By following the LIFO process calculate the Ending inventory value.

Q: Can you explain in detail how you got the Inventory Remaining(units) and the total Inventory…

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Q: What are the two types of inventory accounting systems? Briefly describe each.

A: Inventory Accounting Systems: Merchandise operation is an operation undertaken by the company to…

Q: Explain the LIFO retail inventory method.

A: LIFO: Under this inventory method, the units that are purchased last, are sold first. Thus, it…

Q: How do you find the ending inventory?

A: Many companies earn revenue by selling inventory rather than a service. These companies are…

Q: The Inventory account balance appearing in a perpetual inventory worksheet represents the

A: The products and materials that a company keeps on hand with the intention of reselling, producing,…

Q: Describe costing inventory using first-in, first-out. Address the different treatment, if any, that…

A: Definition:  First-in-First-Out (FIFO): In the First-in-First-Out method, the first purchased items…

Q: Write out the formula for the total costs of carrying and ordering inventory, and then use…

A: The formula for the total costs of carrying and ordering inventory and using the formula to derive…

Q: Rank the following inventory methods in terms of their record-keeping cost.  For answer choices, the…

A: LIFO stands for the last in first out, it is a method of valuing the inventory which the company is…

Q: Explain the four GAAP inventory methods and state which is the most accurate.  Explain which will…

A: Inventory Valuation:   The valuation of merchandise inventory figure depends on the quantity of…

Q: A cost accounting system uses which of the following inventory systems? a.perpetual system…

A: Inventories are assets that are sold, purchased, and manufactured in an organization as a core…

Q: Describe a  Comparison of the Perpetual and Periodic Inventory Systems

A:

Q: Need to know how to get ending inventory for JAFFE on a corrected income statement for NPV

A: This question is related to the ending inventory before moving into the question first we know about…

Q: Explain the types of inventory and the differences between a perpetual inventory system and a…

A:

Q: Define Inventory turnover ratio.

A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…

Q: Explain Inventory Estimation Techniques.

A: Inventory Estimation Techniques:

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

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.