hree identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $22.00     10 Purchase 1   25.00     24 Purchase 1   28.00   Total 3 $75.00           Average cost per unit $25.00 Assume one unit sells on July 28 for $36.00. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.   Gross Profit Cost of Goods Sold Ending Inventory a) First-in, first-out $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 b) Last-in, first-out $fill in the blank 4 $fill in the blank 5 $fill in the blank 6 c) Average $fill in the blank 7 $fill in the blank 8 $fill in the blank 9

Q: Date Purchases Sales   Units Cost/Unit Units Jan. 1 100 $0.80    Jan. 4 390 0.90   Jan. 5     280…

A: The inventory can be evaluated using various methods as: FIFO, LIFO and Weighted Average method.

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

A: Specific identification method:— It is one of the methods of inventory valuation in which sales…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Gross profit = Sales - Cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: Assume that three identical units of merchandise were purchased during October, as follows:…

A: Sales revenue on October 31 = $28

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 the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Please find the calculation of the Cost of Goods using the LIFO method inventory costing in Step -2…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Under LIFO Inventory company used the latest inventory to sell at the first and beginning inventory…

Q: hree identical units of merchandise were purchased during May, as follows: Date Magnesium XP…

A: The objective of the question is to calculate the gross profit and ending inventory using three…

Q: The following three identical units of Item Beta are purchased during June: Item Beta Units Cost $…

A: Formula for Gross profit= Sales - Cost of goods sold.The cost of goods sold are calculated…

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: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the…

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

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: Assume that three identical units of merchandise were purchased during October, as follows:…

A: Under LIFO Method, cost of goods sold is calculated on the assumption that units of inventory which…

Q: Three identical units of merchandise were purchased during July, as follows: Units Cost $15 18 Date…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Q: Three identical units of merchandise were purchased during July, as follows: Units Cost July 3…

A: Inventory Valuation: Inventory valuation is one of the important processes for an organization. This…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product Basic H…

A: a) First-In, First-Out (FIFO)Under this the first goods purchased are the first to be sold.COGS :-…

Q: April 5 April 10 April 15 April 20 April 22 ne unit is sold on April 25. The c entify the cost of…

A: Answer : Ending inventory = Total number of unit purchase - Unit sold Ending inventory = 5 - 1 = 4…

Q: Beginning inventory, purchases, and sales for Item Doodad are as follows: July 1   Inventory 90…

A: Inventory is a stock that the company has held for the resale purpose or the goods that are not sold…

Q: Three identical units of merchandise were purchased during July, as follows: July 3 10 24 Total…

A: Answer -  Inventory Valuation -  Inventory Valuation Methods refers to the methods used for…

Q: Blossom Company reports the following for the month of June.           Units   Unit Cost…

A:

Q: Laker Company reported the following January purchases and sales data for its only product. For…

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

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Sales Revenue = $51   Under the FIFO method, goods purchased at the earliest are sold first.…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product Basic H…

A: The objective of the question is to calculate the gross profit, cost of goods sold, and ending…

Q: Assume that three identical units of merchandise were purchased during October, as follows: Units…

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

Q: Three identical units of merchandise were purchased during March, as follows: Steele Plate Units…

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

Q: pre.2

A: The objective of the question is to calculate the cost per unit for the units in ending inventory…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

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

Q: Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.

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

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Last in, first out (LIFO) is a method of inventory accounting in which the most recently made things…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…

A: Gross profit = Sales - cost of goods sold Ending inventory = Total cost of goods available for sale…

Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: Three identical units of merchandise were purchased during July, as follows: Date Product Basic H…

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

Q: Assume that three identical units of merchandise are purchased during October, as follows:…

A: Inventory valuation is done in order to report the ending inventory on balance sheet and cost of…

Q: Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and…

A: Periodic inventory system is a system where cost of goods sold is not updated simultaneously. At…

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

A: Specific Identification Method: The particular identification approach pertains to the process of…

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: Units Cost July 3 Purchase 1 $23 10 Purchase 1 26 24 Purchase 1 29 Total 3 $78 Average cost per unit…

A: In the above question we have asked to calculate gross profit, cogs and ending inventory using…

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.