From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 58 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases Units Unit cost January 1 6 $ 1.60 April 10 9 2.10 May 15 13 2.60 July 22 14 2.85 August 19 19 3.60 September 30 19 3.80 November 10 33 4.00 December 15 15 4.40   1. Cost of ending inventory 2. Cost of goods sold

Q: Consider the following inventory transactions for September: Beginning inventory Purchase on…

A: The weighted average is a statistical measure that considers the varying significance of numbers…

Q: Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO…

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

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…

A: Weighted average  cost is the  average  cost of goods  purchased/manufactured

Q: Required information [The following information applies to the questions displayed below.] A company…

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Q: Date Activities Units Acquired at Cost Units Sold at Retail Jan. Beginning inventory Sales... 1 200…

A: The Last-In, First-Out (LIFO) strategy expects that the last unit to show up in stock or later is…

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

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

Q: Carla Vista Company uses a periodic inventory system. Its records show the followin April 30: April…

A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Q: Wolfpack Inc. has the following information available for Saturday: Date Description Units Cost per…

A: The inventory management is one of the most important aspect for cost accounting for any firm. There…

Q: Given the following:     Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

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Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

Q: Determine the ending inventory using the FIFO cost flow method, assuming that only one item was sold…

A: FIFO : FIRST IN FIRST OUT METHOD  UNDER FIFO METHOD INVENTORY ACQUIRED FIRST ARE SOLD FIRST .

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: 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory…

A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…

Q: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards…

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

Q: Given the following:   Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A: Finished goods inventory: These inventories are completely ready for sale after the completion of…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

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

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

A: Numberof Units Costper Unit Total cost Beginning Inventory 160     $10     $1600 Purchased…

Q: 1. Calculate cost of ending inventory and cost of goods sold using periodic FIIFO, LIFO, and…

A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: emming Company reported the following current-year purchases and sales for its only product. Date…

A: Under perpetual FIFO method, record is maintained for each inventory transaction and inventory that…

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory 44 $ 5 $ 220 April…

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

Q: Given the following:   Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A: Given information Date units per unit cost Amount ($) 1-Jan 40 $4 $160 1-Apr 60 $7 $420…

Q: Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO…

A: ●FIFO Cost of ending inventory = No. of units in ending inventory* cost per FIFO = 45*8.1 = $ 364.5…

Q: Anderson Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO LIFO is the Last-in and First-out method of valuation of Inventory. Under this method, it is…

Q: Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO…

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

Q: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to…

A: Formula: Gross margin = sales - cost of goods sold. Deduction of cost of goods sold from sales value…

Q: Martinez Corp. uses a perpetual inventory system. Data for product E2-D2 includes the following…

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

Q: The following information is available for Goode Company: May 1 Beginning inventory 18 units @ $4…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: Cost Units purchased per unit $8.20 Date Total cost $ 369.00 January 1 Аpril 1 45 40 7.45 298.00…

A: Under FIFO, it is assumed that goods that are purchased first are sold first. Under LIFO, assumption…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Average cost per unit = Total cost of goods available for sale  / Total no. of units available for…

Q: Calculate the Ending Inventory, Cost of Goods Sold, Cost of Goods Available for Sale and Gross…

A: Inventory Valuation - Inventory can be valued using three methods - a. FIFO - Under this method…

Q: Given the following data, calculate the cost of goods sold for the 04/15 sale using the…

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

Q: formation about Vinzant Company's inventory of one item follows. Explanation Beginning inventory,…

A: LIFO stands for Last in Firts out. FIFO stands for first in first in first out.The ending inventory…

Q: Chocolate Inc. uses a perpetual inventory system and uses the FIFO cost flow assumption. Calculate…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

Q: Use the following data to calculate the cost of ending inventory using the Ilfo method. September…

A: LIFO stands for last-in-first-out. It is a method of inventory valuation.. In this method the goods…

Q: lculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO…

A: Solution: Average cost method: Average cost per unit = total cost / total units  = 1202.60 / 191 =…

Q: From the following table, find total cost to complete the table. (Round your answers to the nearest…

A: Lets understand the basics. Total cost to complete can be calcualted using material usage during the…

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 39 $…

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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.