Pharoah Company uses the periodic inventory system to account for inventories. Information related to Pharoah Company's inventory at October 31 is given below: October   1   Beginning inventory   360 units @  $ 8.00 =   $ 2,880       8   Purchase   720 units @  $ 9.00 =   6,480       16   Purchase   540 units @  $ 10.00 =   5,400       24   Purchase   180 units @  $ 12.00 =   2,160               Total units and cost   1,800 units         $ 16,920   Value the ending inventory using the FIFO cost assumption if 530 units remain on hand at October 31.     Value the ending inventory using the LIFO cost assumption if 530 units remain on hand at October 31.

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A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

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A: Under LIFO, the newer goods are sold first, and older are left in the business.

Q: Callis Company reported net income after taxes of $140,000 for 2022. The income statement also…

A:

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A: Average cost: Under this method ending inventory is valued at the weighted average cost. FIFO :…

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A: LIFO means last in first out that is the goods acquired at the end are to be sold first under this…

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A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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A: It is an inventory valuation approach. The cost of goods sold and ending inventory are also…

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A: Perpetual inventory system helps to track inventory after each sale or purchase made hence, it is…

Q: Dobler Company uses a for the inventory accc

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A: Using LIFO method, the new inventory is sold out and older inventory is left in the stock. The gross…

Q: ssume that the company uses perpetual inventory system and weighted average method, prepare journal…

A:

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

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

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…

Q: a company has a beginning inventory of 32 units at a cost of 12.00 each on oct. 1. on October 5, it…

A: Inventory valuation refers to the technique that is used by businesses to identify the value of the…

Q: Jennifer Company uses the periodic inventory system to account for inventories. Information related…

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Q: Chou Sales Corporation uses the periodic inventory system. On January 1, 2018, Chou had 1,000 units…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: Suppose Sunland Company uses a periodic inventory system. Details related to inventory for the month…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: On May 1, Blossom Company had beginning inventory consisting of 372 units with a unit cost of $8.…

A: The average cost method calculates inventory value by averaging the costs of all items in stock,…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Introduction: LIFO: LIFO stands for Last in First out which means last received inventory to be sold…

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A: Flexible overhead cost budget: A flexible overhead cost budget is referred as a thorough plan for…

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

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

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A: The cost of units available for sale is the total cost of units purchased and are available for…

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A:

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

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

Q: [The following Information applies to the questions displayed below.] A company reports the…

A: Under the LIFO method, inventory purchased last is sold first. Under this method of inventory…

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

Q: Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Ending Inventory = Total Cost of goods - Cost of goods sold

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

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

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: LIFO is the last in first out inventory valuation method which says that inventory which is…

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A: Total units available for sale = Beginning Inventory + Purchases = 10 + 5 + 5 = 20 units Cost of…

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A: (a) Cost assigned to ending inventory: $3,188To determine this, we need to first calculate the…

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A: Periodic inventory system is a system where cost of goods sold is not updated simultaneously. At…

Q: Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

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.