Inventory records for a company revealed the following: March 1, 2021, inventory: 1,250 gallons @ $7.7 per gallon = $9,625                       Purchases:             Sales:     Mar. 10 650 gals @ $ 7.75   Mar. 5 450 gals Mar. 16 850 gals @ $ 7.80   Mar. 14 750 gals Mar. 23 650 gals @ $ 7.85   Mar. 20 550 gals               Mar. 26 750 gals   The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is: A. $6,987 B. $6,905 C. $7,007 D. $6,977

Q: At the beginning of 2021, Calston Incorporated reports inventory of $9,300. During 2021, the company…

A: Cost of Goods Sold: When the inventories are sold for the accounting period, the cost incurred in…

Q: Waterway Company uses a periodic inventory system. Details for the inventory account for the month…

A: The ending inventory comprises of the units that remains unsold at the end of the accounting period.…

Q: Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index…

A: Dollar-Value-LIFO: This method shows all the inventory figures at a dollar price rather than units.…

Q: None

A: Calculating the number of units sold by Graham Company in January 2020: Calculate Total Units…

Q: Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000…

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

Q: Gale Company has the following inventory and purchases during the fiscal year ended December 31,…

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Q: During 2024, a company sells 22 units of inventory. The company has the following inventory purchase…

A: Ending inventory refers to the total value or quantity of goods, products, or materials that a…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Under Last-in-First out method, inventory that is brought at later dates is sold first ( Newest…

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Solution: computation of inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO…

Q: A company uses the dollar-value LIFO method of computing inventory. An external price index is used…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: d. Ripken Company's perpetual inventory system indicate that the Inventory account has a balance of…

A: Part I d. Prepare the journal entry for inventory shrinkage for R Company.

Q: During 2024, a company sells 200 units of inventory for $55 each. The company has the following…

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Q: A company uses the dollar-value LIFO method of computing inventory. An externa price index is used…

A: DVL stands for dollar value LIFO method. The inventory is adjusted on the basis of the index price…

Q: Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,350…

A: Last in, first out (LIFO) cost flow method assumes that the last units of inventory are sold first.…

Q: Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,850…

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

Q: Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its…

A: Using FIFO method, the older units are sold and newer units are left into the stock. Using LIFO…

Q: A company using the periodic inventory system has inventory costing $188 on hand at the beginning of…

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,350…

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

Q: Gale Company has the following inventory and purchases during the fiscal year ended December 31,…

A: 1. Here are the step-by-step calculations for the FIFO method:COGS Calculation for FIFO:First sale…

Q: The inventory records of Kuffel Co. reflected the following information for the year ended December…

A: Periodic Inventory system is a system of maintaining inventories at periodic level. Whereas in…

Q: Crane Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was…

A: Solution: Cost of goods available for sale = (110*$21) + (310*$25 + 310*$26 + 210*$29 + 110*$32) =…

Q: 2. During 2019, a company sells 200 units of inventory for $85 each. The company has the following…

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

Q: The following inventory transactions took place for Blossom Ltd. for the year ended December 31,…

A: Perpetual inventory system Perpetual inventory system continuously estimates the inventory based on…

Q: Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,050…

A: Under moving average method, inventory and cost of goods sold is valued at moving average cost.

Q: Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its…

A: Calculation by Using Specific Identification method: Calculation of Ending inventory: Date  Units…

Q: Ending inventory Cost of goods sold

A: The FIFO method is called the first in first out method.It is an inventory accounting method.Under…

Q: Southeast Inc. has maintained a periodic inventory system and the LIF inventory method for 3 years.…

A: Inventory valuation refers to the amount in monetary terms which is linked with the goods in the…

Q: During 2021, a company sells 340 units of inventory for $90 each. The company the following…

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

Q: Qu Mult Cullumber Industries had the following inventory transactions occur during 2025, its first…

A: Step 1:LIFO means Last in Last Out : Goods which is bought Later are sipped  first.Income statement…

Q: Valuation of Inventory The inventory on hand at the end of 2019 forReddall Company is valued at a…

A: Under the FOB shipping point, goods sold by the seller become the property of the buyer once shipped…

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.