Bramble Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $131 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Date Units Unit cost Units Unit price June 6 1,200 $133 10 1,050 $197 14 1,740 134 16 1,630 202 26 1,030 135

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

A: Periodic inventory system is updated at the end of the period to adjust inventory numbers to match…

Q: P3-6 Wogdivorks Gompany deals in furniture.and uses perlodlcinventöry syste transaction…

A: The ending inventory is calculated as difference between number of units available for sale and…

Q: Curfew Co. uses the periodic inventory method. They started the year with beginning inventory of 120…

A: Calculation of cost of goods available for Sale Date Particulars Number of Units  Unit…

Q: Date Activities Units Acquired at Cost Units Sold at Retail Jan. Beginning inventory Sales... 1 200…

A: The Last-In, First-Out (LIFO) strategy expects that the last unit to show up in stock or later is…

Q: Essay question Explain the application of AVERAGE cost flow assumption in determining .cost of goods…

A: Average cost flow assumption is a calculation companies use to assign costs to inventory goods, cost…

Q: Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

A: Under LIFO method, Inventory purchased most recently are the first to be sold.

Q: Problem 16: Inventory Costing Method The inventory stock card of Beth Corporation on January 2030 is…

A: There are many methods that are being used for inventory costing and inventory valuation like LIFO,…

Q: Using Average - perpetual, how much is the cost of ending inventory per unit? Using Average -…

A: Under average cost method of inventory, average cost per unit of inventory is used for calculation…

Q: Required information [The following information applies to the questions displayed below.] Laker…

A: SOLUTION. LIFO METHOD ASSUME THAT THE MOST RECENT PRODUCT ADDED THE COMPANY'S INVENTORY HAVE BEEN…

Q: Compute for the cost of ending inventory and cost of goods sold using: a. FIFO - periodic b.…

A: The following computations are done for Extreme Company.

Q: Given the following: Number Cost purchased per unit Total January 1 inventory April 1 35 $ 3 $ 105…

A: Under FIFO method i.e First in First Out method, the inventory which is purchased first will be sold…

Q: Sheridan Company had 150 units in beginning inventory at a total cost of $18,750. The company…

A: Average Cost Method is an inventory valuation method where all the costs are summed up and all the…

Q: January 20 January 25 January 30 Purchase Sales Purchase 110 units e $ 6.00 = 660 130 units $ 16.00…

A: Under FIFO cost assumption, the inventory acquired first, will be sold first.

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

A: Date Goods Purchased     Cost Of Goods Sold     Inventory Balance       # of units  Cost per…

Q: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

A: Lets start with basic understanding. There are two system for inventory valuation which are, (1)…

Q: FIFO method find Cost of goods sold and Ending inventory values.

A: Formula: FIFO : FIFO stands for First in First out. Which means first received inventory to be sold…

Q: of goods sold for the FIFO and the LIFO method based on the information

A: FIFO stands for First in first out . It means the inventory which is purchased first will be sold…

Q: Beginning inventory (Jan. 1) Purchase (Jan. 11) Purchase (Jan. 20) Total Quantity Unit Cost Total…

A: Introduction: LIFO: LIFO stands for Last in First Out. Which means last received inventory to be…

Q: How do calculate the Cost of Goods Sold without the beginning inventory nor the ending inventory??

A: Cost of goods sold is the total costs incurred on those units of goods or products which are sold by…

Q: Required information [The following information applies to the questions displayed below.] Laker…

A: Using LIFO method, the new units are sold first and old units are sold later. LIFO stands for Last…

Q: I need number 3.  Determine the cost assigned to ending inventory and to cost of goods sold using…

A: In this Numerical has Covered the Concept Inventory Valuation Through FIFO method.  1.FIFO:- As The…

Q: Scorpion Inc. manufactures mobile carts for the St Lucia National Trust. The information below…

A: Under the weighted-average method of inventory valuation, the equivalent units of production are…

Q: Required information Use the following information for the Exercises 3-7 below. (Static) [The…

A: Perpetual Inventory costing: Under this system, the inventory account keeps on changing. when there…

Q: carITAT January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase…

A: Solution: Under Weighted Average periodic inventory method, Computation of ending inventory and cost…

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

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Cost Retail Inventory, Jan 1 Purchases Freight-in Purchase Discounts 8,700 55,300 2,000 14,000…

A: Net Markups =[Mark-up]-[Mark-up Cancellation]                       =6,000-2,000…

Q: a.) determine the cost assigned to ending inventory and to the cost of goods sold using FIFO.

A: Solution :

Q: Just One Product (JOP) began operating on June 26 with no inventory on hand. It then made the…

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

Q: 1.  Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

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

Q: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

A: Cost of goods sold are the cost of the inventory which has been sold by the company during the year…

Q: Calculate the value of ending inventory and cost of goods sold

A: value of Inventory can be found out using 3 methods FIFO LIFO Weighted Average

Q: How do i calculate ending inventory and cost of goods sold using LIFO?

A: LIFO stands for last-in-first-out, in this method, goods which are produced at last are assumed to…

Q: What will be the correct answer for weight average cost method for ending inventory and cost of…

A: Weighted average Cost per unit=11-6×$70+14×$10511-6+14=$182019=$95.79

Q: Differentiate between the specific identification, FIFO, LIFO, and average cost methods used to…

A: Inventory cost flow assumptions: These are the methods used by the companies to compute the cost…

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.