Flounder corp. uses a periodic inventory system. Its records show the following for the month of may in which 73 units were sold. Date                Explanation             units          unit cost           total cost may 1              inventory                 30              9                       270 15                    purchase                 21               10                     210 24                    purchase                 39              11                     429                         total                        90                                      909 weighted-average unit cost 10.1 calculate the ending inventory at may 31 using the FIFO, LIFO and average- cost methods. (round answers to 0 decimal places, eg.125.)

Q: Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of…

A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

Q: Please explain how to calculate the FIFO and LIFO for the below problem and to prepare the income…

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

Q: Crane Company uses a periodic inventory system and reports the following for the month of June. Date…

A: FIFO: "First-In, First-Out" - Items purchased or produced first are sold or used first.LIFO:…

Q: Bramble Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: It is an inventory valuation approach. The cost of goods sold and ending inventory are also…

Q: Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in…

A: FIFO Method:FIFO method uses the price of the first batch of materials purchased for all issues,…

Q: Grouper Corp. uses a periodic inventory system and reports the following for the month of June. Date…

A: Under periodic inventory system the cost of goods sold and the ending inventory is updated at year…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 810…

A: Weighted AverageCalculate the weighted average cost per unit:Total cost of goods available for sale:…

Q: ny reports the following beginning inventory and two purchases for the month of January. On January…

A: Ending Inventory is valued at cost or net realizable value. To value ending inventory at cost, there…

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: Emily Company uses a periodic inventory system. At the end of the annual accounting period, December…

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

Q: Ivanhoe Company uses a periodic inventory system and reports the following for the month of June.…

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

Q: Consider the following transactions for A67 Company for the month shown in chronological order:…

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

Q: Suppose Sunland Company uses a periodic inventory system. Details related to inventory for the month…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: On May 1, Blossom Company had beginning inventory consisting of 372 units with a unit cost of $8.…

A: The average cost method calculates inventory value by averaging the costs of all items in stock,…

Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: Novak Company uses a periodic inventory system. For April, when the company sold 450 units, the…

A: To compute: Weighted-average cost per unit = Total cost / Total units available for sale…

Q: Sheridan Company uses a periodic inventory system. Its records show the following for the month of…

A: Introduction: LIFO: LIFO stands for last in first out. Which means last received inventory to be…

Q: Wildhorse Company uses a periodic inventory system and reports the following for the month of June.…

A: Step 1:Cost of ending Inventory and Cost of goods sold under FIFO, LIFO, and  Average-cost. In the…

Q: Exercise 6-05 Sage Hill Inc. uses a periodic inventory system. Its records show the following for…

A: Number of units in ending inventory = Total Units - Units sold = 100 - 78 = 22 units

Q: Beginning inventory Sales, Jan. 1-Jan. 10 Purchase, Jan. 11 Sales, Jan. 12-Jan. 20 Purchase, Jan. 21…

A: The perpetual inventory system is the system used for valuing the inventory. Under this system the…

Q: annoe Company uses a periodic inventory system and reports the following for the month of Jun Date…

A: Lets understand the basics.Ending inventory and cost of goods sold can be calculated by,(1) FIFO(2)…

Q: Crane Company uses a periodic inventory system and reports the following for the month of June. Date…

A: FIFO (First-In, First-Out): According to the FIFO (First-In, First-Out) method, the assumption is…

Q: Pharoah Company uses a periodic inventory system and reports the following for the month of June.…

A: 1. FIFO (First-In, First-Out): This method assumes that the oldest inventory is used or sold first,…

Q: Oriole Inc. uses a periodic inventory system. Its records show the following for the month of May,…

A: Periodic inventory system is the inventory management system wherein the record of inventory is…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: Here in this question, we are required to calculate gross margin under FIFO,LIFO, Weighted average…

Q: Tablet Company, which uses a periodic inventory system, reports the following in its inventory…

A: Total units available for sale = Beginning Inventory + Purchases = 10 + 5 + 5 = 20 units Cost of…

Q: Number of Units Cost per Unit $10 Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Ending…

A: First in First out (FIFO) Methods says that goods purchased first are Sold first which implies that…

Q: The Luann Company uses the periodic inventory system. The following July data are for an item in…

A: Step 1: Compute the ending inventory (in units) as follows:

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020:…

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

Q: Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the…

A: Weighted average is the average cost of units of inventory purchased during a particular period (say…

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning…

A: No. of Units sold = Total goods available for sale - Ending inventory = 490 - 70 = 420 units Average…

Q: Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct.…

A: Gross margin is also regarded as gross profit which is defined as the sales revenue that the company…

Q: Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the…

A: Lets understand the basics. There are various methods are followed for maintaining inventory records…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: clsoing inventory = opening inventory + purchase - sales

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.