Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $114 Mar. 10 Purchase 70 units @ $126 Aug. 30 Purchase 20 units @ $134 Dec. 12 Purchase 70 units @ $140 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.     Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 Weighted average cost fill in the blank 5 fill in the blank 6

Q: The following data regarding purchases and sales of a commodity were taken from the related…

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

Q: Periodic inventory by three metnods; cost of goods sold The units of an item available for sale…

A: FIFO methods assumes that Goods purchased first are Sold first which means Ending Inventory consist…

Q: The following information was available from the inventory records of Tony Company for January.…

A: Step 1: Starting InventoryBeginning Balance: 8,100 units at $9.77 eachStep 2: PurchasesJanuary 6:…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units @…

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

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Step 1: Step 2: Step 3: Step 4:

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: The cost of ending inventory and cost of goods sold can be valued using various methods like LIFO,…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Every business keeps inventory in its business for sale. Companies should keep records of all…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units…

A: units cost per unit Total Jan.1 180 108  $         19,440 Mar.10 224 110…

Q: Calculate the Sales Growth of the most recent year

A: Sales is the revenue which a company has earned during the year by way of providing the services or…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: First in first out means the units first bought is first sold and for the valuation of ending…

Q: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances…

A: “Since you have posted a question with multiple sub-parts, we will solve first 3 subparts for you.…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Periodic Inventory System: In this system, inventory gets updated in records on a periodic basis…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @…

A: The cost of the inventory is determined by three  methods. The methods are- FIFO - First in First…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: FIFO Method :— Under this method, beginning inventory and old purchases is used for output or sales…

Q: < 1. Determine the Inventory on March 31 and the cost of goods sold for the three-month period,…

A: The objective of the question is to determine the inventory on March 31 and the cost of goods sold…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: Inventory is one of the important current asset being used in business. Its calculation and…

Q: The units of an item available for sale during the year were as follows:   March 1 Inventory 10…

A: Definition: Periodic Inventory System: A periodic inventory system is a system in which the…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: Computation is represented as below: Formula Sheet:

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Total units available for sale = 50 + 50 + 30 + 70 = 200 units Total units sold = Total units…

Q: ournalize the following inventory merchandise transactions, assuming that the company uses the…

A: Perpetual inventory system is an inventory system which records all purchase and sales in the…

Q: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are…

A: Periodic inventory system: Under this method, all the updates regarding sale and purchase of…

Q: the ending inventory cost and the cost of goods sold by three methods

A: Under first-in, first-out (FIFO) costs are taken from the oldest purchases first and the most…

Q: Beginning inventory, purchases, and sales for Item Doodad are as follows: July 1   Inventory 90…

A: Inventory is a stock that the company has held for the resale purpose or the goods that are not sold…

Q: Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 28…

A: The difference between FIFO and LIFO is that, FIFO assumes that the goods purchased first are sold…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Calculation of Cost of goods available for saleDateExplanationUnitUnit CostTotal CostJan.…

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Under periodic inventory system, ending inventory balance is calculated and cost of goods sold is…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A:

Q: Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for…

A: Inventory valuation is the total amount of inventory held by the firm at the end of the accounting…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

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

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Ending inventory refers to amount of stock left with the firm at the end of accounting period. It is…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: eriodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Inventory is a current asset that appears on the statement of the financial position of a company.…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The objective of the question is to calculate the inventory cost using three different methods:…

Q: The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units…

A: Date Particulars No. of Units Price per unit Total value Jan. 1 Inventory 40  $122 $4,880 Mar.…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,010…

A: Particulars Units Price per unit Total value Jan. 1 1010 $126           1,27,260…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The inventory can be valued usi g various methods as: LIFO FIFO Average method

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.