Boomerang Ltd. had 200 units in its inventory on 30 November valued at $800. In December, it made the purchases and sales shown in the table below. 2/12 Purchased 1,000 @ $5.00 each 5/12 Sold 700 @ $7.50 each 12/12 Purchased 800 @ $6.20 each 15/12 Purchased 300 @ $6.60 each 21/12 Sold 400 @ $8.00 each 28.12 sold 500 @ $8.20 each Using FIFO, which of the following is the inventory valuation?

Q: a company had a beginning inventory of 180 units that cost $117,000 in May 1, in May 5 they sold 120…

A: The objective of the question is to calculate the company's Cost of Goods Sold (COGS), Gross Margin,…

Q: Laker Company reported the following January purchases and sales data for its only product.    Date…

A:

Q: Marvin Company has a beginning inventory of 12 sets of paints at a cost of $2.00 each. During the…

A: To solve this problem, we need to determine the number of paint sets in the ending inventory and…

Q: man.2

A: The objective of the question is to prepare journal entries for the given transactions of Pina Ltd.…

Q: ABC Company employs a periodic inventory system and sells its inventory to customers for $32 per…

A: Using LIFO method, the new inventory is sold out and older inventory is left in the stock. The gross…

Q: ABC is a reseller of goods. The following transactions took place during March for ABC as it…

A: The cost of goods sold indicates the cost associated with the sales unit acquisition cost. There are…

Q: purchased 19 Sobs construction company nad a beginning inventory of 15,000 during the year. Sales…

A: Using FIFO method, the inventory that were purchased first are to be sold at first and ending…

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: Com plc bought 500 items of inventory at the price of $20 per item on 1 January 20X2, and another…

A: The objective of the question is to calculate the profit under replacement cost accounting. The…

Q: Under the FIFO using perpetual inventory system, what is the amount of cost of goods sold

A: Periodic inventory system: A periodic inventory system is a system of measuring inventory which is…

Q: [The following information applies to the questions displayed below.] Hemming Company reported the…

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

Q: Laker Company reported the following January purchases and sales data for its only product. For…

A: The first in first out method states that the items purchased first are sold first, it refers that…

Q: Ac. Corp X has 50 units in beginning inventory with a cost of $300. During the year purchases were…

A: Inventory is the remaining goods at the end of a particular period. It is a current asset and is…

Q: Suppose GameStop Company uses a periodic inventory system. Details for the inventory account for the…

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

Q: Cullumber Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per…

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

Q: 12. The Costup Company sells many products. Top is one of its popular items. Below is an analysis of…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The following information applies to the questions displayed below.]   Hemming Co. reported the…

A:

Q: The following information applies to the questions displayed below.]    Hemming Co. reported the…

A: FIFO: Under this method, units purchased initially were used in the production or sale. LIFO: Under…

Q: Bramble Company's inventory records show the following data: Inventory: January 1 Purchases: June 18…

A: LIFO is a method of inventory valuation. Under this method, the company uses inventory that was…

Q: At the beginning of the year, Blue Ltd. had 900 units with a cost of $7 per unit in its beginning…

A: The journal entries are prepared to record the transactions on regular basis. The cost of goods sold…

Q: ntercontinental, Inc., uses a perpetual inventory system. Consider the following information about…

A: LIFO: LIFO stands for Last in First out. Last received inventory should be sold first.

Q: Starshine Coffee Equipment sells European style coffee makers and uses a perpetual inventory system.…

A: The objective of the question is to calculate the ending inventory as at June 30 and the cost of…

Q: MANGO store had the following purchases during its first year of operations. They purchased 1880…

A: Lets understand the basics. For calculating ending inventory, we will need to use below formula.…

Q: Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and…

A: Total goods available for sales is computed by adding all the units we have and all the units that…

Q: Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal…

A:

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 following are the sales and purchases of Med Company:   Units Unit price January Sales 300,000…

A: Under First in -First out inventory valuation methods goods that are brought at earlier dates are…

Q: ABC Company is a retailer dealing with a single product. Beginning inventory in January 1,…

A: LIFO is the last in first out method of inventory in which inventories purchased at last will be…

Q: Smart Tech's beginning Inventory and purchases for the month of August were as follows: Cost per *…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: Grays Company has the following purchases and sales during the month of August. Using the FIFO…

A: The objective of the question is to calculate the cost of goods sold (COGS) using the FIFO (…

Q: Monroe Company had a beginning inventory of 350 cans of paint at $12 each on January 1 at a cost of…

A: Total cans purchased =Cans purchased on February 15 +Cans purchased on April 30 + Cans purchased…

Q: Concord Company's inventory records show the following data: Inventory: January 1 Purchases: June 18…

A: Periodic inventory system is used for valuation of the inventory, Under this method the inventory is…

Q: Your firm's inventory valuation method is AVCO. On 1 June, there were 60 units in the inventory…

A: Inventory is one of the important current asset for the business. It can be valued and costed by…

Q: The 123 Accounting Company sells accounting videos. The following information has been extracted…

A: Weighted-average method: Weighted-average method is a method of inventory valuation. In this method,…

Q: Laker Company reported the following January purchases and sales data for its only product.    Date…

A: Inventory can be valued using the following methods:- Specific identification method Weighted…

Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per…

A: LIFO method stands for “Last-In, First-Out”. It is a method used for cost flow assumption purposes…

Q: Monroe Company had a beginning inventory of 355 cans of paint at $12.50 each on January 1 at a cost…

A: An inventory method known as first in, first out makes the assumption that the first goods acquired…

Q: CHERRY Company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year.…

A: Ending inventory cost at year-end using FIFO is the cost of the units that remain unsold after all…

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.