Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000 units at $120 Feb. 17 Purchase 1,375 units at $128 July 21 Purchase 1,500 units at $136 Nov. 23 Purchase 1,125 units at $140 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. a.  Determine the inventory cost by the first-in, first-out method. $ b.  Determine the inventory cost by the last-in, first-out method. $ c.  Determine the inventory cost by the weighted average cost method. $

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

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

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

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

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: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

A: The objective of the question is to calculate the cost of inventory at the end of the year using…

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

A: FIFO method is the inventory valuation method which states the inventory purchased first are 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: 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 cost of inventory at the end of the year using…

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

A: There are two type of inventory system generally followed which are, (1) Periodic inventory system…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at…

A:

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

A: Calculate the cost of goods available.

Q: inventory cost by the first-in, first-out method.

A: Computation of inventory cost by various methods are shown below :

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

A: FIFO - As per FIFO method, inventory purchased first will be sold first and therefore ending…

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

A:

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

A: The valuation of inventory can be done using various methods. These are; FIFO, LIFO and Weighted…

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

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units…

A: As per the LIFO method, those units are issued first, which are purchase last. So it means the…

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 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: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

A: a) 637b) 598c) 620Explanation:a) Under FIFO, the ending inventory consists of the most recently…

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: 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

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

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

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

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

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

A: There are three methods of inventory valuation 1) first in first out method 2)last in last out…

Q: Asset turnover A company reports the following: Sales $1,189,650 Average total assets (excluding…

A: The assets turnover ratio tells about the efficiency of the business to use its assets to earn the…

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

A: The various methods for inventory valuation are FIFO, LIFO and average method. The FIFO method means…

Q: Determine the ending inventory cost and the cost of goods sold by three methods. Round interim…

A: FIFO:               Inventory at end = 20(20×120)+(60×128)                            = $11,020…

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

A: a) 208b) 192c) 204Explanation:a) To find the cost of the ending inventory, we start from the last…

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

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

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

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

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

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

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

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

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.