Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,080 units @ $120 Feb. 17   Purchase 1,380 units @ $122 Jul. 21   Purchase 1,525 units @ $125 Nov. 23   Purchase 1,145 units @ $125 There are 1,220 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a.  Determine the inventory cost by the first-in, first-out method. $fill in the blank 1 b.  Determine the inventory cost by the last-in, first-out method. $fill in the blank 2 c.  Determine the inventory cost by the weighted average cost method. $fill in the blank 3

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

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

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

A:

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

A: It is given that periodic inventory system is applied for calculating the inventory and it is also…

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: Lets understand the basics.Inventory: It refers to the items held by an organization which were in…

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

A: FIFO is first in first out inventory method under which inventories which are purchased first will…

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 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: Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold…

A: First, we have to calculate the total cost of inventory.  Cost of Inventory = Inventory * Price per…

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: 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: 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…

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

A: LIFO method - Last in first out. It assumes that last inventory are sold first  FIFO - First on…

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

A:

Q: Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory…

A: Answer 1. Cost flow statement under FIFO method FIFO   Cost of goods available for sale     Cost…

Q: Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest…

A: 1) If the entity uses First in first out, then units at the opening will be used & units…

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

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

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

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

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

A: a. Determination of inventory cost by the First in First out method (FIFO) Under FIFO method…

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

A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

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

A: FIFO Method :— It is one of the method of inventory valuation in which it is assumed that first…

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.