Koi Corporation uses the periodic inventory system. During its first year of operations, Koi made the following purchases  • 1,400 units at P90 per unit • 3,400 units at P150 per unit • 800 units at P120 per unit Sales for the year totaled 4,600 units. Physical count reveals 1,000 units on hand at the end of the year. (Round unit cost to two decimals) 5. What is the amount of ending inventory using the weighted average method (rounded to nearest peso)? ________________ 6. What is the amount of ending inventory using the FIFO method?

Q: Hermani Company uses the periodic inventory system. Hermani started the period with $100,000 in…

A: When a physical inventory count is performed, a periodic inventory system only updates the ending…

Q: During the year, TRC Corporation has the following inventory transactions. Number of Unit Date…

A: Gross profit is computed by deducting the amount of cost of goods sold from the revenue earned by…

Q: .the FIFO inventory costing method. 2.the LIFO method. 3.From the resulting data, what conclusions…

A: Requirement 1:   FIFO method:

Q: Johnson Corporation began the year with inventory of 10,000 units of its only product. The units…

A: Inventory is the revenue expenditure incurred on the purchase of products to resell by a company.…

Q: ne product and uses a pe

A: Option D is correct 204 units  Calculation :   Units in the ending inventory = ( units in beginning…

Q: The following units of an item were available for sale during the year: Beginning inventory 27 units…

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

Q: During the year, TRC Corporation has the following inventory transactions.For the entire year, the…

A: Inventory valuation is a method of finding the actual cost of the goods left unsold at the end of a…

Q: The Stilton Company has the following inventory and credit purchases during the fiscal year ended…

A:

Q: Mark Price Company uses the gross profit method to estimate inventory for monthly reporting…

A: Ending inventory = Goods available for sale - Cost of goods sold

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: Answer all questions. Ch.6-4

A: Please find the solution along with the detailed calculation.

Q: Waterway Company's inventory records show the following data: Units Unit Cost 10200 Inventory,…

A: The direct cost associated with the production of a product constitutes the cost of goods sold in…

Q: The inventory records of Kiwi Company show the following purchases during the first quarter…

A:

Q: At the beginning of the current period, Viraat Industries, which uses a periodic inventory system,…

A: a. Cost of goods sold = Beginning Inventory units + Purchase #1 units + Purchase #2 40 units =…

Q: A company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year.…

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

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

A:

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

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: A Shirts Company uses a periodic inventory system. During the first year of operations, the company…

A: Formula: weighted average cost per unit = Total purchase value / Total units Division of total…

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: FIFO: FIFO stands for First in First out. It means first received inventory to be sold first.

Q: During the year, a company sold 8,500 units of inventory for $30 per unit. In addition, the company…

A:

Q: Johnson Corporation began the year with inventory of 15,000 units of its only product. The units…

A: What are inventories? It is also known as a stock which is the unsold units of the company at the…

Q: Kuyu Company uses the periodic inventory system. Kuyu started the period with $12,000 in inventory.…

A: The cost of goods sold refer to the cost of producing the goods which are sold in the market. It is…

Q: During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date…

A: Under the LIFO method, the latest sales are sold first, and therefore, the cost of goods sold…

Q: The following units of an item were available for sale during the year: Beginning inventory 22 units…

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

Q: ABC company started its operations this year and began with no inventory on hand. It provided the…

A: The Numerical has covered the concept of weighted Average Methode Under Periodic Inventory Method.…

Q: Larkspur Company uses a perpetual inventory system. Beginning inventory is 2,700 T-shirts at a cost…

A: Lets understand the basics. There are various type of inventory systems are followed by the entities…

Q: Monroe Company had a beginning inventory of 350 cans of paint at $12 each on January 1 at a cost of…

A: Total cans purchased =Cans purchased on February 15 +Cans purchased on April 30 + Cans purchased…

Q: The Stilton Company has the following inventory and credit purchases during the fiscal year ended…

A: given that, goods available for sale = 640 + 350 + 230 = 1220 units  number of units sold = 430 +…

Q: At the beginning of the current period, Viraat Industries, which uses a periodic inventory system,…

A:

Q: Lisa Company uses the periodic inventory system and had 100 units in beginning inventory at a total…

A: given that, beginnig inventory = 100 units @ $10000 purchases = 200 units @ $26000   closing stock =…

Q: Montero Company maintains a perpetual inventory system and sells all its inventories at a price of…

A: Under FIFO method, goods purchased first are to be sold first and newer goods are left in stock or…

Q: The following units of an item were available for sale during the year: Beginning inventory 44 units…

A: Particulars Purchase Sale Balance Units Cost per Unit Total Cost Units Cost per Unit Total Cost…

Q: Vaughn Company had 100 units in beginning inventory at a total cost of $12,000. The company…

A: Total cost of goods available for sale = Beginning inventory + Purchases = $12,000 + $30,000 =…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: FIFO: Under this method, ending inventory is valued at the latest purchase price. LIFO: Under this…

Q: Grays Company has inventory of 30 units at a cost of $11 each on August 1. On August 3, it purchased…

A: Under the FIFO method of inventory, the earliest purchases are sold first. So the sales of 32 units…

Q: Crane Company had 100 units in beginning inventory at a total cost of $8,000. The company purchased…

A: Cost per unit of beginning inventory = $8,000 /100 units = $80 per unit Cost per unit of purchase…

Q: Sheffield Corp. uses a periodic inventory system. Details for the inventory account for the month of…

A: The units sold are calculated as difference between total units available for sale and Inventory…

Q: Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial…

A: a.

Q: The following information is for the Bud Company; the company sells just one product: Units Unit…

A:

Q: heffield Corp. sells one product and uses a perpetual inventory system. The beginning inventory…

A: Cost of goods sold method is that the expense which incurred directly for the creation of products.…

Q: United Co. had 10 units of an inventory item on hand at the beginning of the current year, each of…

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

Q: ginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at…

A: Cost of goods sold are valued at cost applying various methods of inventory valuation. First in…

Q: Swifty Company uses the perpetual inventory system and the moving-average method to value…

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

Q: The following units of an item were available for sale during the year: Beginning inventory 21,600…

A: Perpetual InventoryPerpetual inventory is a method of accounting for inventory that records the sale…

Q: Company Y had the following transactions in Year 2. The perpetual FIFO inventory system is used. 1.…

A: There are different accounting methods of available to record the inventory out of which the company…

Q: During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date…

A: Inventory valuation refers to the process of determining the value of inventory available with the…

Q: The accounting records of Amp Electronics show the following data.     Beginning inventory 4,000…

A: Inventory valuation can be done using various methods : A. FIFO method B. LIFO method C. average…

Q: The Stake Technology Inc. company has the following purchases and sales during the year ended…

A: Perpetual inventory system is that inventory system under which all transactions related to purchase…