March 1 Merchandise inventory $310,000   $550,000 March 1–31 Purchases (net)       $307,250    $515,000 March 1–31 Sales                                          $400,000 On the basis of the above data, determine the estimated cost of the inventory as of March 31 by the retail method. Round the cost/retail ratio to two decimal places. For example, .681534 would be rounded to 68%. Merchandise inventory, March 31, at retail price: Merchandise inventory, March 31, at estimated cost price:

Q: Estimate ending inventory using the dollar-value LIFO retail method. be entered as 12.34%.))

A: The LIFO method is defined as one of the important methods of inventory calculation in which the…

Q: Show Me How Calculator Print Item LIFO Perpetual Inventory The beginning inventory at Midnight…

A: 1.Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record…

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: The records of Alaska Company provide the following information for the year ended December 31. At…

A: A method used in accounting to determine the worth of a store's inventory is called the retail…

Q: Journalize the following transactions of Martinez Company for April in the journal page provided:

A: Under Perpetual Inventory System, Sales and Cost of Goods Sold transactions are recorded as and when…

Q: Inventory records for Eliza Company revealed the following Number of Units 1,060 560 860 510 Date…

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

Q: The inventory data for an item for November are: Nov. 1 Inventory 20 units at $20 4 Sold 10 units 10…

A: The FIFO method, which stands for "First In, First Out," is an inventory valuation method used to…

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Ending Inventory: Ending inventory is the value of the stock or product that is still available at…

Q: Inventory, February 28, 2018 $450,000 Inventory, March 31, 2018 $330,500 Purchase Discounts $12,450…

A: Net purchases = Gross purchases - Purchase discount - Purchase returns and allowances   Cost of…

Q: May 12 8% Date Purchase May 100 May 20 May 31 purchases, and sales May 31 Balances Unit Cost Total…

A: LIFO is the last in first out method. As per this, the goods bought at last are to be sold at first.…

Q: The inventory data for an item for November are: Nov. 1 Inventory 20 units at $20 4 10 17 30 Sold 10…

A: Step 1: Introduction to Inventory Methods:Inventory is a current asset in the balance sheet which…

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…

A: LIFO means last in first out. It is one of the methods of inventory valuation wherein the inventory…

Q: 103 EZslide snowboards were sold. Buffalo Corp. uses a period anation ntory mases ases ases Units…

A: Ending inventory units = 140 - 103 = 37 units  Cost of ending inventory :   FIFO LIFO Average…

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

A: The inventory to be valued at the year end has two system mainly perpetual and periodic. Under the…

Q: FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases…

A: As posted multiple subparts questions we are answering only first three sub parts kindly repost the…

Q: Data relating to the computation of the inventory at December 31 for Dapper Inc. follow. Item Cost…

A: To calculate the ending inventory at cost using the average cost retail method, we need to follow…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: FIFO is first in first out inventory method under which inventories which are purchased first will…

Q: May 2 Purchase 27,000 units at $62.00 Aug. 9 Sale 22,500 units Oct. 20 Purchase 10,500 units at…

A: Answer :Weighted average cost per unit = Total cost / Total units Cost of good sold = Total cost -…

Q: LIFO Perpetual Inventory      The beginning inventory of merchandise at Dunne Co. and data on…

A: LIFO method: LIFO stands for “Last-In, First-Out”. It is a method used for cost flow assumption…

Q: Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales…

A: The first things acquired are presumed to be the first goods sold in the first in, first out (FIFO)…

Q: The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a…

A: LIFO is an inventory valuation method under which the last purchased units are sold firstly. So, the…

Q: Item Cost Retail Beginning inventory, Jan. 1 $352,800 $490,000 Purchases Markups, net Sales…

A: Step 1:Statement showing computation of the ending inventory at cost using the average cost retail…

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…

A: a) Quantity Unit cost Total cost     125 units $8 1000     375 units $10 3750     500 units…

Q: The following information was available from the inventory records of Swifty Corporation for…

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

Q: Suppose that Ivanhoe Automated Retail Company has the following inventory data: Nov. 1 Inventory 24…

A: LIFO (Last in first out) is one of the methods of inventory management used to calculate the value…

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 àre…

A: Under the weighted average cost method of inventory valuation company summed up all the costs of…

Q: Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

Q: FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases…

A: As posted multiple sub parts we are answering only first question kindly repost the unanswered…

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…

A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…

Q: eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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

Q: FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases…

A: FIFO is the inventory costing method where it is assume that the oldest inventory will be sold…

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.