On June 1, Dollar Hardware, Inc. had an inventory of 300 gas grills costing $100 each. Purchases and sales during June are as follows: Date Purchases Sales June 3 100 @ $125 each June 10 50 @ $110 each June 17 150 @ $130 each June 28 50 @ $120 each What is the cost of Dollar's inventory on June 30 using the FIFO method?

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A: Weighted Average Method - This method is part of inventory valuation methods. Under this method…

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A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

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A:

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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: 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: Dublin Corporation provides the following information related to its inventory during the month of…

A: Step  1: Number of units under cost of goods sold october 18= 3000-2400 = 600 Step 2: Units of…

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

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A: In FIFO method, the goods purchased first are sold first. The first in first out method is applied…

Q: Sheffield Ltd. (SL) is a retailer of office equipment. The company uses a periodic inventory system…

A: Cost of goods available means the sum of beginning inventory units and the purchases made during the…

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

A: Solution: Introduction: Inventory Valuation Methods are generally used to determine the Cost of…

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Q: A company had inventory on July 1 of 5 units at a cost of $16 each. On July 2, they purchased 9…

A: LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the…

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

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A: Answer Sheet: Formula Sheet:

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A: The specific identification method relates to inventory valuation, specifically keeping track of…

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A: The method where the goods which were purchased in the beginning are sold first is called FIFO…

Q: purchased and sold merchandise on account as follows Jan. 5 Jan 10 Jan. 20 Jan. 25 Purchase Sale…

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

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: The average cost is calculated as total cost divided by number of units.

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A: Cost of Good sold = Opening Inventory + Purchases - Closing Inventory

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Q: 3) Pencil Company had the following information for the year: Inventory, January 1 Inventory…

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A:

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A: Sales discounts = Sales revenue x rate of discount Sales discounts (June 1) = $6,250*2% = $125…

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A: Inventory refers to the goods and materials that a company holds for sale or production. These can…