

Q: Periodic System- Calculating Ending Inventory and Cost of Sales using LIFO The following information…

A: Businesses may identify cost causes and execute cost-saving solutions by having a thorough…

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as…

A: Under LIFO Method, using perpetual inventory system, Cost of goods sold is calculated at the end of…

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.