Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1   Inventory 80 units at $175 10   Sale 65 units 18   Purchase 75 units at $180 27   Sale 70 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30. a. Cost of merchandise sold on September 27 $fill in the blank 1 b. Inventory on September 30

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Answer to Question:- d. $10,411…

Q: i need the answer quickly

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

Q: The company uses a periodic inventory system. A physical count of merchandise inventory on November…

A: Last in First Out (LIFO) is one of the method of Inventory Valuation, under which closing Inventory…

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

A: Ans. In last-in,first-out method of valuation of inventory, the inventory stock which is produced…

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…

A: Weighted average  cost is the  average  cost of goods  purchased/manufactured

Q: Swifty Department Store uses a perpetual inventory system. Data for product E2-D2 include the…

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

Q: The inventory data for an item for September are: Sep. 1 Inventory 20 units at $20 4 Sold 10 17 Sold…

A: Step 1: What Is FIFO:FIFO, which stands for First In, First Out, is an inventory costing system that…

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: Beginning inventory, purchases and sales data for T-shirts are as follows:   Apr 3…

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

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

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

Q: Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 59 units…

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

Q: Assume that three identical units of merchandise are purchased during October, as follows:…

A: FIFO: FIFO stands for First in First out which means the first received inventory to be sold first.

Q: Beginning inventory, purchases, and sales for Item HM46 are as follows: March 1   Inventory 100…

A:

Q: ournalize the following inventory merchandise transactions, assuming that the company uses the…

A: Perpetual inventory system is an inventory system which records all purchase and sales in the…

Q: Determine the ending inventory using the FIFO cost flow method, assuming that only one item was sold…

A: FIFO : FIRST IN FIRST OUT METHOD  UNDER FIFO METHOD INVENTORY ACQUIRED FIRST ARE SOLD FIRST .

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: If the ending inventory is reported at $357, what inventory method was used?

A: It has been given in the question that a company is using the periodic inventory system which…

Q: Assume that a perpetual inventory system is used and the records indicate that$191,400 of…

A: Amount of inventory Shrinkage = Inventory as per records - Physical count inventory = $191,400 -…

Q: Date Sept. 4 8 20 Item Beginning inventory Purchase Sale Purchase Units 5 8 6 15 Cost Total $10 $50…

A: FIFO means First In First Out.Under FIFO method materials received first in the stores are issued…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units…

A: As per the LIFO method, those units are issued first, which are purchase last. So it means the…

Q: Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1   Inventory 40…

A: FIFO (First-In First Out): Under FIFO inventory accounting, units purchased first are sold first.

Q: Beginning inventory, purchases, and sales for WCS12 are as follows: Date Line Item Description…

A: Using the weighted average method and assuming a perpetual inventory system for WCS12:a) Weighted…

Q: a. Determine the cost of the goods sold for the September 30 sale. $fill in the blank 1 b.…

A:

Q: a.  Determine the cost of the goods sold for the September 30 sale. $fill in the blank 1 b.…

A: Last-in, First-out Method: Under this method, cost of inventory sold and value of ending inventory…

Q: Splish has the following inventory data: July 1   Beginning inventory   36 units at $ 72 5…

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

Q: Beginning inventory, purchases, and sales for Item B901 are as follows: May 1 9 13 Inventory Sale…

A: The inventory is recorded and updated with every receipt and issue of inventory. The value of ending…

Q: D. Beginning inv April 1 Invertory 120 units at $26 April 10 Sale 90 units April 15 Purchase 140…

A: “Since you have posted multiple questions with multiple sub parts, we will provide the solution only…

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

A: As posted multiple independent questions we are answering only one kindly repost the unanswered…

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) and the ending inventory…

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item…

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

Q: Beginning inventory, purchases, and sales for Item ProX2 are as follows:     Jan 1 Inventory…

A: Perpetual inventory system is one of an inventory system through which the inventory is manage by…

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item…

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

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

A: LIFO means last in first out. It is the method which is used by the entity for the purpose 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.