FIFO & LIFO  Beginning inventory, purchases, and sales data on Commodity A, as taken from Rich Company’s perpetual inventory account, were as follows: July 1 Beginning inventory                            5 units @4 =$20                                                                      15 units $5 =$75 6 SALE                                                         16 UNITS 10 PURCHASE                                            15 UNITS @$6 20 SALE                                                       11 UNITS 30 PURCHASE                                            10 UNITS @$7 31 SALE                                                        7 UNITS Determine the cost of the ending inventory at JULY 31, by: (a) the first- in-first- out method, and (b) the last-in- first- out method.

Q: Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of…

A: Under First in First Out Method, units which comes in first will be sold first and the ending…

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: The following data regarding purchases and sales of a commodity were taken from the related…

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

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…

A: Using FIFO method, goods Purchased first are to be sold first and ending inventory consists of goods…

Q: Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are…

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

Q: erpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…

A: Computation of ending inventory COGS under Weighted Average Cost - WCS12 Date Beginning Inventory…

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning…

A: Ans. In last-in,first-out method of valuation of inventory, the inventory stock which is produced…

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…

A: The FIFO method, which stands for "First-In, First-Out," is an accounting method used to value…

Q: The inventory data for an item for September are: Sep. 1 Inventory 20 units at $20 4 Sold 10 17 Sold…

A: Step 1: What Is FIFO:FIFO, which stands for First In, First Out, is an inventory costing system that…

Q: Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are…

A:

Q: Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1   Inventory 310 units at…

A: Inventory at the end of the accounting period is valued using different methods such as FIFO, LIFO,…

Q: Beginning inventory, purchases, and sales for 30xT are as follows:   May 1 Inventory 300 units…

A: Working:

Q: Oct. 1 Inventory 350 units at $10 13 Sale 160 units 22 Purchase 310 units at $13 29 Sale 300 units

A: Solution a: Total units available after Oct 22 purchase = 350-160 +310 = 500 units Weighted average…

Q: Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are…

A: Part a:Determine the weighted average unit cost after the October 22 purchase.1. Calculate the total…

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: Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are…

A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

Q: cual Inventory Using Weighted Average ning inventory, purchases, and sales for WCS12 are as follows:…

A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…

Q: A company's inventory records report the following: Date August 1 Activities Beginning inventory…

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

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…

A: Computation of ending inventory COGS under Weighted Average Cost - WCS12DateBeginning…

Q: Inventory turnover and number of days’ sales in inventory Financial statement data for years ending…

A: The objective of the question is to calculate the inventory turnover and the number of days’ sales…

Q: Splish has the following inventory data: July 1   Beginning inventory   36 units at $ 72 5…

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

Q: Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are…

A: On Date 22 OctoberNumber of units (A)Per Unit (B)Total (A X B)Beginning Inventory180 $      15.00 $…

Q: Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning…

A:

Q: A company's inventory records report the following in November of the current year:   Date…

A: SOLUTION-   LIFO METHOD- LIFO IS AN INVENTORY VALUATION METHOD THAT ASSUMES THE MOST RECENT PRODUCTS…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…

A: A firm can either use the periodic inventory method or the perpetual inventory method in order to…

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…

A:

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…

A: a) Quantity Unit cost Total cost     125 units $8 1000     375 units $10 3750     500 units…

Q: Perpetual Inventory Using Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1…

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

Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…

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

Q: Weighted average cost flow method under perptual inventory system.  The following units of a…

A: Weighted average cost flow method: Under average cost method, company calculates a new average after…

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…

A: Working:

Q: determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal…

A: LIFO inventory method is Last in first out which says that inventory purchased last will be sold…

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12…

A:

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…

A: Perpetual inventory is an inventory accounting approach in which the sale or purchase of products is…

Q: The beginning inventory and the purchases and sales of inventory for March for the Carolina Company…

A: FIFO Inventory Method :— Under this method, it is assumed that first input or purchases are used for…

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for J101 are as…

A: PLEASE GIVE A LIKE, your response matters  [a] $ 15.50 per unit  [b] $ 6975  [c] $ 5425

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…

A: Number of units sold = 31 + 15 = 46 units Total units available for sale = 42 + 45 = 87 units

Q: Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are…

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

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.