Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for 700 units at P210 each and another on January 31 for 500 units at P220 each. Sales were also made during the period; 500 unist were sold on January 8, and 800 units were sold on January 22. The company uses the FIFO method of inventory costing. 1. How much is the cost of goods purchased on January 18? 2. How much is the total cost of purchases during the period?

Q: Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of…

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

Q: marquis company uses a weighted averahe perpetual inventory system and has the following ourchases…

A: Formula: Average price per unit = Total purchase value / number of units Division of total purchase…

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: Beginning Inventory, purchases and sales data for cell phones for March are as follows: Inventory…

A: Lets understand the basics.Cost of goods sold and ending inventory can be calculated using,(1)…

Q: The following information relates to the inventory of Margaret’s Megamart Ltd during December.…

A: Inventory, is a part of current assets which forms a part of total assets, is key component of the…

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

A: Under periodic inventory system the cost of goods sold and the ending inventory is updated at year…

Q: Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit.…

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

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: a company has a beginning inventory of 32 units at a cost of 12.00 each on oct. 1. on October 5, it…

A: Inventory valuation refers to the technique that is used by businesses to identify the value of the…

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

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

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: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

A: For calculating the inventory details such as cost of goods sold and cost of ending inventory, in…

Q: Sheridan Company uses a periodic inventory system. Its records show the following for the month of…

A: Introduction: LIFO: LIFO stands for last in first out. Which means last received inventory to be…

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

A: Step 1:Cost of ending Inventory and Cost of goods sold under FIFO, LIFO, and  Average-cost. In the…

Q: Sunland Company sells one product and uses a perpetual inventory system. The beginning inventory…

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

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

A: According to this method, those units are sold first which have been purchased first. The ending…

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: give me answer

A: Fifo method is first in first out method where inventory came first will be sold first. Lifo method…

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: Date 1-Nov 4-Nov 15-Nov 17-Nov 28-Nov 30-Nov Description Beg. Inventory Purchased Sold Purchased…

A: Lets understand the basics.Cost of goods sold and inventory can be calculated using,(1) FIFO(2)…

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

A:

Q: Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the…

A: Lets understand the basics. There are various methods are followed for maintaining inventory records…

Q: Mojo Industries tracks the number of units purchased and sold throughout each accounting period but…

A: FIFO (First In First Out) is the inventory valuation method that determines the cost of goods sold…

Q: Blossom Company uses the perpetual inventory system and had the following purchases and sales during…

A: Organization follows two type of inventory systems. (1) Perpetual inventory system (2) Periodical…

Q: Morgenstern Ltd. has the following units and costs for the month of April. Beginning inventory,…

A: FIFO means first in first out which means that inventory which is recieved first , will be sold…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: The process of evaluating an inventory is an essential part of accounting. It assists in valuing 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: Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost…

A: Under periodic inventory system, the company normally counts the ending inventory at the end of…

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

A: First-in, first-out (FIFO) is a type of inventory valuation method in which it is assumed that the…

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.