Buffalo Industries uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. Date   Explanation   Units   Unit Cost   Total Cost May 1   Inventory   35   $9   $315 15   Purchase   25   10   250 24   Purchase   40   11   440     Total   100       $1,005     Calculate the weighted-average unit cost.     Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods

Q: Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May,…

A: Under FIFO method assumes that the inventory purchased firstly are to be been sold first

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: marquis company uses a weighted averahe perpetual inventory system and has the following ourchases…

A: Formula: Average price per unit = Total purchase value / number of units Division of total purchase…

Q: Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in…

A: FIFO Method:FIFO method uses the price of the first batch of materials purchased for all issues,…

Q: Grouper Corp. uses a periodic inventory system and reports the following for the month of June. Date…

A: Under periodic inventory system the cost of goods sold and the ending inventory is updated at year…

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

A: Perpetual Inventory System: There is a  continual track of  inventory balances under perpetual…

Q: Monty Corp. uses a periodic inventory system and reports the following for the month of June. Date…

A: Periodic Inventory System:  Periodic inventory system is a system, in which the inventory is updated…

Q: Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of…

A: The ending inventory includes the number of units that are left in stock at the end of period. Using…

Q: Brinker, Inc. uses the perpetual inventory system. The following information is available for the…

A: Under FIFO, the management assumed that the product being sold is from the units purchased first and…

Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…

A: In this question, the data is given about Culver corporation uses a periodic inventory system and we…

Q: annoe Company uses a periodic inventory system and reports the following for the month of Jun Date…

A: Lets understand the basics.Ending inventory and cost of goods sold can be calculated by,(1) FIFO(2)…

Q: Oriole Inc. uses a periodic inventory system. Its records show the following for the month of May,…

A: Periodic inventory system is the inventory management system wherein the record of inventory is…

Q: The following information relates to Pronghorn Back Falls Ltd. 's inventory transactions during the…

A: Ending inventory is $ 93,704/. Cost of goods sold is $ 387,006/. Gross Profit is = $…

Q: Lee Ltd. has the following units and costs for the month of April. Beginning inventory, April 1,…

A: Periodic inventory method: It is a inventory valuation method. In this method inventory account is…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: Here in this question, we are required to calculate gross margin under FIFO,LIFO, Weighted average…

Q: Tablet Company, which uses a periodic inventory system, reports the following in its inventory…

A: Total units available for sale = Beginning Inventory + Purchases = 10 + 5 + 5 = 20 units Cost of…

Q: Jeters Company uses a periodic inventory system and reports the following for the month of June.…

A: Inventory valuation is based on the flow of inventory. The LIFO method assumed that the recently…

Q: Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)…

A: The calculation of the weighted average unit cost is as follows: Weighted average unit cost=Total…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: No. of Units sold = Total goods available for sale - Ending inventory = 490 - 70 = 420 units Average…

Q: Larkspur, Inc uses a periodic inventory system and reports the following for the month of June. Date…

A: Units Sold = Units available for sale - Units in ending inventory Units Sold = 670 - 203…

Q: Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct.…

A: Gross margin is also regarded as gross profit which is defined as the sales revenue that the company…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: Inventory valuation is an important process in accounting. It helps in valuing the inventory…

Q: Ayayai Corp. uses a periodic inventory system. Its records show the following for the month of May,…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: The process of evaluating an inventory is an essential part of accounting. It assists in valuing the…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: Weighted Average cost per unit=Total costTotal Units=$5,610450=$12.47

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: In a Periodic inventory system, the cost of goods sold and the cost of ending inventory is computed…

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

A: Goods Purchased     No. of Units Cost per Unit Jan 1 390 3.8 Jan 9 90` 4 Jan 25 120…

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate the weighted- average unit cost:

Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…

A: FIFO (First-In, First-Out): Items bought first are sold or used first.LIFO (Last-In, First-Out):…

Q: There are 11 units of the product in the physical inventory at November 30. The periodic inventory…

A: a. The inventory cost by FIFO method is $418

Q: Akira Company had the following transactions for the month. Number Total of Units Cost Beginning…

A: 1. FIFO Method   DATE PARTICULAR Rate PURCHASE SELL BALANCE               Opening Stock…

Q: Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units.…

A: Calculating the November cost of goods sold and inventory balance using moving average as follows :…

Q: Flounder corp. uses a periodic inventory system. Its records show the following for the month of may…

A: Calculation of Ending Inventory Using the method of FIFO (First in First out), LIFO (Last in First…

Q: Cullumber Company uses a periodic inventory system. Its records show the following for the month of…

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