Co. C has the following units of beginning inventory and purchases for the year: beginning inventory 300 units at $20 each and a 2/28 purchase 300 units at $40 each. Using the FIFO method, if the ending inventory is 200 units, what is the cost of the ending inventory?

Q: The records of Rami co. show the following data on June 30, 2020, During the month inventory Sold on…

A: Average Method:-It is the cost calculated by dividing the total cost by the total number of units.…

Q: The Danson Co. uses the periodic inventory method and had the following inventory information…

A: Cost of goods sold: (d) FIFO (e) LIFO (f) Weighted Average Units Amount ($) Units Amount ($) Units…

Q: Uki Company had the following transactions for inventory during 2020:   Units Unit Cost Unit…

A:

Q: Sales during the year were 980 units. Beginning Inventory was 320 units at a cost of $3 per unit.…

A: The question is based on the concept of Cost Accounting. The valuation of the inventory and cost of…

Q: The following units of an inventory item were available for sale during the year: Unit Unit Cost…

A: The average cost per unit is computed as total cost of goods available for sale divided by number of…

Q: You are provided with the following information for Bonita Inc. for the month ended June 30, 2020.…

A: Date Description Quantity Unit Cost Total Cost Jun-01  Beginning Inventory 41  39  1599  Jun-04…

Q: King Company had 25 units @$5 in beginning inventory; bought 30 units @$6 and then sold 50 units.…

A: The first in first out is a method to account for inventory, according to this method the entity…

Q: ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January…

A: Formula: Average cost per unit = ( Beginning cost + Purchases cost ) / Number of units Division of…

Q: Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit.…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Q: the following units of an item were available for sale during the year: Beginning inventory 25…

A: Solution-1                                               Fifo Mehod   Sno Receipt Issue Balance…

Q: C has beginning inventory for the year of $12,000. During the year, ABC purchases inventory for…

A: Solution: Cost of goods sold is the cost of total goods available for sale reduced by ending…

Q: Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the current…

A: The cost of goods sold (COGS) is the "direct cost" of producing any products or services. It is…

Q: The following units of an item were available for sale during the year: Beginning inventory 45…

A: a. Compute the total cost of the ending inventory according to FIFO.

Q: Use the information below to answer the following question. The following units of an inventory item…

A: Weighted Average: Under the weighted average method, a weighted average cost is calculated and the…

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

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Company H had the following information for the year:   Beginning inventory: $20,000 Purchases:…

A: To calculate the cost of goods sold using the periodic inventory system, we need to determine the…

Q: The beginning inventory and purchases of an item for the period were as follows: Beginning…

A:

Q: Sales during the year were 700 units. Beginning Inventory was 400 units at a cost of $10 per unit.…

A: FIFO method uses the inventory which is bought first for the production, but whereas the LIFO method…

Q: The DJ company uses a periodic inventory system. The beginning balance of inventory and purchases…

A: Introduction  Inventory may be defined as the stock of goods ready to be sold at a particular point…

Q: You have the following information for Van Gogh Inc. for the month ended October 31, 2022. Van Gogh…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: You have the following information for Van Gogh Inc. for the month ended October 31, 2025. Van Gogh…

A: Inventory includes all the items, goods, and merchandise in the warehouse of the company to sell in…

Q: XYZ Company has the following inventory information:   Beginning inventory: 100 units at $10 per…

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

Q: Assume your organization has the following inventory changes during the year: Beginning…

A: Introduction:- The term inventory refers to both the raw materials utilised in manufacturing and the…

Q: he following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: Calculation of COGS and ending inventory: FIFO COGS= (500*4)+(600*5)+(500*6) =2000+ 3000 +3000 =$…

Q: Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit.…

A: FIFO method uses the inventory which is bought first for the production, but whereas the LIFO method…

Q: ou have the following information for Tamarisk, Inc. for the month ended October 31, 2022. Tamarisk…

A: Lets understand the basics. In FIFO basis entity assumes that, goods purchased first are sold first…

Q: The following units of an item were available for sale during the year: Beginning inventory 29 units…

A: Under FIFO, units purchased first are assumed to be sold first. Under LIFO, units purchased last are…

Q: ginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at…

A: Cost of goods sold are valued at cost applying various methods of inventory valuation. First in…

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

A: Weighted average cost per unit= Total purchase and begcost/ Total purchased and beg unit

Q: Akira Company had the following transactions for the year. Sales for the year are $25 per unit.…

A: FIFO is first in first out which means inventory bought first is sold first. LIFO is last in first…

Q: A company has a beginning inventory of $20,000, purchases of $30,000, and sales of $40,000.…

A: Periodic inventory system is a type of accounting that used to maintain track of inventory, and it…

Q: The following units of an inventory item were available for sale during the year. Use this…

A: Solution: Ending inventory units = Total units - units sold = (10 + 25 + 30 + 15) - 60 = 80 units -…

Q: A company has beginning inventory for the year of $14,500. During the year, the company purchases…

A: Cost of Goods Sold: It  is the cost of the products  which a business has sold. Cost of Goods…

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.