P6-5A You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory. Unit Cost or Date Description Units Selling Price Oct. 1 Oct. 9 Oct. 11 Beginning inventory Purchase Sale 60 $24 26 35 120 100 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Purchase Sale Purchase 27 40 29 100 60 70 Sale 110 40 Instructions (a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round cost per unit to three decimal places.) (b) Compare results for the three cost flow assumptions.

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A: Cost of Goods Sold (COGS) is a fundamental accounting metric that represents the direct costs…

Q: Q1: The inventory records for QPG company for the month of April. Date Account Quantity Unit cost…

A: Cost of Goods Sold=Cost of goods available in inventory-Cost of ending inventory

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A: Ending Inventory It is  the amount of inventory presented on the balance sheet by the business .It…

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A: FIFO states that the inventory purchased first would be sold first by the company. Whereas, LIFO…

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A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

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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…

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A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

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A: Weighted-average cost (WAC):Weighted Average Cost (WAC) method is a method of valuation of inventory…

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A: Calculating the ending inventory and cost of goods sold using the FIFO  is as follows:

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Q: You are provided with the following information for Concord Inc. for the month ended June 30, 2020.…

A: SOLUTION-                                   COST OF GOODS AVAILABLE FOR SALE      DATE…

Q: You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan…

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Q: .The following data pertain to Cross Company (assume a perpetual inventory system) for the month…

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Q: need answer

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

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

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Q: Use data below to calculate the cost of ending inventory using the LIFO periodic inventory system…

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A: LIFODateParticularsPurchaseSaleBalanceUnit Cost ($)Total ($)Unit Cost ($)Total ($)Unit Cost ($)Total…

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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.