Marigold Corp. just began business and made the following four inventory purchases in June: June   1   126 units   $756 June   10   168 units   1176 June   15   168 units   840 June   28   126 units    1134         $3906 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the average cost method, the amount allocated to the ending inventory on June 30 is

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: A company just starting business made the following four inventory purchases in June: June 1 120…

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

Q: A company just began business and made the following four inventory purchases in June: $ 990 1,344…

A: Under average cost method using periodic inventory system, value of ending inventory and cost of…

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

A: In organization, there are two system for inventory valuation. (1) Perpetual Inventory system (2)…

Q: Wildhorse Lighting had a beginning inventory of 31 units at a cost of $7 per unit on August 1.…

A: Total goods available for sale=Beginning inventory+Purchases=31+36+46+41=154

Q: Marigold Corp. has the following inventory data: July 1 Beginning inventory 18 units at $19 $342 7…

A: Lets understand the basics.COGS and ending inventory can be calculated by,(1)FIFO(2)LIFO(3) Average…

Q: The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are…

A: The cost of goods sold includes the total cost of goods sold during the period, and ending inventory…

Q: ny reports the following beginning inventory and two purchases for the month of January. On January…

A: Ending Inventory is valued at cost or net realizable value. To value ending inventory at cost, there…

Q: Wildhorses has the following inventory data:

A: LIFO This method is opposite of FIFO method. In this method, Inventory purchased or acquired last…

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: Cost of Ending Inventory-FIFO $ Cost of Ending Inventory-LIFO $

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: Concord Corporation just began business and made the following four inventory purchases in June:…

A: Introduction Inventory is the goods and material a business holds for sale. For recording inventory,…

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: The inventory records for Cookie Co. reflected the following: Beginning Inventory @ 200 units @ July…

A: The cost of goods sold means the total amount of direct costs that are related to the production of…

Q: Wildhorse Company uses a periodic inventory system and reports the following for the month of June.…

A: Step 1:Cost of ending Inventory and Cost of goods sold under FIFO, LIFO, and  Average-cost. In the…

Q: A company has beginning inventory of 300 units at $ 16.75 each; They purchased 400 units at $ 6.51…

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

Q: The following information relates to Splish Brothers Ltd.'s inventory transactions during the month…

A: FIFO is first in first out which means inventory bought first is sold first.Inventory means the…

Q: Laker Company reported the following January purchases and sales data for its only product. The…

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

Q: Vaughns has the following inventory data: Nov. 1   Inventory   31 units @ $6.10 each 8   Purchase…

A: In Last-in-first-out (LIFO) it is assumed that the last purchased item will be sold first. So, the…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24…

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

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

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

Q: Oriole has the following inventory data: Nov. 1   Inventory   34 units @ $6.70 each 8…

A: The cost of goods available for sale is the sum of the cost of inventory purchased at each time…

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: 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: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…

A: The question is based on the concept of Cost Accounting.

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

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

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: Blossom Company just began business and made the following four inventory purchases in June: June 1…

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

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

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

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

A: Weighted average is the average cost of units of inventory purchased during a particular period (say…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…

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

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

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

Q: Whisperings has the following inventory data: Nov. 1   Inventory   28 units @ $5.50 each 8…

A: Answer: Calculation of the cost of goods sold under LIFO: Note: In the LIFO method of accounting of…

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

A: No. of Units sold = Total goods available for sale - Ending inventory = 490 - 70 = 420 units Average…

Q: Shellhammer Company's inventory and purchases accounts show the following data for the month of…

A: Under the FIFO method, the oldest products in inventory are sold first.

Q: May 1 May 5 May 20 made the following merchandise purchases and sales during the month of May:…

A: Inventory valuation can be done with following methodsFirst in first out methodLast in first out…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: clsoing inventory = opening inventory + purchase - sales

Q: Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost…

A: Under periodic inventory system, the company normally counts the ending inventory at the end 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.