Maintain inventory records  Fire fox manufacturing has the following information in relation to commodity for July inventory ................July1...................20 units at birr 50 Sales July 7.........10 units  July 18.......... 10 units July 27...........10 units Purchase july 3..............20 units at birr 51 July 20 ................. 15 units at birr 52 Required  Task 1: the company used perpetual inventory system and LIFO costing determine cost of goods sold and ending inventory Task 2: if the company used periodic inventory system and FIFO costing method , determine costs of goods sold and ending inventory.

Q: Date Purchases Sales   Units Cost/Unit Units Jan. 1 100 $0.80    Jan. 4 390 0.90   Jan. 5     280…

A: The inventory can be evaluated using various methods as: FIFO, LIFO and Weighted Average method.

Q: Weighted Average Cost Method with Perpetual InventoryThe beginning inventory for Midnight Supplies…

A: In the weighted average method, the average costs are determined by adding the cost of inventory and…

Q: Problem. 5 FNS manufacturing company submits the following information on June 30, 2005. Sales for…

A: Prepare cost of goods manufactured statement as follows: Result:

Q: Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record…

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

Q: Consider the following inventory transactions for September: Beginning inventory Purchase on…

A: The weighted average is a statistical measure that considers the varying significance of numbers…

Q: The units of an item available for sale during the year were as follows: Jan. 1 50 units at $118…

A: Under FIFO method the oldest products in inventory have been sold first. Under LIFO method the…

Q: The following information is taken from the books of Nicki Incorporated: July Beginning inventory…

A: Step 1: Introduction to Ending Inventory:Ending inventories are the amount of inventory that was not…

Q: Date Activities Units Acquired at Cost Units Sold at Retail Jan. Beginning inventory Sales... 1 200…

A: The Last-In, First-Out (LIFO) strategy expects that the last unit to show up in stock or later is…

Q: What is COGS and cost of ending inventory in the company using average costing method where 4.000…

A: No. of units sold = No. of units purchased - no. of units in ending inventory = 4000 - 400 = 3600…

Q: me company uses the LIFO inventory costing method, w much is cost of goods sold for the month of…

A: The following inventory methods used for inventory valuation as follows under:--Specific…

Q: ny keep in stock.  The following transactions show the purchase and sale of particular round table…

A: Given: To calculate the inventory and the journal entries of the transactions is given as,

Q: Hatfield Company, which has only one product, has provided the following data concerning its most…

A: The period costs under variable costing approach mean the period costs that change in relation to…

Q: Three identical units of merchandise were purchased during July, as follows: Units Cost $15 18 Date…

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

Q: Some of the information found on a detail inventory card for Sheffield Inc. for the first month of…

A: Ending inventory is the amount of inventory that an entity has, in its hands at the end of the…

Q: Required information [The following information applies to the questions displayed below.] A company…

A: Under the Weighted Average Method, the cost is considered to be average at the time of sale. In this…

Q: The beginning inventory at Midnight Supplies and data on purchases and sales for a three month…

A: Solution 1:                         Computation of ending inventory COGS under FIFO - Midnight…

Q: Question 21: A company that uses the perpetual inventory system sold goods to a customer cash on…

A: Solution   Calculate the Cost of Goods sold using FIFO Method ( Under Perpetual Inventory System)…

Q: provide correct answer please

A: If gross profit percentage is 42.02%, then cost of sales percentage is 57.98% (100% - 42.02%)…

Q: pre.2

A: The objective of the question is to calculate the cost per unit for the units in ending inventory…

Q: Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system.…

A: a) Calculate the cost of goods sold and ending inventory using First-in, first out:

Q: Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1Beginning…

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

Q: Company X began August with 70 units of iron inventory that cost $25 each. During August, the…

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

Q: The total unit sale in the month of January OMR 150,000. 1st January Inventory OMR 50,000. December…

A: The formulation:

Q: QUESTION 24 Sew Warm, Inc.'s inventory activity in September was as follows: $/Unit 7 11 Inventory,…

A: In case of FIFO perpetual method, the initial stock and goods purchased at beginning will be sold…

Q: Pharoah Lighting had a beginning inventory of 35 units at a cost of $7 per unit on August 1. During…

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Q: Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: The following information is taken from the books of Nicki Incorporated: July Beginning inventory…

A: Step 1: First, we will calculate the cost of goods sold for July: Gross profit=Sales−Cost of goods…

Q: Financial statement data for years ending December 31 for Amsterdam Company follow:   20Y4 20Y3…

A: Inventory turnover = Cost of goods sold/Average inventory Average inventory = (Ending inventory +…

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

A: Cost allocation:- Cost allocation is the process of identifying and allocating the total production…

Q: 12. The units of Product PKO available for sale during the year were as follows: Apr 1 Apr 16 Apr 20…

A: Under FIFO method, it is assumed that units purchased first will be sold first. Total units sold= 60…

Q: The Luann Company uses the periodic inventory system. The following July data are for an item in…

A: Step 1: Compute the ending inventory (in units) as follows:

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: determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal…

A: LIFO inventory method is Last in first out which says that inventory purchased last will be sold…

Q: 10. Zaynab Company uses a periodic inventory system. Its records show the following for the month of…

A: There are various methods of valuing inventory. Some of the common methods of valuing inventory are:…

Q: What is the value of the inventory on August 20 if the last in first out method of evaluation is…

A: Last in First Out (LIFO) is one of the method of valuation of inventory. Under this method, Closing…

Q: total period cost for the month under the variable costing approach

A: Period costs are costs that do not become part of the cost of production.

Q: Akira Company had the following transactions for the month. Beginning Inventory Purchased March 31…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: Fire fox manufacturing has the following information in relations to commodity for July…

A: 1. The company used perpetual inventory system and LIFO costing,  determine cost of goods sold and…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units…

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

Q: Inventory Costing Methods The Lippert Company uses the periodic inventory system. The following July…

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

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.