PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were as follows:  Number  Unit  Date Transaction  of Units  Cost  8/1 Beginning balance 20,000 P 4.00  8/7 Purchase 10,000 4.20  8/10 Purchase 20,000 4.30  8/12 Sale 15,000 ?  8/16 Purchase 20,000 4.60  8/20 Sale 40,000 ?  8/28 Sale return 3,000 ?  The sale return on August 28 relates to the sale made on August 20.  If the FIFO cost flow method is used, the sale return shall be costed back into inventory at what unit cost?  If the average cost flow method is used, the sale return shall be costed back intoinventory at what unit cost?

Q: Sheffield Limited uses the average cost formula in a perpetual inventory system. Fill in the missing…

A: Perpetual inventory system is the one whereby the inventory records are maintained on regular basis.

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: he inventory data for an item for November are: Nov. 1 Inventory 20 units at $23 4 Sale 8…

A: Last-In First-Out Method - Under the Last-In First-Out Method Company uses inventory in 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: Perpetual Inventory Using LIFO The following units of a particular item were available for sale…

A:

Q: Calculate dollar value of ending inventory assuming company follows perpetual LIFO inventory system,…

A: The Perpetual inventory system tracks the inventory available at the store after every sale, so it…

Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…

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

Q: Inventory Purchase Information Date Number of Units Cost per unit Extended Cost Beginning…

A: The Perpetual inventory system updates the inventory value upon the happening of each transaction…

Q: Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January…

A: The inventory methods are FIFO, LIFO, weighted average method, and specific identification method.…

Q: Question Content Area Beginning inventory, purchases, and sales for an inventory item are as…

A: The objective of the question is to calculate the cost of goods sold (COGS) for the sale on…

Q: a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of…

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

Q: LIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…

A: The inventory using LIFO method is computed as new inventory is sold first and old units are left in…

Q: Beginning inventory purchases, and sales data for DVD players are as follows: 48 units at $55 37…

A: Under the LIFO method, the newest products in inventory have been sold first.

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: Inventory Costing Methods—Perpetual Method  Chou Sales Corporation uses the perpetual inventory…

A: The inventory valuation is done using various methods : FIFO LIFO Weighted Average method

Q: chases al Cost 2,000 ✓ 0,000 ✓ Weighted Average Cost Flow Method Cost of Goods Sold Quantity 7,000 ✓…

A: There are many methods to calculate the inventory like FIFO and LIFO Method, average cost method,…

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

A: Inventory is a form of current asset that a business keeps on hand to run the business and is often…

Q: Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are…

A: a. To determine the weighted average unit cost after the October 22 purchase, we need to calculate…

Q: Addison, Inc. uses a perpetual inventory system. The following is information about one inventory…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…

Q: 2

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

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: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…

A: a) Quantity Unit cost Total cost     125 units $8 1000     375 units $10 3750     500 units…

Q: FIFO & LIFO  Beginning inventory, purchases, and sales data on Commodity A, as taken from Rich…

A: Inventory valuation method includes: First- in-first-out method Last-in- first- out method Weighted…

Q: LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…

A: Using LIFO method, the units purchased at last are to be sold first.

Q: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are…

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

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

A: LIFO or Last in first out is a method of inventory valuation in which goods that are purchased…

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

A: last in first method is inventory valuation method, in which most recent inventory is sold first.…

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: Question #7: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item…

A: Lets understand the basics. In FIFO basis, company assumes that goods comes first in the inventory…

Q: LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a…

A: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending…

Q: FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: 50 units @ $30 = $1,5 $7, 225 units @ $32 ighted average method and the perpetua

A: Answer :Weighted average costing : Date Purchase     Cost of good sold     Inventory…

Q: eighted average cost flow method under perpetual inventory system e following units of a particular…

A: Inventory is an asset for the company. The company should maintain all records about the inventory,…

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.