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: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 20 units @…

A: The periodic inventory system is where the accounting and inventory records are not updated after…

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: Bramble Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: It is an inventory valuation approach. The cost of goods sold and ending inventory are also…

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: 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: Harper Co. reported the following current-year purchases and sales data for its only product:…

A: Specific Identification Method:                     Beginning Inventory & Purchases Cost of…

Q: At the beginning of the year, Pina Ltd. had 910 units with a cost of $6 per unit in its beginning…

A: Under FIFO method, inventory purchased first is sold first. First includes the inventory purchased…

Q: Ali Baba Tours uses a perpetual inventory system. Selected transactions for the month of July are…

A: FIFO states that the inventory that is purchased first by the company would be sold first. Whereas,…

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: Sigfusson Supplies reported beginning inventory of 100 units, for a total cost of $2,000. The…

A:

Q: In the month of March, Green Meteor Co. had the following inventory information and transactions:…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

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: Hemming Company reported the following current-year purchases and sales for its only product. Date…

A: FIFO means first in first out, it means inventory which is purchased first in business will be sold…

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

A:

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: Mayhew Limited has the following inventory, purchases, and sales data for the month of March.  The…

A: First, we need to calculate the total units available for sale and the total cost of these units.…

Q: A company purchased 90 units for £20 each on January 31. It purchased 200 units for £30 each on…

A: The FIFO stands for First In First Out. Using FIFO method, the older inventory is sold first. The…

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: On June 1, Dollar Hardware, Inc. had an inventory of 300 gas grills costing $100 each. Purchases and…

A: FIFO Method - Under FIFO Method of inventory valuation company used to sell those inventory first…

Q: Smart Tech's beginning inventory and purchases for the month of August were as follows:     # of…

A: FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the…

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 information applies Kangaroo Jim Company reported beginning inventory of 480 units at…

A: Perpetual Inventory System –Under the Perpetual inventory system in every sales transaction cost of…

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: At the beginning of the year, Culver Ltd. had 860 units with a cost of $7 per unit in its beginning…

A: The objective of the question is to calculate the cost of goods sold (COGS) and ending inventory for…

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: Dublin Corporation provides the following information related to its inventory during the month of…

A: Answer:-The inquiry pertains to calculating inventory balances and the cost of goods sold (COGS) for…

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

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

Q: purchased and sold merchandise on account as follows Jan. 5 Jan 10 Jan. 20 Jan. 25 Purchase Sale…

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

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…

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.