he inventory data for an item for November are: Nov. 1 Inventory 20 units at $23 4 Sale 8 units 10 Purchase 31 units at $25 17 Sale 24 units 30 Purchase 21 units at $27 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? a. $784 b. $1,042 c. $1,060 d. $760

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as…

A: FIFO Method :— In this method, beginning inventory and old purchases is used first for output or…

Q: The inventory data for an item for November are: Nov. 1   Inventory 24 units at $19 4   Sold 11…

A: Inventory is the current asset reported in the balance sheet of the company. LIFO represents the…

Q: The inventory data for an item for November are: Nov. 1 Inventory 17 units at $21 4 Sale 10 units…

A: LIFO system of  Inventory valuation is based on concept that goods purchased latest are sold first…

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

A: The FIFO method, which stands for "First-In, First-Out," is an accounting method used to value…

Q: he inventory data for an item for November are: Nov. 1   Inventory 24 units at $24 4   Sold 11…

A: Cost of Goods Sold under LIFO = (11*24) + (17*20) = 264 + 340 = 604

Q: The inventory data for an item for November are: Nov. 1   Inventory 16 units at $25 4   Sold 8…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Calculator The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale…

A: LIFO Method of perpetual inventory system: LIFO means Last in First out. In this method, units…

Q: Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1   Inventory 35 units…

A: Total units available for sale = 35+37 = 72 units Total no. of units sold = 25+16 = 41 units Ending…

Q: The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10…

A: Formulas:

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…

A: Under the LIFO method, the cost of the goods purchased recently are to be expenses first. In other…

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…

A: Answer a)

Q: The inventory data for an item for November are:   Nov.  1 Inventory 20 units at $19          4…

A: To assign an economic worth to inventory, the First in, first to go (FIFO) approach is employed. The…

Q: Using a perpetual system, what is the cost of merchandise sold for November if the company uses…

A: Cost of merchandise sold is shown below as per LIFO method : For the purpose of computation of cost…

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…

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

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

A: A firm can either use the periodic inventory method or the perpetual inventory method in order to…

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item…

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

Q: Determine the cost of goods sold for the transaction on October 25 using the perpetual inventory…

A: Correct answer is – b.$137  Compute total units and total units sold for the period as shown below:

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

Q: The inventory data for an item for November are: Nov.  01 Inventory 20 units at $25          04…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description…

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

Q: The inventory data for an item for November are: Nov. 1 Inventory 18 units at $23 4 Sale 10 units 10…

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

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

A: Inventory is the collection of goods or supplies that a business keeps on hand for manufacturing or…

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…

A: LIFO means last in first out . It is a method to value the inventory and cost of goods sold. Gross…

Q: The inventory data for an item for November are:   Nov.  1 Inventory 20 units at $19          4…

A: The perpetual inventory system seems to be an inventory control strategy that uses technology to…

Q: The inventory data for an item for November are: Nov. 1   Inventory 24 units at $21 4   Sold 11…

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…

A: The weighted average perpetual inventory system employs a running average of expenses to track…

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

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units…

A: FIFO is first in first out inventory method which says that inventory purchased first will be sold…

Q: e inventory data for an item for November are: Nov. 1   Inventory 19 units at $24 4   Sold 8 units…

A: LIFO is the last in first out that means most recent will be taken into account first.

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

A: Number of units sold = 31 + 15 = 46 units Total units available for sale = 42 + 45 = 87 units

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

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1   Inventory 51…

A: Total no. of units available for sale = 51+37 = 88 units Total no. of units sold = 35+25 = 60 units…

Q: Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis…

A: The following inventory methods used for inventory valuation as follows under:--Specific…

Q: The inventory data for an item for November are: Nov. 1 Inventory 23 units at $21 4 Sale 10 Purchase…

A: Inventory can be valued using various methods -Last-In First-Out Method - Under the Last-In…

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.