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: 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…

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

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

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as…

A: As you have posted 2 questions,I was answering only for the first question.If you need the other…

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…

A: Under the LIFO method, the cost of the goods purchased recently are to be expenses first. In other…

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

A:

Q: May 2 Purchase 27,000 units at $62.00 Aug. 9 Sale 22,500 units Oct. 20 Purchase 10,500 units at…

A: Answer :Weighted average cost per unit = Total cost / Total units Cost of good sold = Total cost -…

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

A: FIFO: FIFO stands for First in First out. Which means the first received inventory to be sold first.

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

A: a. $756b. $714Explanation:1. The First-in First-out (FIFO) method of inventory valuation is based on…

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: am. 116.

A: Step 1:Step 2:

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: 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: 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: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…

A: LIFO means last in first out . It is a method to value the inventory and cost of goods sold. Gross…

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

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

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

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

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…

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A: LIFO inventory method is Last in first out which says that inventory purchased last will be sold…

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…

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

A: Periodic inventory system:The method or system of recording the transactions related to inventory…

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A: FIFO method -  as per the FIFO method of inventory valuation units purchased first will be sold…

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

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

A: The FIFO method stands for first in first out, where old units are sold first and new units are kept…

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

A: Periodic inventory system is a system of inventory valuation in which the transactions of purchase…

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

A:

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.