Mika Corporation uses FIFO method to calculate the value of Inventory on hand on March 31 and cost of goods sold during March. Mar 1   Beginning Inventory                  68 units @ P15.00 per unit 5          Purchase                                  140 units @ P15.50 per unit 9          Sale                                          94 units 11        Purchase                                  40 units @ P16.00 per unit 16        Purchase                                  78 units @ P16.50 per unit 20        Sale                                          116 units 29.       Sale                                               62 units Under periodic inventory method, how much will be the cost of the ending inventory? How much is the cost per unit of the ending inventory? Under periodic inventory method, how much is cost of goods sold?

Q: Explanation Sept. 1 Beginning inventory 16 Purchases Units Unit costs Total Cost $50 Date $800 Sept.…

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

Q: Jammer Company uses a weighted average perpetual inventory system and reports the following: Units…

A: Under Weighted Average perpetual inventory system: Cost per unit is calculated based on total moving…

Q: A company’s inventory records report the following:   August 1 Beginning balance 32 units @ $22…

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

Q: Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for…

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

Q: Teradyne Labs uses the perpetual inventory system and recorded the following transactions last year:…

A: Last-In-First-Out Method - Under the Last-In-First-Out Method, the Company uses inventory in the…

Q: 3. Compute the cost assigned to ending Inventory using (a) FIFO, (b) LIFO, (c) weighted average, and…

A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

Q: Assume that because of a clerical error, the ending inventory is reported to be 1,070 units rather…

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

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: Use the following information to calculate the value of inventory on hand on April 30 and issue…

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

Q: Hardev

A: First-In First-Out under Perpetual Inventory System300 units costing $95 per unit (remaining from…

Q: A company had the following purchases and sales during the month of November: Units Acquired at Cost…

A: LIFO stands for Last In First Out. Using LIFO perpetual inventory, the newer inventory is sold out…

Q: A company has the following purchases and sales during October. Using the FIFO periodic inventory…

A: The objective of the question is to calculate the value of the inventory on October 15 after the…

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

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

Q: Beginning Inventory Purchase Issue to production 01-April 5 9 6 11 Purchase 16 Purchase 20 30 Issue…

A: FIFO stands for "First-In, First-Out" A method of inventory valuation used in accounting and…

Q: Steven Company uses a perpetual inventory system.  It sells its product to customers for $60 per…

A: QUESTION IS ASKED ONLY TO COMPUTE THE NUMBER OF UNITS LEFT IN ENDING INVENTORY AS ON APRIL 30-…

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: Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company…

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

Q: Mayse Company uses a weighted average perpetual inventory system and reports the following: Date…

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

Q: Splish has the following inventory data: July 1   Beginning inventory   36 units at $ 72 5…

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

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

A:

Q: A company nvento Multiple Choice O $33,300. Date April 1 Beginning inventory Units Acquired at Cost…

A: Ending inventory is viewed as a current asset since it is anticipated to be sold or turned into cash…

Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…

A: Cost of goods available for sale formula: =(Cost of goods purchased during the period + cost of…

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

A: 1. FIFO (First-In, First-Out): This method assumes that the oldest inventory is used or sold first,…

Q: The following information applies to the questions displayed below.] Warnerwoods Company uses a…

A: LIFO is the inventory valuation method in which inventory that is purchased last will be sold first.…

Q: Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. (b) The…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Q: The inventory data for an item for November are: Nov.  01 Inventory 20 units at $25          04…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: Date June 1 12 23 30 Explanation Inventory Purchase Purchase. Inventory Units Unit Cost $5 140 360…

A: Sunland Company Use A Perpetual Inventory System And Report The Following For The Month Of June .…

Q: Culver Inc. uses a perpetual inventory system. Its records show the following for the month of May.…

A: FIFO, or "First-In, First-Out," is a method of inventory management where the oldest items are sold…

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

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

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

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

Q: Assume Ava Co. has the following purchases of inventory during the first month of operations Number…

A: Introduction:- As per LIFO method, records the most recently produced items as sold first. LIFO…

Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…

A: Cost of goods available for sale is the sum of value of beginning inventory and the value of…

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: Montoure Company uses a periodic inventory system. It entered into the following calendar-year…

A: The company can use different valuation methods to account for inventory. The value of inventory and…

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

A: Working:

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

A: last in first method is inventory valuation method, in which most recent inventory is sold first.…

Q: ZARA uses a First-In-First-Out (FIFO) perpetual inventory system and has the following purchases and…

A: FIFO stands for First In and First Out. Using FIFO method, the goods that were purchased first are…

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: Ivanhoe Company uses a perpetual inventory system and reports the following for the month of June.…

A: FIFO stands for First-in-first-out. It refers to the method of valuing inventory in which goods…

Q: 1. The Pattasar Electric Appliances company uses perpetual inventory system and first-in, first-out…

A: Calculation table

Q: XYour answer is incorrect. Calculate the cost of goods sold for May and the ending inventory at May…

A: Periodic inventory system: A periodic inventory system is a system of measuring inventory which is…

Q: Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company…

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

Q: Blossom Company uses the perpetual inventory system and had the following purchases and sales during…

A: Organization follows two type of inventory systems. (1) Perpetual inventory system (2) Periodical…

Q: Koontz Company manufactures a number of products. The standards relating to one of these products…

A: Variance refers to the difference between Standard cost and Actual cost. Standard data is…

Q: S Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and…

A: Gross profit is the amount of money earned by the entity after deducting the cost of goods sold from…

Q: he following units of a particular item were available for sale during the calendar year: Jan. 1…

A: As the form illustrated mentioned in the question is not available, the answer is given in  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.