Illini Company uses the weighted average cost assumption. On January 1, there were 180 units on hand at a cost of $5 per unit. On January 10, 210 more units were purchased at a cost of $8 per unit. Sales included 30 units on January 3 and 260 units on January 17. What is the cost of ending inventory on January 31 (round your answer to the nearest cent)?

Q: Ralwins Company had the following balances and transactions during 2018, from January 1 to December…

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

Q: On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial…

A: Lets understand the basics. Cost of goods sold is a cost incurred for producing goods in the entity…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 20 units @…

A: The periodic inventory system is where the accounting and inventory records are not updated after…

Q: Oriole Company Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit.…

A: aCost of goods available for sale$ 15,195…

Q: Pair Company sells one product and uses the last-in, first-out (LIFO) method to determine inventory…

A: LIFO method is one of the methods of inventory valuation in which it is assumed that recent or new…

Q: Waterway Company had 130 units in beginning inventory at a total cost of $14,300. The company…

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

Q: Shown below is the activity for one of the products of Oman Shipping Company: January 1 balance,…

A: 1. Compute the ending inventory and cost of goods sold assuming Oman Shipping Company using FIFO.…

Q: King Company had 25 units @$5 in beginning inventory; bought 30 units @$6 and then sold 50 units.…

A: The first in first out is a method to account for inventory, according to this method the entity…

Q: Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit.…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Q: a company has a beginning inventory of 32 units at a cost of 12.00 each on oct. 1. on October 5, it…

A: Inventory valuation refers to the technique that is used by businesses to identify the value of the…

Q: A company purchased 200 units for $40 each on January 31. It purchased 150 units for $35 each on…

A: Weighted average inventory costing method: - Weighted average inventory costing method is the method…

Q: WHAT IS THE COST OF ENDING INVENTORY UNDER THE WEIGHTED AVERAGE COSTING METHOD? 2. WHAT IS THE COST…

A: Answer:         Amount in P     Date Units Purchased Units cost Purchase cost Unit Issued…

Q: Novak Company uses a periodic inventory system. For April, when the company sold 450 units, the…

A: Weighted average cost per unit is the per unit cost of goods available for sale. It is computed if…

Q: On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial…

A: Gross profit is the difference between the revenue generated from the sales of goods or services and…

Q: Inventory records for Eliza Company revealed the following: Number of Date Transaction Units Unit…

A: Under the First-in-first-out (FIFO) method, the inventory that comes first into the store is…

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

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

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

A: In the case of the FIFO method, the inventory which is purchased first is also sold first. Whereas…

Q: A firm’s accounting record showed that the firm had a beginning balance in inventory of 2,000 units…

A: FIFO Method :— It is one of the method of inventory valuation in which it is assumed that old…

Q: Oriole Company Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit.…

A: b1. 8.886b2. FIFOLIFOAverage Costending inventory cost2,350…

Q: Sales during the year were 545 units. Beginning inventory was 430 units at a cost of $6 per unit.…

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

Q: The problem is stated in the picture. Here is the question: 1. Assume instead, the Company uses…

A: Periodic Inventory System In this method, Ending inventory only updates at the end of the period…

Q: A company håð the fólló JANUARY: 10 UN TEDRU A DV 20 II

A: Specific Identification is a method that helps in finding out the ending cost of inventory. It…

Q: The beginning inventory was 500 units at a cost of $11 per unit. Goods available for sale during the…

A: The first in, first out technique is an inventory value methodology in which the first purchases are…

Q: Number of Units Cost per Unit $10 Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Ending…

A: First in First out (FIFO) Methods says that goods purchased first are Sold first which implies that…

Q: The Holden Corp. company has the following purchases an during the year ended December 31, 2014.…

A: Valuation method : FIFO Calculation of Cost of Goods Sold. Feb 9 : 30 units sold = 30 units x Cost…

Q: The following amounts and costs of platters were available for sale by Sierra Pottery during the…

A: Under weighted average cost of inventory, weighted average cost per unit will be calculated for…

Q: Quick Stop Dairy had beginning inventory of Heavy Cream of 200 units at a cost of $2 each. During…

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

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: Consider the following transactions for DeTrees Company for the month shown in chronological order:…

A: The weighted average cost per unit is calculated as total cost divided by no. Of units.

Q: Assume Ava Co. has the following purchases of inventory during the first month of operations…

A: LIFO is last in first out inventory valuation method in which goods purchased at last in the…

Q: Given the following information, determine the cost of ending inventory at December 31: December 2:…

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

Q: Morgenstern Ltd. has the following units and costs for the month of April. Beginning inventory,…

A: FIFO means first in first out which means that inventory which is recieved first , will be sold…

Q: Akira Company had the following transactions for the month. Sales for the month are $25 per unit.…

A: Cost of goods sold (units)=Beginning+Purchase-Ending units=150+160+130-50=390 units

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: clsoing inventory = opening inventory + purchase - sales

Q: In its first month of operations, Skysong, Inc. made three purchases of merchandise in the following…

A: Determine average cost per unit.

Q: The following lots of Commodity 2 were available for sale during the year. Beginning inventory 8…

A: There are two methods of verification of materials.They are periodic inventory system and perpetual…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: First-in, first-out (FIFO) is a type of inventory valuation method in which it is assumed that the…

Q: As an accountant for Lee Company, your supervisor gave you the following calculations of the gross…

A: Inventory is a form of asset that is intended to be sold during normal business operations.…

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.