Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020: Beginning Inventory 120 units @ $47 per unit Purchases       Purchase 1 on 3/11/20 70 units @ $50 per unit Purchase 2 on 10/18/20 88 units @ $53 per unit         Sales       Sale 1 on 3/15/20 100 units @ $74 per unit Sale 2 on 10/22/20 130 units @ $74 per unit All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 60 units from the 3/11/20 purchase and 70 units from the 10/18/20 purchase. Show how Mist's Balance Sheet and Income Statement would differ under each of the inventory cost flow assumptions. Compute Ending Inventory, COGS and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table.   Specific Identification First-In, First-Out Last-In, First-Out Weighted Average Cost (round to 2 decimal places) 12/31/20 Balance Sheet Ending Inventory fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 2020 Income Statement         Cost of Goods Sold fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Gross Profit fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12

Q: At May 1, 2020, Vaughn Company had beginning inventory consisting of 240 units with a unit cost of…

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

Q: Co. C has the following units of beginning inventory and purchases for the year: beginning inventory…

A: Under FIFO method, units which are purchased first are sold first .  Under FIFO method , ending…

Q: Required: 1. Calculate the number and total cost of the units available for sale during 2020. 2.…

A: Solution:- Given, Synergy Company began 2020 with 23,500 units of Product X in its inventory that…

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Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its…

A: Using FIFO method, the older units are sold and newer units are left into the stock. Using LIFO…

Q: Gale Company has the following inventory and purchases during the fiscal year ended December 31,…

A: 1. Here are the step-by-step calculations for the FIFO method:COGS Calculation for FIFO:First sale…

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Q: John had 150 units in inventory costing $5,700 on December 1st, 2020. During the month of December,…

A: Weighted average unit price on Dec. 18, 2020 = (Cost of beginning inventory + Cost of Purchase) /…

Q: At May 1, 2020, Sunland Company had beginning inventory consisting of 210 units with a unit cost of…

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Q: XY Ltd’s sells T-shirts. It uses the periodic inventory system. It’s inventory at the beginning of…

A: Under FIFO method, inventories that are purchased first should go into the cost of goods sold first…

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

A: Cost of goods sold refers to the total amount incurred by the entity on the goods that are sold out…

Q: Wildhorse Company uses a perpetual inventory system. The company began 2024 with 1,300 lamps in…

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

Q: Horan Ltd has the following inventory transactions for the month of December 2020. All inventory…

A: The acronym FIFO stands for First in first out method of valuation. With reference to the cost of…

Q: Blossom Company uses a perpetual inventory system. The company began 2024 with 1,100 lamps in…

A: Journal Entry:Journal Entry is the primary step towards the preparation of books of accounts. The…

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

A: Date# of UnitsCost perunitCost ofgoodsavailablefor saleJan. 1580at$40.00$23,200.00Feb.…

Q: Current Attempt in Progress Sheridan Company uses a periodic inventory system. Details for the…

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

Q: Using the FIFO inventory method, what is the cost of Ending Inventory?

A: First In, First Out, commonly known as FIFO, is an asset-management and valuation method in which…

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A: The entire costs incurred to create or purchase the products that are still in inventory at the…

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Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020:…

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A: Total units available for sale = Beginning inventory + Purchases = 60+40+95+30 = 225 units Units…

Q: Cheyenne Corp. uses a periodic inventory system. Details for the inventory account for the month of…

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Q: Gale Company has the following inventory and purchases during the fiscal year ended December 31,…

A: Lets understand the basics.There are various method through which inventory balance and cost of…

Q: ist, InC. uses a tem alid nas the ToOV Beginning Inventory 124 units @ $50 per unit Purchases…

A: Under periodic inventory system, ending inventory is valued and balance amount out of purchase is…

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A: 1.1LIFO will result in the highest cost of goods sold figure for January

Q: Kingsley Company uses the periodic inventory system to account for its inventories. Here are…

A: According to the FIFO method, the inventory which is purchased first is sold first, hence ending…

Q: (a) * Your answer is incorrect. Calculate the cost of goods sold and ending inventory using weighted…

A: The weighted average method is an inventory valuation method in which inventory is valued at average…

Q: Your company had the following chronological inventory transactions during 2019 and 2020: 2019…

A: Please resubmit the question for subquestion 2, as the subquestion has many parts that will consume…

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.