Beginning inventory and purchases Units Unit Cost Total Cost Jan 1 60 $7 $420 April 1 45 $10 $450 July 1 70 $8 $560 September 1 40 $6.50 $260   If ending inventory is 105 units, what is the cost of goods sold using the weighted-average method?     $846     $864.65     $966.55     $825.34

Q: Number Cost of Units per Unit Beginning inventory 130 $71 Purchased goods during the period 240 80…

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

Q: Units Cost Beginning inventory 50 $10 Purchase (June 5) 10 16 Purchase (June 15) 30 14 Sale (June…

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

Q: Beginning Inventory Date January 1 Units Unit Cost Total Cost 120 Purchase January 15 380 $ 80 90 $…

A: Stockpile of 120 items at $80 items for $9,600. On January 15, $34,200 was spent on 380 $90 goods.…

Q: Date Explanation Units Cost Total Cost June 1 Inventory 225 $5 $1,125 12 Purchase 525 6 3,150 28 23…

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

Q: Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $80 $1,200 12 Purchase 45 82 3,690…

A: Periodic Inventory :- periodic inventory system is a mechanism for mesuring cost of goods sold and…

Q: Beginning inventory and purchases Units Unit Cost Total Cost Jan 1 60 $7 $420 April 1 45 $10 $450…

A: LIFO or Last in and First out as the name indicates means that the recent purchases will be sold…

Q: Acme-Jones Corporation uses a weighted-average perpetual inventory system. August 2, 10 units were…

A: 1. COST OF GOODS SOLD : = NUMBER OF UNITS SOLD X WEIGHTED AVERAGE COST PER UNIT  2. WEIGHTED AVERAGE…

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory 44 $ 5 $ 220 April…

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

Q: QUESTION 13 Wilcox has the following inventory information. Beginning Inventory Purchases July 1 20…

A: Formula  is      Average cost of purchases =  Total cost of goods purchased /total…

Q: # of Units Unit Cost Total Cost Jan 1 Beginning Inventory 09 009$ 066$ $1,300 Jan 12 Purchase $11 06…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: Based on the above data, calculate ending inventory as of May 30: O $5,740 O $40 O $340 O $380

A: Ending inventory depends on the beginning inventory, cost of goods sold and purchasing done during…

Q: Given the following:     Number purchased Cost per unit Total January 1 inventory 41 $ 5   $ 205…

A: Number of units sold = Units purchased - Ending inventory units = 209 - 62 = 147

Q: Use the inventory table and the gross profit inventory method to estimate the ending inventory and…

A: Gross Profit  The amount of profit earned by a company after selling off the manufactured goods is…

Q: Question 16 Purchased Beginning Inventory May June July Units Available for Sale Beginning Inventory…

A: Lets understand the basics.Inventory and cost of goods sold gets calculated using,(1) FIFO(2)…

Q: Compute the cost of the ending inventory and the cost of goods sold under FIFÓ, LIFÓ, and…

A:

Q: Cost/Unit Units 5 $ 30 6 7 9 120 60 90 Explanation Beginning Purchase Purchase Purchase .Shandy…

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

Q: Required: How much is the cost of the ending inventory on January 31 under:   1. FIFO method…

A: Formula: WAC per Unit = Cost of Goods Available for SaleUnits Available for Sale Ending Inventory=…

Q: Calculate the average unit cost for the inventory table shown below. Units Cost per Total Retail…

A: Average unit cost of inventory is the average cost incurred by a company to produce or purchase a…

Q: DATE DETAILS UNITS COST PER UNIT 1 OPENING INVENTORY 20 R85 7 Purchases 23 R90 16 Purchases 33 R95…

A: Weighted average means that cost of inventory and cost of goods sold can be calculated by taking…

Q: Required: Compute for the cost of ending inventory and cost of goods sold using:   a. FIFO    b.…

A: Inventory: The goods that are kept by the business for the purpose of selling are known as inventory…

Q: Bramble Corp. has the following data related to an item of inventory: Inventory, March 1 440 units @…

A: First In, First Out (FIFO) is part of an accounting method where goods which are acquired first are…

Q: Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48…

A: a) Ending Inventory at September 30:1. FIFO (First-In, First-Out):We start with the earliest units…

Q: Depreciation

A: An adjusting journal entry is passed at the end of accounting period to record depreciation expense.

Q: HOW DO I CALCULATE THE COST OF THE ENDING INVENTORY AND THE COST OF GOODS SOLD? Date   Explanation…

A: Under FIFO method , goods purchased first are sold first . Under LIFO Method , goods purchased in…

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.