Please do not provide answer in image formate thank you. Suppose that on October 21, 2019, both Company A and Company B sold inventory with a cost of $61,700. The updated balance of inventory as at October 1 for both companies was $146,900. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at October 21 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on October 21 A Perpetual $Answer B Periodic $Answer

Q: Drago Company has a fiscal year end on December 31. The company has only one product in inventory,…

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

Q: A company reports inventory using the lower of cost and net realizable value (NRV). Below is…

A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base…

Q: Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index…

A: Dollar-Value-LIFO: This method shows all the inventory figures at a dollar price rather than units.…

Q: (A) Assume that the company uses the FIFO method. What is the value of the ending inventory at…

A: 1. FIFO method: Under this method and periodic inventory system is used, the ending inventory stock…

Q: The company uses the specific identification cost method for inventory valuation. Calculate the cost…

A: Purchases Sales Balance Date Quantity Unit Cost Value Quantity Unit Cost Value Quantity Unit…

Q: Norbert Company utilizes a periodic inventory system. The unadjusted inventory balance is $100;…

A: Inventory refers to the stock that the company left with at the end of the specific period or the…

Q: For all exercises, assume the perpetual inventory system is used unless stated otherwise. Correcting…

A: Overstatement of ending inventory: If the ending inventory is overstated by accounting error, it…

Q: Keller Company began operations on January 1, 2019, adopting the conventional retail inventory…

A: A ) Cost of ending inventory under conventional retail method: Cost of Ending inventory by using…

Q: Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Furniture Accumulated…

A: The closing entries are prepared to close the temporary accounts of the business. The financial…

Q: Taylor Company uses a periodic inventory system. The following is partial information from its…

A: The missing values are calculated using the accounting formulas. Sometimes single-entry books are…

Q: Oriole Corporation had the following items in inventory as at December 31, 2020: Item No.…

A: Direct Method : In Direct method the business will charge the inventory write-off to COGS account.…

Q: ane Company started operations on January 1, 2020, and has used the FIFO method of inventory…

A: The net income of the business that remains after the necessary dividends are distributed to…

Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A: LIFO (Last In- First Out) is a method of inventory valuation which records the most recently…

Q: Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company…

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

Q: You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan…

A: The inventory valuation method includes:FIFO methodLIFO MethodWeighted average methodFIFO method -…

Q: You have the following information for Carla Vista Inc. for the month ended October 31, 2025. Carla…

A: Periodic inventory system:There are different types of inventory systems one of which is the period…

Q: Vermont Resources, which uses the FIFO inventory costing method, has the following account balances…

A: Businesses gain from adjustment entries by supporting auditing and assurance procedures, assuring…

Q: wer the following independent questions and show computations supporting your answers. 1. Assume…

A: Ending inventory as per FIFO Method = 50 units from purchase on 25th July + 100 units from purchase…

Q: the following information for Coronado Industries for the month ended October 31, 2022. Coronado…

A: Periodic inventory system: It is inventory system which involves the physical counts of goods at a…

Q: Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the…

A: Net Income :— It is the difference of total revenue and total expenses.   FIFO :— It is one of the…

Q: Sampress, Inc., reported inventory in the 2020 year-end balance sheet, using the average cost…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: 17. On January 2020, Roel Corp. Has the following inventory purchases. January Units Amount 2 5,750…

A: Date Units Amount January     2 5750 P7500 7 5100 5850 15 7600 6300 25 6600 4950 Total…

Q: June 1 Balance 11 Purchased 20 Purchased 450 units @ $1 1,200 units @ $2 750 units @ $3 300 units @…

A: .FIFO: This is a method of  inventory valuation .Asset acquired first are sold first in this method…

Q: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, what would the…

A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale…

Q: Crane Company uses a periodic inventory system and the average cost method. At December 31, 2025,…

A: Lower-of-cost-or-net realizable value is the concept that tells the inventory should be recorded at…

Q: Goddard Company has used the FIFO method of inventory valuation since it began operations in 2018.…

A: Method of Inventory: Inventory refers to the current assets that a company expects to sell during…

Q: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the…

A:

Q: You have the following information for Ivanhoe Inc. for the month ended October 31, 2025. Ivanhoe…

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

Q: Coronado Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $212,686 at both cost…

A: Journal Entry  -  It is an act of recording transaction in books of account when transaction…

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.