For the movement of the INVEST commodity from 01.01.20X1  to 31.12.20X1 you are given the following information: Initial Inventory and Purchases:             Units unit price Total 01/01/20X1 Initial Stock 700 350 245.000,00 12/03/20X1 Market 1 270 400 108.000,00 05/06/20X1 Market 2 400 420 168.000,00 12/09/20X1 Market 3 500 440 220.000,00 21/11/20X1 Market 4 200 460 92.000,00 Total   2070   833.000,00           Sales:             Units unit price Total 15/02/20X1 Sale 1 300 710 213.000,00 20/05/20X1 Sale 2 500 730 365.000,00 10/09/20X1 Sale 3 400 740 296.000,00 10/12/20X1 Sale 4 750 750 562.500,00         0,00 Total   1950   1.436.500,00   Whereas: A. ABC determines the cost of its goods sold on the basis of: The FIFO method The method of the weighted average (cost) B. During the inventory of the goods on 31/12/20X1 it was found that its current price amounted to € 520 per unit. It is requested to calculate without calendar entries: the cost of sales and gross profit for the fiscal year 20X1 and for each of the methods of determining the cost of goods sold, assuming that the enterprise uses the system of perpetual inventory for the accounting of the commodity.

Q: Calculate Net purchase from the following? Opening stock OMR 10000, Purchases OMR 15000, return…

A: Net purchases, in accounting, mean the total amount of purchases made less any discounts received,…

Q: APOL Company provided the following information related to the ending inventory of its Product X:…

A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…

Q: alculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR 2000,…

A: Given Opening stock OMR 20000, Carriage outwards OMR 2000, Purchases OMR 40000, Sales OMR 80000,…

Q: 2.1 REQUIRED Use the information given below to calculate the net value of issues to production for…

A: The objective of the question is to calculate the net value of issues to production for May 2023 and…

Q: 9/30 in picture is 450.Calculate periodic FIFO ,preptual FIFO,Average prep,Average periodic?

A:

Q: A company reported the following data related to its ending inventory 95% 95 Product Units Per…

A: IN CASE OF INVENTORY AS WHOLE :  = LOWER IS COST SR3,680   PRODUCT UNITS ON HAND  PER UNIT COST…

Q: ABC Co. has the following information: Inventory, beg. 80,000 Inventory, end. 128,000 Purchases…

A: Cost of sales refers to the total amount incurred by an entity for producing the product and selling…

Q: l profit margin 2,400   a. Determine the net realizable value under the LCNRV rule. b. Determine…

A: Net Realizable Value:  It refers to the amount which is expected to be collected by the firm from…

Q: 1.1 REQUIRED Complete the table for the transactions provided for each of the following methods of…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Date Quantity Price Amount Quantity Price Amount Date 01 The following transactions of Franco…

A: First in, first out also known as FIFO is an accounting method in which items purchased first are…

Q: 2. Date The following information relates to the Windsor Company. Ending Inventory Price…

A: The dollar-value LIFO (Last In, First Out) method is a technique used by companies to account for…

Q: amount should be reported as cost of goods sold?

A: The inventory should be valued at the lower of cost or net realizable value. The value of inventory…

Q: 6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information…

A: NRV = NRV is stood for Net realisable Valua. the value for which an asset can be sold, minus the…

Q: FIFO cost of goods sold?

A: Goods available for sale Cost of goods sold + Ending inventory As per LIFO method,   Cost of…

Q: 1.5 From the information provided below complete the table using the FIFO method of inventory…

A: Inventory valuation is the technique of recording the value of inventory at the time of receiving…

Q: The Shill Company uses the dollar-value LIFO method for valuing inventory. The following inventory…

A: Year 2 value on the basis of base year=Year 2 inventory×Price index year 1Price index year…

Q: Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR…

A: Note: Carriage outwards and salaries and wages are indirect expenses.

Q: Date 1/1/Y1 Year 1 layer 12/31/Y1 Year 2 layer 12/31/Y2 At base year cost $40,000 5,000 45,000…

A: According to the questiongiven,  using dollar-value LIFO, the ending inventory at current year cost…

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: COGS is the cost of goods sold to the customer it does not consider the cost incurred on the product…

Q: Date   Quantity Price March 1 Beginning Inventory 20 $2 March 7 Purchase 15 3 March 11…

A: LIFO method of costing means goods are sold out of the latest procured. LIFO stands for Last In,…

Q: Answer the Question based the data given below ; OPENING STOCK OMR 25000 CLOSING STOCK OMR 35000 NET…

A: Given: OPENING STOCK OMR 25000 CLOSING STOCK OMR 35000 NET PURCHASES OMR 130000 MANUFACTURING…

Q: Question 8 From the data given below, write up the account for material no. 1234 using the FIFO and…

A: FIFO Method : FIFO stands for First in First out method. Under this method the inventory which comes…

Q: 不 Saha Sportshop had the following inventory of cricket bats on 01 January 2020, the start of the…

A: FIFO: It is a  method of inventory valuation  where goods purchased  first are sold first. Weighted…

Q: Amani Hypermarket is following the Historical Cost accounting Method and furnishes you the following…

A: The valuation of closing stock refers to the process of determining the monetary value of the…

Q: The following inventory details of ABC company Date Description Units Cost 1/1/2020 Opening…

A: Solution a: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: Cost of goods produced = Opening WIP + cost of production- Closing WIP = 67000+156000 -15500 =…

Q: Find EI, COGS using avg, cost, conventional, LIFO, and dollar value LIFO retail methods.

A: Retail Inventory Method An bookkeeping technique used to determine the worth of a retailer's stock…

Q: 7) Use either the FIFO or LIFO inventory valuation method to determine final inventory. Date Units…

A: Perpetual FIFO:                     Beginning Inventory & Purchases Cost of Goods Sold Ending…

Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…

A: The cost of goods sold os the cost of goods that are sold during the period.

Q: 6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information…

A: As per our guidelines, in case of multiple questions, we are only supposed to answer the first…

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.