Consider the following transactions for DeTrees Company for the month shown in chronological order: In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using perpetual inventory updating.  PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$" (i.e. $12,345.67). Weighted average cost per unit =  per unit. Cost Allocation Method Cost of Goods Available Cost of Goods Sold Ending Inventory Sales Gross Margin First-in, First-out (FIFO)           Last-in, First-out (LIFO)           Weighted Average (AVG)

Q: Ralwins Company had the following balances and transactions during 2018, from January 1 to December…

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

Q: stion by entering ed 2 Required 3 s sold under the FIFO, LIFO, and average cost inventory costing…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Periodic Inventory System:The periodic inventory system is a method for  monitoring  on both the…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: As per last-in, first-out method units sold from inventory are the units that have been purchased…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Please find the calculation of the Cost of Goods using the LIFO method inventory costing in Step -2…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Under LIFO Inventory company used the latest inventory to sell at the first and beginning inventory…

Q: Mojo Industries tracks the number of units purchased and sold throughout each accounting period but…

A: Under the Periodic method of inventory costing, the inventories are costed at the end of the period…

Q: In its first month of operations, Sunland Company made three purchases of merchandise in the…

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

Q: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

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

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: The weighted average cost of inventory is a method of determining the cost of goods sold (COGS) and…

Q: The cost of goods sold computations for Novak Company and Flounder Company are shown below. Compute…

A: Days in Inventory = 365 x Average Inventory / Cost of Goods Sold Average Inventory = (Beginning…

Q: WHAT IS THE WEIGHTED-AVERAGE COST PER UNIT BASE OFF THE CHART??   You are provided with the…

A: Weighted average unit cost of inventory means on an average what will be unit cost of inventory.…

Q: Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory…

A: Inventory Turnover Ratio:- Inventory turnover ratio is a financial metric used to measure how many…

Q: Following is partial information for the income statement of Audio Solutions Company under three…

A: Small firms need to use effective inventory costing in order to make wise financial decisions. One…

Q: Hopkins Company reported the following information related to inventory and sales: Units Unit Cost…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Formula: Average price per unit = Total purchases value / number of units purchased. Division of…

Q: April 5 April 10 April 15 April 20 April 22 ne unit is sold on April 25. The c entify the cost of…

A: Answer : Ending inventory = Total number of unit purchase - Unit sold Ending inventory = 5 - 1 = 4…

Q: Prepare comparative Income Statements for the month of January for the four inventory flow methods.…

A: Calculation of sale price = 180 units x $ 15 = $ 2700. Calculation of ending inventory: Total…

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

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales…

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

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Weighted average cost is one the techniques of valuing inventory and preparing the store ledgers. In…

Q: Ivanhoe Company sells leather saddles and equipment for horse enthusiasts. Ivanhoe uses the…

A: Under the Weighted Average Method, the cost is considered to be average at the time of sale. In this…

Q: Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its…

A: Cost of goods available for sale is the sum of beginning inventory balance and value of purchases.…

Q: Second: Production and Inventory (finished goods):- Total estimated sales units for product (E) will…

A: To prepare the suitable budgets based on the provided data, we will create the following…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Average cost per unit = Total cost of goods available for sale  / Total no. of units available for…

Q: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to…

A: Under the weighted-average (AVG) cost allocation method, a weighted-average cost per unit is…

Q: Determine the gross profit for April and ending inventory on April 30 using the (a) first-in,…

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Last in, first out (LIFO) is a method of inventory accounting in which the most recently made things…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Inventory cost valuation has different kinds of following methods: a) FIFO: Under this method, it is…

Q: . Compute the cost of the ending inventory under the FIFO method. Round the cost-to-retail ratio to…

A: Introduction:- FIFO means First-in-first-out It is one of the inventory valuation method. As per…

Q: Jackie’s Parts Shop recorded the following purchases and sales during the past year (see attached…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Number of Units Cost per Unit $10 Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Ending…

A: First in First out (FIFO) Methods says that goods purchased first are Sold first which implies that…

Q: Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period…

A: Perpetual inventory system is a system where the cost of goods sold is updated as soon as the goods…

Q: Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies…

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

Q: .Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and…

A: Solution: A Perpetual Inventory system is a system which is automatically recorded and updated the…

Q: Consider the following transactions for DeTrees Company for the month shown in chronological order:…

A: The weighted average cost per unit is calculated as total cost divided by no. Of units.

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

A: The question is related to Valuation of closing nventory under three different methods  Required…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Notes : Under LIFO system the units purchased last will be issued first.

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

A: Cost of goods sold (units)=Beginning+Purchase-Ending units=150+160+130-50=390 units

Q: Suppose the following: Beginning Inventory = 11257 Ending Inventory= 12407 Beginning Receivables =…

A: Beginning Inventory = 11,257Ending Inventory= 12,407Beginning Receivables = 6167Ending Receivables =…

Q: Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month,…

A: Periodic inventory system is the one whereby the records of the inventory are maintained at the end…

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.