Cullumber Company uses a periodic inventory system. Its records show the following for the month of April, with 25 units on hand at April 30: Units Unit Cost Total Cost April 1 Inventory 30 $8 $240 12 Purchases 45 10 450 16 Purchases 17 11 187 Total 92 $877 (a) Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. )

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: Buffalo Industries uses a periodic inventory system. Its records show the following for the month of…

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

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: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…

A: Purchase value (August 2)=Units×Per unit=11×$2=$22

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: Compute the June 30 inventory and the June cost of goods sold using the LIFO (last in first out )…

A: Solution:- Computation of the June 30 inventory and the June cost of goods sold using the LIFO (last…

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

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

Q: AL ZAIN ltd uses a periodic inventory system. Its records show the following for the month of May,…

A: Calculate the cost of goods sold and ending inventory cost under FIFO.

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: Park Company’s perpetual inventory records indicate the following transactions in the month of June:…

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

Q: Al Falah Co. uses a periodic inventory system. Its records show the following for the month of May,…

A: There are 3 types of methods for inventory valuation: a. FIFO b. LIFO c. Weighted average   FIFO: In…

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

A: Ending inventory is the part of inventory that the entity couldn't sell in the current financial…

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: Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost…

A: Periodic inventory system: A periodic inventory system is a system of measuring inventory which is…

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

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

Q: The following are the transactions for the month of July.       Units Unit Cost Unit Selling…

A: The Store ledger has been made based on FIFO periodic methos as above.

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

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

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

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

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

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

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 :…

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.