Johnson Company reports the following inventory information for beginning inventory, purchases, and sales for the month of January, 2020. ​ Beginning inventory 160 units @ $250 Sale 120 units First purchase 400 units @ $260 Sale 300 units Second purchase 350 units @ $265 Sale 290 units ​ The firm uses the perpetual inventory system and there are 200 units of the item on hand at the end of the year.     1a.What are the total cost of merchandise sold and total cost of ending inventory according to FIFO method?   1b.What are thetotal cost of merchandise sold and total cost of ending inventory according to LIFO method?   1c.What are thetotal cost of merchandise sold and  total cost of ending inventory according to Weighted Average method?

Q: Crandall Distributors uses a perpetual inventory system and has the following data available for…

A: Solution   Calculation of goods available for sale- = (110*7.1)+(575*7.2)+(680*7.5)+(230*7.7). =…

Q: Adams Corporation uses a periodic inventory system and the retail inventory method to estimate…

A:

Q: Assume that because of a clerical error, the ending inventory is reported to be 1,070 units rather…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

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

Q: Curfew Co. uses the periodic inventory method. They started the year with beginning inventory of 120…

A: Calculation of cost of goods available for Sale Date Particulars Number of Units  Unit…

Q: National Distributing Company uses a periodic inventory system to track its merchandise inventory…

A: formula to calculate cost percentage = cost of goods sold / net sales    cost of goods sold =…

Q: A company has the following purchases and sales during October. Using the FIFO periodic inventory…

A: The objective of the question is to calculate the value of the inventory on October 15 after the…

Q: ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January…

A: Formula: Average cost per unit = ( Beginning cost + Purchases cost ) / Number of units Division of…

Q: The following inventory data are available for the company: Transactions…

A: Under FIFO method, the ending inventory consists of the most recent inventory purchased. The first…

Q: Auga Company Ltd Comparative Balance Sheet December 31, 2021 and 2020 2021 2020 Increase/(Decrease)…

A:

Q: the following units of an item were available for sale during the year: Beginning inventory 25…

A: Solution-1                                               Fifo Mehod   Sno Receipt Issue Balance…

Q: Addison, Inc. uses a perpetual inventory system. Information regarding one inventory item for the…

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

Q: Beckett Co. received its bank statement for the month ending June 30, 2019, and reconciled the…

A: Bank Reconciliation Statement - It is the statement showing a summary of banking and business…

Q: Walstrom Company uses a perpetual inventory system and had the following inventory transactions for…

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

Q: The Barton Corporation company has the following purchases and sales during the year ended December…

A: The cost of goods available for sale includes the sum of beginning inventory and goods purchased…

Q: The following units of an item were available for sale during the year: Beginning inventory 45…

A: a. Compute the total cost of the ending inventory according to FIFO.

Q: Abshire Corp uses the periodic inventory system. The following table shows beginning inventory and…

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

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales…

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

Q: Cost Retail Beginning inventory $ 47,000   $ 62,000   Net purchases   10,480     32,800   Net…

A: Under retail inventory method to estimate average cost  of ending inventory and cost of goods sold…

Q: n, what is the gross profit for the month?

A: 1. As units are sold on the basis of FIFO . So, closing inventory will      be out of Last purchased…

Q: Ripken Company uses a perpetual inventory system and reported the following transactions involving…

A: Note: Since we are entitled to answer 1 question up to 3 sub-parts, we’ll answer the first question…

Q: Explain the following : 1. RAAS Company uses a periodic inventory system. Details for the inventory…

A: ‘’Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: During 2021, a company sells 365 units of inventory for $93 each. The company has the following…

A: LIFO method: The LIFO strategy works under the presumption that the last item of stock acquired, is…

Q: Company H had the following information for the year:   Beginning inventory: $20,000 Purchases:…

A: To calculate the cost of goods sold using the periodic inventory system, we need to determine the…

Q: Crane Corporation sells item A as part of its product line. Information as to balances on hand,…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: On January 2020, Roel Corp. Has the following inventory purchases…

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

Q: Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company…

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

Q: The following is the information for ABC Corporation for the inventory transactions. The company…

A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first.

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

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: During 2021, a company sells 460 units of inventory for $87 each. The company has the following…

A: To use the weighted average model, one divides the cost of the goods that are available for sale by…

Q: A company nvento Multiple Choice O $33,300. Date April 1 Beginning inventory Units Acquired at Cost…

A: Ending inventory is viewed as a current asset since it is anticipated to be sold or turned into cash…

Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending…

A: The quantity of products still in stock and held by a corporation at the end of an accounting period…

Q: You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble…

A: Step 1:Computation of the total cost available for sale: Step 2:Computation of the total sales: Step…

Q: Express mart provided the following inventory information for the month of January 2019.   Units…

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

Q: Liverpool Company uses a perpetual inventory system. The following table shows the beginning…

A: Introduction FIFO stands for First In First Out Method. It is a technique used for the assets…

Q: Rally Wheels, Inc. had the following balances and transactions during 2018: Beginning Merchandise…

A: Calculate ending inventory : Sales unit = 50+125 = 175 Total Units available for sale = 100+200 =…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: Under FIFO periodic system of accounting for Inventory, Inventory purchased first is issued first…

Q: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Formula: Cost per unit = Total cost / Number of units.

Q: 1) During 2021, a company sells 30 units of inventory at $60. The company has the following…

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

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: The following is the information for ABC Corporation for the inventory transactions The company sold…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The DJ company uses a periodic inventory system. The beginning balance of inventory and purchases…

A: Introduction  Inventory may be defined as the stock of goods ready to be sold at a particular point…

Q: San Lorenzo General Store uses a periodic Inventory system and the retail Inventory method to…

A: Final answer  CostRetailCost -to- retail ratio Beginning inventory$40,000$55,000  Net purchases$…

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.