Monami Company uses the weighted average method to determine the cost of its inventory.  Monami recorded the following information pertaining to its inventory:     Units Units cost Total cost Balance 1/1 160,000 60 P9,600,000 Sold on 1/15 140,000     Purchased on 1/31   80,000 90 7,200,000   What amount of inventory should Monami report in its January 31, 2021 statement of financial position using the perpetual inventory system?   Perpetual A. P 8,400,000 B. P 7,000,000 C. P 8,400,000 D. P 7,000,000

Q: Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory…

A:

Q: The GMA corporation shows the folowing data related to an item of Inventory Inventory, January 1 100…

A: Cost of goods available = (100 x P50) + (300 x P54) + (90 x P60) = P26,600

Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost For 2021, the…

A: LIFO was an costing method where it was used in inventory valuation in which the recent produced…

Q: Garrett Company uses the perpetual inventory system. The company's records showed a book balance of…

A: The correct option with necessary working are as follows

Q: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…

A: As per LIFO method Units sold are valued at cost of units which have been purchased recently,…

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

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

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: 800 units…

A: Costing Methods:For calculating cost of Goods Sold and Cost of Ending Inventory various methods are…

Q: The GMA corporation shows the folowing data related to an item of Inventory Inventory, January 1 100…

A: Total cost of goods available = (100 x P50) + (300 x P54) + (90 x P60) = P26,600

Q: The following table shows some selected financial information of ABC Company. Gross sales. . OMR…

A:

Q: Blossom Company is a multiproduct firm that uses the perpetual inventory system. The following…

A: The Numerical has covered the concept of Valuing Ending Inventory Under FIFO, LIFO, Weighted Average…

Q: TB MC Qu. 8-111 (Static) A company has the following information available... A company has the…

A: According to the given question, we are required to compute the cost of inventory or find the…

Q: FRUITS Company wants to estimate its ending inventory balance by applying the retail inventory…

A: Since you have asked a multipart part question, hence as a policy we are answering first 3 parts if…

Q: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,…

A: AVERAGE PERPETUAL INVENTORY   Purchase Cost of goods sold Balance Inventory Quantity…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Under Weighted average method, the goods are sold on random basis without considering the purchase…

Q: Anderson Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO stands for Last In First Out is the method of inventory valuation. It assumes that the most…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Introduction: FIFO Method: FIFO stands for First in First out. Which means First received inventory…

Q: Waterway Industries has the following data relate to an item of inventory: Inventory, March 1st,…

A: FIFO is first in first out inventory valuation method in which inventories which is coming first in…

Q: Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of…

A: First-in-First-Out (FIFO): In this method, items purchased initially are sold first. So, the value…

Q: Required The company uses a perpetual inventory system. Determine the cost assigned to ending…

A:

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales…

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

Q: Maxwell Corporation has the following inventory information at the end of the year: Multiple Choice…

A: The ending inventory comprises the units that remain unsold at the end of the accounting period. The…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Cost of Goods sold for sale no. 2 Units left from purchases on Units   Rate   Total Beginning…

Q: Date Explanation Units Unit Cost Total Cost June 1 Inventory 86 $4 $344 12 Purchases 344 6 2,064 23…

A: The periodic inventory system is a way of managing inventory where updates to the inventory balance…

Q: Under the average cost retail method, Dean's estimated inventory at July 31, 20X7 is

A: Cost to retail percentage determines the cost off the total retail amount of Goods.

Q: Lychee Company uses the retail method of inventory valuation. The following information is…

A:

Q: Calculating LIFO Inventory Values. The Brattle Corporation began operations in 2018. Information…

A: LIFO method stands for Last In First Out. Under this method, the inventory purchased recently is…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: we know that, opening inventory + Purchases - sales = ending inventory    Cost per unit as per…

Q: lower-of-cost-or-market approach,

A: It is pertinent to note that inventory need to be valued at cost of net realizable value whichever…

Q: ABC Ltd. Uses the periodic inventory system and provided the following data: Cost Per Unit Date 1/2…

A: As per FIFO method, the inventory purchased first will be sold first. It is a method of pricing the…

Q: Liverpool Company uses a perpetual inventory system. The following table shows the beginning…

A: Introduction FIFO stands for First In First Out Method. It is a technique used for the assets…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Under the perpetual inventory system, the inventory and the cost of goods sold records are updated…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: The question is based on the concept of Cost Accounting.The valuation of the inventory and the cost…

Q: The following information is taken from the records of Wees Sdn Bhd. The company uses the perpetual…

A: The Numerical has covered the concept of FIFO and the Weighted average method Under the Perpetual…

Q: The following information pertains merchandise inventory of Bloom Company at the end of year.  Apply…

A: As per the accounting standards, the inventory is valued at, lower of cost or market price. In the…

Q: Campbell Corporation uses the retail method to value its inventory. The following information is…

A: The ending inventory comprises the cost of goods that are not sold yet. The cost to retail ratio is…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Ending units = Total units available for sale - Total units sold = 80 - 42 = 38 units

Q: Beginning inventory Purchases Freight-in Employee discounts Net markups Net markdowns $305000…

A: Under retail inventory method, commonly determined cost of inventory at the end and cost of goods…

Q: Liverpool Company uses a perpetual inventory system. The following table shows the beginning…

A: First-in-first-out (FIFO) method is an inventory valuation method under which the oldest goods items…

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.