Blossom Company uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follows:     Units   Per unit price   Total Balance, 1/1/2017   350   $6.0   $2100 Purchase, 1/15/2017   180   ..6.3   1134 Purchase, 1/28/2017   180   ..6.5   1170 An end of the month (1/31/2017) inventory showed that 280 units were on hand. If the company uses FIFO, what is the value of the ending inventory?     $1800   $2604   $1680   $1820

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: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Under the weighted average model, the cost of the goods that are available for sale divided by the…

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: At May 1, 2017, Oriole Company had beginning inventory consisting of 340 units with a unit cost of…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A:

Q: At the beginning of the year, Grouper Ltd. had 910 units with a cost of $5 per unit in its beginning…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: Dobler Company uses a for the inventory accc

A: Selling units we can calculate by adding inventory beginning with purchases and then subtracting it…

Q: The Company had the following Inventory transactions during the month of May 2017. Calculate the…

A: Introduction: LIFO : LIFO stands for Last in First out which means Last received inventory to be…

Q: Taco Hell Inc. had the following balances and transactions during 2017: Beginning Merchandise…

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

Q: Req A to D Req E Determine the cost assigned to ending inventory and to cost of goods sold for the…

A: The specific identification method relates to inventory valuation, specifically keeping track of…

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: Richard Company was formed on December 1, 2016. The following information is availble from Richard's…

A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

Q: Pharoah Company uses the periodic inventory system to account for inventories. Information related…

A: The ending inventory can be valued on the basis of the flow used by the business entity. It can be…

Q: Walstrom Company uses a perpetual inventory system and had the following inventory transactions for…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

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: Sunny side Company records inventory using a periodic inventory system and valuates their stock…

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

Q: Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its…

A: Using FIFO method, the older units are sold and newer units are left into the stock. Using LIFO…

Q: Suppose that on April 13, 2018, both Company A and Company B sold inventory with a cost of $59,500.…

A: Step 1The calculation of the value of inventory on April 13 is as follows: CompanyInventory…

Q: n, what is the gross profit for the month?

A: 1. As units are sold on the basis of FIFO . So, closing inventory will      be out of Last purchased…

Q: Explain the following : 1. RAAS Company uses a periodic inventory system. Details for the inventory…

A: ‘’Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Johnson Company reports the following inventory information for beginning inventory, purchases, and…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A: Inventory valuationInventory valuation method is an accounting practice that is followed by each and…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: Under FIFO periodic system of accounting for Inventory, Inventory purchased first is issued first…

Q: Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: LIFO is the inventory valuation method as per which the goods that are bought at last are to be sold…

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: (a) Cost assigned to ending inventory: $3,188To determine this, we need to first calculate the…

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

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

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

A: Introduction  Inventory may be defined as the stock of goods ready to be sold at a particular point…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: FIFO METHOD It is an accounting method for valuation of assets. Under FIFO method , inventory of…

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: You have the following information for Van Gogh Inc. for the month ended October 31, 2025. Van Gogh…

A: Inventory includes all the items, goods, and merchandise in the warehouse of the company to sell in…

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: Swifty uses the periodic inventory system. For the current month, the beginning inventory consisted…

A: LIFO, or Last-In, First-Out, is an inventory valuation method where the most recently acquired items…

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

A: (1 )   LIFO   Method    DatePurchase COGSBalance October  1  54 × 23      =  $ 1242October 3132  ×…

Q: etermine the amount of goodwill (or bargain purchase) arising out of the acquisition if the purchase…

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: The Corton Company uses a periodic inventory system. For the month of October, the beginning…

A: Ending inventory is computed by adding the beginning inventory and purchases and then subtracting…

Q: At May 1, 2016, Sheridan Company had beginning inventory consisting of 190 units with a unit cost of…

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

Q: ABC Co uses perpetual inventory system and Average Cost Method. The company's information for…

A: Inventory valuation methods include: First in first out Last in first out Weighted average method…

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

A: clsoing inventory = opening inventory + purchase - sales

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.