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

A: Inventory valuation method includes: FIFO method LIFO method Weighted average cost method FIFO…

Q: Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the…

A: LIFO: Last-In First Out:- As per LIFO method, units purchased last are sold first.  Hence, April 23…

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

A: LIFO -Inventory is assigned an accounting value using the latest in, first out procedure. Assuming…

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: 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: Mojo Industries tracks the number of units purchased and sold throughout each accounting period but…

A: Under the Periodic method of inventory costing, the inventories are costed at the end of the period…

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

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

Q: Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods…

A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

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

A: Periodic Inventory System:  Periodic inventory system is a system, in which the inventory is updated…

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…

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

A: Solution :   Units Unit Cost Total Cost Inventory, December 31, prior year 1940 $…

Q: Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of…

A: The ending inventory includes the number of units that are left in stock at the end of period. Using…

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

A: Perpetual Inventory system is a form of inventory valuation where the computation on inventory…

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

A: Step 1: FIFO or First-in, First-out method assumes that the goods first purchased are first sold.…

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

A: In this question, the data is given about Culver corporation uses a periodic inventory system and we…

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

A: Ending Inventory under FIFO Method is 29 units @ $11 equal to $ 319

Q: Sunland Co. began operations on July 1. It uses a perpetual inventory system. During July, the…

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

Q: Date June 1 12 23 30 Explanation Inventory Purchase Purchase. Inventory Units Unit Cost $5 140 360…

A: Sunland Company Use A Perpetual Inventory System And Report The Following For The Month Of June .…

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

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

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

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed 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: Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods…

A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

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

A: Inventory valuation is based on the flow of inventory. The LIFO method assumed that the recently…

Q: The accounting records of Sheridan Company show the following data. Beginning inventory 2,710…

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

Q: Larkspur, Inc uses a periodic inventory system and reports the following for the month of June. Date…

A: Units Sold = Units available for sale - Units in ending inventory Units Sold = 670 - 203…

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: The specific identification method relates to inventory valuation, specifically keeping track of…

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

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

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

A: FIFO stands for First-in-first-out. It refers to the method of valuing inventory in which goods…

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

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

Q: Mojo Industries tracks the number of units purchased and sold throughout each accounting period but…

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

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: Cullumber Company uses a perpetual inventory system and reports the following for the month of June.…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

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

A: The first in first out is an inventory valuation method. Under this, the first purchases are sold…

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

A: Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated…

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.