CPA Company provided the following inventory data for the month of April 2021:     Units Unit Cost Apr. 01 Balance 600 520 Apr. 10 Purchase 1,600 550 Apr. 28 Purchase 450 580 The company applied periodic system and based on the additional information given, the ending inventory for the month was 850 units a. Compute for the cost of ending inventory under FIFO Method b. Compute for the cost of ending inventory under weighted average method. c. Compute for the cost of goods sold under weighted average method

Q: Using the weighted average method, complete the steps below to calculate the ending inventory units,…

A: Cost of Goods Sold (COGS) is a fundamental accounting metric that represents the direct costs…

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory valuation method includes: FIFO method LIFO method Weighted average cost method FIFO…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Under FIFO method using periodic inventory system, Value of ending inventory is calculated on the…

Q: Description Beginning Date Units Unit Cost Total Cost June 1 12 $ 8 $96 11 Purchase 38 9. 342 24…

A: The cost of goods sold is the cost which was incurred on the units that were sold during period.

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Please explain how to calculate the FIFO and LIFO for the below problem and to prepare the income…

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

Q: Hamilton Company uses a periodic Inventory system. At the end of the annual accounting period,…

A: FIFO (First-In, First-Out):In the FIFO (First-In, First-Out) method, the goods that were bought or…

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

A: FIFO: "First-In, First-Out" - Items purchased or produced first are sold or used first.LIFO:…

Q: CHECK FIGURES: 1. Ending inventory: a. $9,600.00; b. $10,982.30 Gale Company has the following…

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

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: Consider the following information for Maynor Company, which uses a periodic inventory system:…

A: Inventory accounting methods are the ways in which revenue and expenses are recorded- more…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: < 1. Determine the Inventory on March 31 and the cost of goods sold for the three-month period,…

A: The objective of the question is to determine the inventory on March 31 and the cost of goods sold…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales 840…

A: InventoryInventory is the material available to the company for the process of production and sale.…

Q: The transactions below are for Product A occurred during March:           Date…

A: A. Calculate the following (a) through (f): Working notes:

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: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Solution :   Units Unit Cost Total Cost Inventory, December 31, prior year 1940 $…

Q: Assume that Sunland Company uses a periodic inventory system and has these account balances:…

A: Calculate cost of goods sold and gross profit:

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: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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

A: Periodic Inventory System is the system in which the COGS and the cost of the Ending Inventory 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: Wildhorse Company uses a periodic inventory system and reports the following for the month of June.…

A: Step 1:Cost of ending Inventory and Cost of goods sold under FIFO, LIFO, and  Average-cost. In the…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Step 1: FIFO or First-in, First-out method assumes that the goods first purchased are first sold.…

Q: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1…

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

Q: Calculating LIFO Inventory Values. The Brattle Corporation began operations in 2018. Information…

A: LIFO method stands for Last In First Out. Under this method, the inventory purchased recently is…

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Ending inventory is the amount of inventory in hand at the end of the period. It is reported in the…

Q: A company has the following information available that was used to report inventory using the…

A: Most of ending inventory is to be reported at cost index 1.06

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A: Inventory valuationInventory valuation method is an accounting practice that is followed by each and…

Q: Marigold Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $211,649 at both cost…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

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: Franco Company's inventory records showed the following transactions for the fiscal period ended…

A: FIFO is first in first out method in which inventories which are purchased first will be sold out…

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: FIFO (First-In, First-Out) method: In FIFO, you sell the oldest inventory items before the newer…

Q: LIFO, Perpetual and Periodic Riedel Company's inventory records showed the following transactions…

A: LIFO - periodic:                     Beginning Inventory  &amp; Purchases Cost of Goods Sold…

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.