FIFO and LIFO Costs Under Perpetual Inventory System OBJ. 2, 3 The following units of an item were available for sale during the year: Beginning inventory 21,600 units at $20.00 Sale 14,400 units at $40.00 First purchase 48,000 units at $25.20 Sale 36,000 units at $40.00 Second purchase 45,000 units at $26.40 Sale 33,000 units at $40.00 The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) FIFO, (b) LIFO? Answer b. $763,200

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: Inventory refers to the goods or items which are stored by the business either for selling or for…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Weighted average method is the method in which the cost of goods available is divided through the…

Q: Perpetual Inventory Using FIFO The following units of a particular item were available for sale…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Perpetual Inventory Using LIFO The following units of a particular item were available for sale…

A:

Q: a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of…

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

Q: IFO and LIFO costs under perpetual inventory system The following units of an item were available…

A: The question is based on the concept of Cost Accounting. The valuation of the inventory can be made…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

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

Q: May 2 Purchase 27,000 units at $62.00 Aug. 9 Sale 22,500 units Oct. 20 Purchase 10,500 units at…

A: Answer :Weighted average cost per unit = Total cost / Total units Cost of good sold = Total cost -…

Q: Perpetual Inventory Using FIFO The following units of a particular item were available for sale…

A: FIFO: FIFO stands for First in First out. Which means the first received inventory to be sold first.

Q: Tyler Company has the following information related to purchases and sales of one of its inventory…

A: Calculating the ending inventory and cost of goods sold using the FIFO  is as follows:

Q: chases al Cost 2,000 ✓ 0,000 ✓ Weighted Average Cost Flow Method Cost of Goods Sold Quantity 7,000 ✓…

A: There are many methods to calculate the inventory like FIFO and LIFO Method, average cost method,…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Inventory is a form of current asset that a business keeps on hand to run the business and is often…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: In case of FIFO method units purchased first will be sold first and ending inventory consists of…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Cost of goods sold and inventory balance, under weighted average cost method is calculated as…

Q: Hemming Company reported the following current-year purchases and sales for its only product.…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: The following units of an item were available for sale during the year: Beginning inventory 20…

A: Perpetual record system:- in this method, a record of sales and purchase of inventory is the…

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: Montoure Company uses a perpetual inventory system. It entered into the following calendar-year pu…

A: The cost of goods available for sale includes the cost of goods that are available for sale.Cost of…

Q: Perpetual Inventory Using LIFO The following units of a particular item were available for sale…

A: LIFO or Last in first out is a method of inventory valuation in which goods that are purchased…

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: Perpetual inventory using LIFO The following units of a particular item were available for sale…

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

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: Workings:-

Q: Question #7: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item…

A: Lets understand the basics. In FIFO basis, company assumes that goods comes first in the inventory…

Q: [The following information applies to the questions displayed below.] Warnerwoods Company uses a…

A: Perpetual inventory system:The system of material control on a continuous basis is while the…

Q: eighted average cost flow method under perpetual inventory system e following units of a particular…

A: Inventory is an asset for the company. The company should maintain all records about the inventory,…

Q: Perpetual inventory using FIFO The following units of a particular item were available for sale…

A: FIFO is first in first out method of inventory valuation or costing, under which inventory which is…

Q: On January 1, 2019 an entity acquired an equipment with an estimated useful life of 10years and…

A: Acquisition cost refers to that cost which is paid to purchase the asset or another firm.…

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.