Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method   Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1             fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 19       fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 June 30 fill in the blank 10 $fill in the blank 11 $fill in the blank 12       fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 Sept. 2       fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 Nov. 15 fill in the blank 28 fill in the blank 29 fill in the blank 30       fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 fill in the blank 37 fill in the blank 38 fill in the blank 39 Dec. 31 Balances         $fill in the blank 40     $fill in the blank 41

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…

A: Using FIFO method, goods Purchased first are to be sold first and ending inventory consists of goods…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Weighted average method is the method in which the cost of goods available is divided through the…

Q: Perpetual Inventory Using FIFO The following units of a particular item were available for sale…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

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

A: FIFO (First-In, First-Out): It's a method of inventory management where the first items purchased…

Q: Perpetual Inventory Using LIFO The following units of a particular item were available for sale…

A:

Q: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as…

A: The objective of the question is to calculate the cost of goods sold on July 27 and the inventory on…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

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

Q: Perpetual Inventory Using LIFO The following units of a particular item were available for sale…

A: Definition: LIFO stands for Last in First out which means the inventory which received last should…

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

A:

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: First-in First-Out Method - Under the First-in First-Out Method company uses inventory in the…

Q: Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1   Inventory 56…

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

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: Perpetual inventory using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as…

A: Inventory valuation is the process of computing the monetary value of the goods sold and goods…

Q: Ayayai Ltd., which uses a perpetual inventory system, recorded the following inventory transactions…

A: Under FIFO method using perpetual inventory system, Value of ending inventory and cost of goods sold…

Q: Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1   Inventory 35 units…

A: Total units available for sale = 35+37 = 72 units Total no. of units sold = 25+16 = 41 units Ending…

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

A:

Q: The firm maintains a perpetual inventory system.  Determine the cost of goods sold for each sale and…

A:

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: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…

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

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Cost of goods sold and inventory balance, under weighted average cost method is calculated as…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Weighted average unit cost is a method of valuing the inventory wherein the unit cost is recomputed…

Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…

A: Cost of goods available for sale is the sum of value of beginning inventory and the value of…

Q: Perpetual Inventory Using LIFO The following units of a particular item were available for sale…

A: Solution: Under LIFO method of inventory costing, inventory purchased in last should be considered…

Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Weighted average cost flow method: Under average cost method, company calculates a new average after…

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: For any manufacturing company inventory management play a vital role. There are mainly three methods…

Q: Weighted average cost flow method under perpetual inventory systemThe following units of a…

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

Q: Weighted average cost flow method under perptual inventory system.  The following units of a…

A: Weighted average cost flow method: Under average cost method, company calculates a new average after…

Q: Weighted average cost flow method under perpetual inventory system The following units of a…

A: Lets understand the basics.Cost of goods sold and ending inventory can be calculated using,(1)…

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: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…

A: Perpetual inventory is an inventory accounting approach in which the sale or purchase of products is…

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…

A: Number of units sold = 31 + 15 = 46 units Total units available for sale = 42 + 45 = 87 units

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.