Assume that The following transactions occurred in the month of June in Super moon LLC.Based on the given information, calculate the ending inventory balance on 20th June by following FIFO method. 1st June Opening inventory 400 units @ OMR 4.000. June 3rd purchased 200 units @ OMR 4.5. June 9th purchased 100 units @ OMR 4.25. 14th June sold 450 units. June 15th sold200 units. June 20th purchased 200 units @ OMR 4.50 each. a. OMR 1100 b. None of the given options c. OMR 212.5 d. OMR 1112.5

Q: The Delta company uses a periodic inventory system. The beginning balance of inventory and purchases…

A: Last-in-First-out (LIFO) method is an inventory valuation method under which the goods that were…

Q: Balance/Transaction No. of units Beginning Inventory Sale Purchase Date Cost March 1 10 units $20…

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

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Under LIFO method, using perpetual inventory system, Cost of goods sold and value of ending…

Q: Consider the following inventory transactions for September: Beginning inventory Purchase on…

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

Q: Cost of goods Sold

A: Jan 1 400 $7.00 $2800   Feb 15 1000 $7.50 $7500   June 30 1400 $8.00 $11200   Nov 25 1200…

Q: Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in…

A: FIFO Method:FIFO method uses the price of the first batch of materials purchased for all issues,…

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: A company has the following purchases and sales during October. Using the FIFO periodic inventory…

A: The objective of the question is to calculate the value of the inventory on October 15 after the…

Q: Rogers Products uses a periodic inventory system. The company's records show the beginning inventory…

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

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: The Hat Store had the following series of transactions for Year 2. Description 35 units @ $19.50 200…

A: First in first out (FIFO): It implies an inventory valuation method used by the business to record…

Q: Addison, Inc. uses a perpetual inventory system. Information regarding one inventory item for the…

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

Q: Miguel, Inc. uses a periodic inventory system. The company's beginning inventory of a particular…

A: For the purpose of inventory valuation, there are many methods that are used. These are first in…

Q: Coulter Company uses the LIFO inventory method under theperiodic inventory system. The following…

A: In this numerical has covered the concept of LIFO under Periodic Inventory System for valuing the…

Q: On May 1, Blossom Company had beginning inventory consisting of 372 units with a unit cost of $8.…

A: The average cost method calculates inventory value by averaging the costs of all items in stock,…

Q: The following information relates to Blue Back Falls Ltd.'s inventory transactions during the month…

A: The objective of the question is to calculate the cost of goods sold, gross margin and ending…

Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: The following Information was drawn from the Inventory records of Alpha Company as of December, Year…

A: The weighted average method in inventory calculates the average cost of items by considering both…

Q: Ayayai Ltd., which uses a perpetual inventory system, recorded the following inventory transactions…

A: Under FIFO method using perpetual inventory system, Value of ending inventory and cost of goods sold…

Q: Monty Corp. uses a periodic inventory system reports the following for the month of June. Date…

A: Perpetual Inventory system is a form of inventory valuation where the computation on inventory…

Q: Beginning inventory Sales, Jan. 1-Jan. 10 Purchase, Jan. 11 Sales, Jan. 12-Jan. 20 Purchase, Jan. 21…

A: The perpetual inventory system is the system used for valuing the inventory. Under this system the…

Q: Inventory data for an item för Description Date 1-Nov 4-Nov 15-Nov 17-Nov 28-Nov 30-Nov Beg.…

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

Q: The units of an item available for sale during the year were as follows: Date Line Item Description…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: Sunland Co. began operations on July 1. It uses a perpetual inventory system. During July, the…

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

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

A: Inventory valuation method includes: FIFO method LIFO method Weighted average cost method FIFO…

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…

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

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

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

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

Q: Use the following information (M) from Marvel Company for the month of July to answer the question:…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal…

A: LIFO inventory method is Last in first out which says that inventory purchased last will be sold…

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

A: Under the LIFO method, sales are made out of the latest purchases and therefore, the cost of goods…

Q: Cheyenne Corp. uses a periodic inventory system. Details for the inventory account for the month of…

A: Gross profit is a  fiscal  move that shows the difference between an association's  profit from…

Q: 1. The Pattasar Electric Appliances company uses perpetual inventory system and first-in, first-out…

A: Calculation table

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: Ayayai Corp. uses a periodic inventory system. Its records show the following for the month of May,…

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

Q: Cullumber Company uses a perpetual inventory system and reports the following for the month of June.…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

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: Redmoon Traders provided the following inventory information for the month of March 2018. Units Cost…

A: Given that: Sale of 350 units that are purchased on Mar 18.

Q: lecember was 2500 TL (2.500 units at unit cost of 1TL). Journalize the belo ased 5000 units of…

A: When goods are sold , the sale revenue entry and the cost of goods sold entry is recorded. The first…

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

A: Journal Entry - It is record of every business transaction in day to day whether it is economic 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.