E19 Closing Inventory Dec Type Qty Price 1 Op Inv 65 $34.00 1 Purchase 79 $36.25 11 Purchase 72 $36.50 18 Purchase 60 $36.75 22 Purchase 59 $37.00 3 Sale -84 $45.00 5 Sale -45 $46.00 19 Sale -85 $48.00 29 Sale -48 $49.00 31 Sale -57 $50.00 Required: a) Calculate closing inventory Qty and Value as per FIFO method  b) Calculate closing inventory Qty and Value as per Weightage Average method

Q: Required information Use the following Information for the Exercises below. (Algo) [The following…

A: The specific identification methodology is related to inventory valuation, in particular maintaining…

Q: A company has beginning inventory of $20,000, purchases of $15,000, and ending inventory of $2,500.…

A: The question is based on the concept of Cost Accounting.

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A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: What is the effect of an entry to record the purchase of inventory on account under the perpetual…

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Q: None

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Q: If inventory was purchased for $2 288 inclusive of GST, what would the GST amount be?

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A: Inventory sheet is as follows:

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A:

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

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Q: A company uses the first-in-first-out (FIFO) method of valuing inventory and makes the following…

A: FIFO stands for first-in-first-out. It is a method of inventory valuation, In this method the goods…

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A: Periodic Inventory :- periodic inventory system is a mechanism for mesuring cost of goods sold and…

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.