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: Answer the following: 1. Work in Process Inventory Turnover 2. Number of days to Process Inventory…

A: Inventory Turnover (Work-In-Process Exclusively) calculates the rate where a firm's inventory of…

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: 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: Balance/Transaction No. of units Beginning Inventory Sale Purchase Date Cost March 1 10 units $20…

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

Q: CHECK FIGURES: 1. Ending inventory: a. $9,600.00; b. $10,982.30 Gale Company has the following…

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

Q: Inventory turnover and number of days’ sales in inventory Financial statement data for years ending…

A: A . INVENTORY TURNOVER :   PARTICULARS 20Y7 20Y6 COST OF GOODS SOLD $3,731,760 $3,810,965…

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: Required: 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO…

A: Under FIFO Method, Units which comes in first will be sold first and the inventory will be out of…

Q: CHAPTER 6 Inventory Costing and Valuation Beginning... Feb. 10........... Aug. 21 Stilton Company…

A: Introduction: Ending inventory is the value of goods still available for purchase and held by a…

Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 1,600…

A: Cost of goods sold is the amount of cost which is incurred on the making of the goods. It includes…

Q: tem October November Unita produced and sold 900 1,000 Sales $900,000 $1,000,000 Leather uaed for…

A: What is meant by Variable Cost? The cost that varies with changes in production or sales units is…

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: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

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

Q: The EG Company produces and sells one product. The following data refer to the year just…

A: Absorption costing: It is a technique that assumes both fixed cost and variable cost as product…

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 following cost and inventory data are taken from the accounting records of Mason Company for the…

A: Cost of goods sold is (COGS) is the sum of all direct costs associated with making a product. It…

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

A: The formula for determining the moving average cost is to divide the entire cost of the things that…

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: 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 Costing Methods—Periodic Method The Luann Company uses the periodic inventory system. The…

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

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 following are data regarding Sunny Company in 2021 - Finished Goods Inventory December 31…

A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…

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

A: The formulation:

Q: a) Assume that ending inventory was accidentally overstated by $1,000. What are the correct amounts…

A: Cost of Goods sold= Opening Inventory + Net purchase- Closing Inventory Opening Inventory= 4200 Net…

Q: QP Corporated sold 5,450 units of its product at $45.50 per unit during the year and i selling the…

A: The last in the first method states that the first purchases are sold only when no units of the last…

Q: Perpetual: Inventory costing methods Pl Laker Company reported the following January purchases and…

A: The company has used four different inventory costing methods to determine the cost assigned to…

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: am. 116.

A: Step 1:Step 2:

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: On May 17, it was discovered that a material amount of inventory had been stolen. A physical count…

A: Ending inventory is determined by deducting COGS from the inventory available for sale. If the…

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: 19. Using the information below, calculate gross profit for the period: Sales revenues for the…

A: The gross profit is computed by deducting the cost of goods sold from the sales revenue. The cost of…

Q: Papa Ground Factory provided the following information for the last calender year: Beginning…

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

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: eturned defective merchandise with cost $1200 to A B C company from the last monthe purchase ..…

A: Cash receipt journal is one of a special journal which records all cash receipts transactions in…

Q: The following information was available from the inventory records of Sheffield Corp. for January:…

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

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: Precious Products Ltd. Income Statement For the year ended xxxx…

A: The income statement is prepared to find net income or losses incurred during the period.

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: Mama's Mexican Meals, Inc., had the following activity for an inventory item during June: Unit Units…

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

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.