Lemke Corp. uses a perpetual inventory system with a (moving) weighted average inventory costing method. The following information is available for the month of April: Apr. 1   On hand, 30 units at $5.00 each $150   8   Purchased 40 units at $5.35 each $214   15   Sold 50 units     22   Purchased 40 units at $5.50 each $220   30   On hand, 60 units   Refer to the information provided for Lemke Corp. How much is the cost of goods sold for the units sold on April 15th? a.$245 b.$270 c.$260 d.$255

Q: Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of…

A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

Q: Compute the April 30 inventory and the April cost of goods sold using the average-cost method.…

A: The periodic inventory system is a method of inventory valuation for financial reporting purposes in…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Please find the calculation of the Cost of Goods using the LIFO method inventory costing in Step -2…

Q: Please explain how to calculate the FIFO and LIFO for the below problem and to prepare the income…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased items…

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Under LIFO Inventory company used the latest inventory to sell at the first and beginning inventory…

Q: Buffalo Industries uses a periodic inventory system. Its records show the following for the month of…

A: Periodic Inventory System:  Periodic inventory system is a system, in which the inventory is updated…

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: Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the…

A: Under periodic inventory system, the cost of goods sold is taken as the residual value after…

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: Bronze Company had the following transactions realting to inventory during January: Unit…

A: FIFO, or First In, First Out method is one of the commonly used methods of inventory valuation which…

Q: Lisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: Perpetual FIFO:                     Goods Purchased Cost of Goods Sold Ending Inventory Date…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: The weighted average cost of inventory is a method of determining the cost of goods sold (COGS) and…

Q: Courtney Company uses a periodic inventory system. The following data was available: beginning…

A: An organization's sales, costs, and net income (or net loss) are part of the income statement or…

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: Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the…

A: Lets understand the basics.Ending inventory and cost of goods sold can be calculated using,(1)…

Q: Garrett Company has the following transactions during the months of April and May:   Date…

A: FIFO METHOD :— Under this method, first inputs is used for the output units or sales units.  Cost of…

Q: Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of…

A: The ending inventory includes the number of units that are left in stock at the end of period. Using…

Q: Courtney Company uses a periodic inventory system. The following data were available: beginning…

A: FIFO: First In, First Out, commonly known as FIFO, is an asset-management and valuation method in…

Q: Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the…

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

Q: Suppose Sunland Company uses a periodic inventory system. Details related to inventory for the month…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

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: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

A: For calculating the inventory details such as cost of goods sold and cost of ending inventory, in…

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

A: To compute: Weighted-average cost per unit = Total cost / Total units available for sale…

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Weighted average cost is one the techniques of valuing inventory and preparing the store ledgers. In…

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: annoe Company uses a periodic inventory system and reports the following for the month of Jun Date…

A: Lets understand the basics.Ending inventory and cost of goods sold can be calculated by,(1) FIFO(2)…

Q: Concord Company uses a periodic inventory system. For April, when the company sold 550 units, the…

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

Q: Waterway Company uses a periodic inventory system. For April, when the company sold 650 units, the…

A: To ascertain the weighted average cost per unit the Cost of goods available for sale are divided by…

Q: Garrett Company has the following transactions during the months of April and May: Date Transaction…

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

Q: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

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

Q: Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the…

A: As per FIFO method, goods purchased first will be sold first which means ending inventory should be…

Q: Hess Company's inventory records show the following data for the month of September:       Units…

A: Cost of goods sold=Cost of goods available-Ending inventory

Q: Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the…

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

Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…

A: Last in, first out (LIFO) is a method of inventory accounting in which the most recently made things…

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

A: Here in this question, we are required to calculate gross margin under FIFO,LIFO, Weighted average…

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: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the…

A: Weighted average means when average is calculate after taking quantity as weight.

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…

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.