Fight Company is a wholesaler of office supplies. The FIFO periodic inventory is used. The entity reported the following activity for inventory during the month of August. Units Cost August 1 20,000 36.00 Inventory Purchases 7 30,000 36,000 48,000 38,000 16,000 37.20 12 Sale 21 Purchase 38.00 22 Sale 29 Purchase 38.60 What is the ending inventory on August 31?

Q: Case 2 Comparative financial statements for Weller Corporation for the fi scal year ending December…

A: Inventory turnover = Cost of goods sold / Average inventory Average sale period = 365/ Inventory…

Q: d. days in inventory e. inventory turn over f. average collection period

A: Days in inventory : Days in inventory=Average inventoryCost of goods sold×100=187+23824,060×100=5.24…

Q: What is the Cost of Sales for June, using the perpetual inventory system?

A: Cost of Sales Cost of sales which is calculated by the adding up of opening value of inventory with…

Q: Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

A: In periodic inventory system inventory valuation is done at the end of the period and entries for…

Q: tant reveal the following: ayai sold goods costing $37,300 to India-based Moghul Company, FOB…

A:

Q: On the basis of the following data, estimate the cost of the inventory at June 30 by the retail…

A: The retail technique calculates a store's closing inventory balance by comparing the cost of…

Q: Harry Company's reoords indicate the following information: Merchandise inventory, January 1, 200X7…

A: Closing inventory means the amount of inventory in hand at the end of specified period. We can apply…

Q: Problem 7. Consider the following data about Rock N' Roses Corp: Current ratio, 0.50; Quick ratio,…

A: We have assumed that prepaid expenses are not there . Current ratio = Current AssetsCurrent…

Q: Rebel Company sells a new product. During a move to a new location, the inventory records for the…

A: Cost of goods sold = Sales - gross profit = 6000000-2400000 = P3600000

Q: On November 30, the company's finished-goods inventory, which is evaluated using the first-in,…

A: Work in progress  Opening Balance of raw material and purchased Parts = $6,68,000 In the month of…

Q: 39. What is the major difference between a periodic and a perpetual inventory system? a.Under the…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

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

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: If the billing cycle is from the first day of April to the last day of April, how many days are in…

A: Billing cycle is the time period between two statement closing dates. It is also called billing…

Q: How do we update inventory using the year-end physical count and begin the next cycle using the…

A: IN PERIODIC INVENTORY SYSTEM, CONTINUOUS RECORD OF CHANGING IN INVENTORY IS NOT MAINTAINED.THE…

Q: 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you…

A: LIFO is last in first out. In this, the inventory bought at last is to be sold at first. FIFO is…

Q: Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike…

A: Inventory or Stock is the goods and material a business holds for resale. Before working on the…

Q: 17. Models of inventory systems frequently consider the relationships among a beginning inventory, a…

A: The objective of the question is to establish a mathematical relationship between the beginning…

Q: Use this inventory information for the month of March to answer the following questions. March…

A: Particulars No. of Units Cost per unit Total Value Beginning inventory 30 $56 $1,680…

Q: Jobs were ted on March 15th. The other two jobs were still in process at March 31st, CCI's year end.…

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

Q: Define average days in inventory.

A: Definition: Inventory turnover: This is the ratio that analyzes the number of times inventory is…

Q: Compute the July 31 balances of the inventory accounts.

A: Inventory is the raw materials used to produce goods for sale. The working for the closing balances…

Q: determaine the cost of tge inventory on december 31 by tge weighted average cost method

A: A weighted average method of costing an inventory is the method of determination of cost as per the…

Q: What is the cost of inventory of Z Company on December 31?  What amount of cost of goods sold…

A: In weighted average method of inventory valuation, the price of the inventory is based on…

Q: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, what would the…

A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale…

Q: LIFO periodic inventory system. It had the following transactions Barcal Plates, Inc. (a startup…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: . Cost of goods manufactured for the year.   5. Finished Goods Inventory on December 31.

A: Cost of goods manufactured means total costs and expenses incurred for production and manufacturing.…

Q: Determine the cost of the inventory on December 31 by the weighted average cost method. Purchases…

A: Determination of cost of inventory on December 31   Cost of Inventory using FIFO Method Model…

Q: How much is the cost of inventory at the end of the year?

A: cost of land after improvement = 43500000 number of lots = group 1 = 20 group 2 = 10 group 3 = 10 10…

Q: 1 Beginning inventory 5 Purchase 14 Sale 21 Purchase 10 units @ $120 60 units @ $112 40 units @ $140…

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

Q: Required information [The following information applies to the questions displayed below.] Greg's…

A: Cost of goods sold: Cost of goods sold refers to the total manufacturing costs incurred to complete…

Q: True or false This year’s beginning inventory is always last years’ ending inventory?

A: The ending inventory is valued as difference between total cost of inventory available for use and…

Q: December 31 under each of the following methods?

A: Cost of goods sold refers to the amount of expenses involved in producing the certain volume of…

Q: The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows: At…

A: The correct answer for the above mentioned question is given in the following steps for your…

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.