FIFO and LIFO Costs Under Perpetual Inventory System 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. a.  What is the total cost of the ending inventory according to FIFO? $fill in the blank 1 b.  What is the total cost of the ending inventory according to LIFO? $fill in the blank 2

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

A: FIFO (First-in First Out): Under FIFO inventory accounting, units purchased first are the units to…

Q: Jammer Company uses a weighted average perpetual inventory system and reports the following: Units…

A: Under Weighted Average perpetual inventory system: Cost per unit is calculated based on total moving…

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

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

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 11…

A: Here in this question, we are required to calculate ending inventory value under periodic FIFO…

Q: The following units of an item were available for sale during the year: Beginning inventory 36,000…

A: FIFO method is the method in which ending inventory is valued on the prices of latest purchases but…

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

A: FIFO METHODFIFO cost method assumes that units of inventory which are first bought are sold first,…

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

A: A perpetual inventory system is a method of tracking and recording inventory transactions in…

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

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

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

A: Ending inventory is computed by adding the beginning inventory and purchases and then subtracting…

Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…

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

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

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: a. What is the total cost of the ending inventory according to FIFO? 1,496,400 b. What is the total…

A: Inventory is recorded on the balance sheet and thus, it is required to determine the value of…

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

A: First-in First-Out Method - Under the First-in First-Out Method company uses inventory in the…

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

A: Total units are 68  Out of which units sold are 50 given  Hence 18 are closing inventory  LIFO…

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

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

Q: Gavin Products uses a perpetual inventory system. For Year 1 and Year 2, Gavin has the following…

A: Solution:-The task requires you to calculate Gavin Products' gross profit ratio and inventory…

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: FIFO and LIFO costs under perpetual Inventory system The following units of an item were available…

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

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

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

Q: Mayse Company uses a weighted average perpetual inventory system and reports the following: Date…

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

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

A: First-in First-Out Method - Under the First-in First-Out Method company uses inventory in 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. The ending…

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

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

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

A: a. $756b. $714Explanation:1. The First-in First-out (FIFO) method of inventory valuation is based on…

Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…

A: Given,

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

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

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

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

Q: The following units of an item were available for sale during the year: Beginning inventory 22 units…

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

Q: Weighted average cost flow method under perpetual inventory systemThe following units of a…

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

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

A: Perpetual Inventory System is a method of costing the ending inventory and the inventory sold. Under…

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

A: Workings:-

Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…

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

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

A: FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the…

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

A: FIFO means first in first out which means that inventory which is recieved first , will be sold…

Q: The following units of an item were available for sale during the year: Beginning inventory 21 units…

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

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

A: calculation of ending inventory under LIFO and FIFO method

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: The inventory valuation methods are categorized as FIFO, LIFO and weighted average method. FIFO…

Q: The following lots of Commodity Z were available for sale during the year. Line Item Description…

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

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.