JM Ltd had the following material transactions during November.                                                                      Number of units               Cost per unit Opening balance     1 November                      20                                    4.00 Receipt                  8 November                      140                                   4.40 Issues                    12 November                    80                          Receipt                   18 November                    100                                   4.60 Issues                    26 November                    140 Calculate the value of inventory on hand at 8 November using the Weighted Average Cost (WACO) cost method to the nearest dollar.

Q: marquis company uses a weighted averahe perpetual inventory system and has the following ourchases…

A: Formula: Average price per unit = Total purchase value / number of units Division of total purchase…

Q: (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow…

A: Under the FIFO(First in First Out) method, the oldest products in inventory are sold first.Under the…

Q: the activity for one of the products of Random Creations: ance, 80 units sse $4,00e 40 units $51 40…

A: Date Units  Rate Total 01-Jan 80  $   50.00  $      4,000 18-Jan 40  $   51.00  $      2,040…

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: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

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

Q: The cost of goods sold for the year is: Multiple Choice O $176.100. O $115.300. O $63.300. O…

A: The direct expenses of manufacturing the products that a business sells are referred to as its cost…

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

A: Inventory: Inventory is a physical item of trade sold by suppliers during their accounting period.…

Q: Bramble Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: It is an inventory valuation approach. The cost of goods sold and ending inventory are also…

Q: Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 580…

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

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

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

Q: A company began January with 9,000 units of its principal product. The cost of each unit is $5.…

A: The total cost of goods purchased or produced during a given time period is then divided by the…

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: A company reports the following merchandise purchases and sales for the month of May. Units Acquired…

A: It is an inventory valuation method. Under the weighted average method, the inventory is based on…

Q: Hopkins Company reported the following information related to inventory and sales: Units Unit Cost…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

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: 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: Tablet Company, which uses a periodic inventory system, reports the following in its inventory…

A: Total units available for sale = Beginning Inventory + Purchases = 10 + 5 + 5 = 20 units Cost of…

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: Weighted average cost per unit = per unit. Cost Cost of Goods Allocation Cost of Goods Sold Ending…

A: FIFO stands for "First In, First Out" and is a method of inventory valuation used in accounting.…

Q: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month…

A: 1. Cost of goods sold under LIFO method Sale units cost per unit cost of good sold =Sale…

Q: The following information was available from the inventory records of Jun Company for January: Unit…

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: First-in, First Out (FIFO) Under the First in first out (FIFO) method of inventory valuation, Cost…

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

A: Introduction: FIFO: FIFO stands for First in First out. Which means first received inventory to be…

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

A: The question is related to Valuation of closing nventory under three different methods  Required…

Q: In its first month of operations, Crane Company made three purchases of merchandise in the following…

A: Calculate the average unit cost.

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.