PROBLEM 3 Use both FIFO and WEIGHTED AVE in computing the required balances:                     June 1     Balance                                      800 @ P4.00                   June 3     Issued                                         50                   June 5     Purchased                                 300 @ P4.50                   June 6     Issued                                         250                   June 15   Issued                                         400                   June 18   Purchased                                 300 @ P5.00                   June 25   Issued                                         100   Using FIFO method compute for the cost of: a. Inventory Value b. Materials Issued Using average method compute for the cost of: a.Inventory Value b.Materials Issued

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A: This question deals with the calculation of inventory under FIFO basis. First in first out(FIFO)…

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A: FIFO (First In First Out)  : In this Inventory Valuation Method where oldest Inventory are sold…

Q: Moath Company reports the following for the month of June. Units Unit Cost Total Cost 200 $ 1,000…

A: Ending Inventory FIFO = 100 x $7 = $700 LIFO = 100 x $5 = $500 Cost of goods sold FIFO = $5,500 -…

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A: Under the moving average method of costing inventory, the cost per unit changes with every purchase.…

Q: Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $80 $1,200 12 Purchase 45 82 3,690…

A: Periodic Inventory :- periodic inventory system is a mechanism for mesuring cost of goods sold and…

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A: Given, Total Units = 900 Ending Units = 100 Units Sold = 800

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A: Above is the correct definition for each term.

Q: Exercise 5-18 (Algo) Comparing LIFO numbers to FIFO numbers; ratio analysis LO A3 Cruz Company uses…

A: Ratio analysis is one of the useful analysis done in management accounting. Current ratio is ratio…

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A: Formula: LIFO: LIFO stands for Last in First out. Which means last received inventory to be sold…

Q: Music Unlimited carries a large inventory of guitars and other musical instruments. The store uses a…

A: Sales                   =   total 6 units x 1640                            = 9840

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A:

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

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Q: Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials…

A: FIFO stands for first-in-first-out. It is a method of inventory valuation.. In this method the goods…

Q: Required information [The following information applies to the questions displayed below.] Altira…

A: Beginning inventory=Units×Cost per unit=3500×$7.60=$26,600

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Q: E2-8 LIFO costing Using last-in, first-out perpetual inventory costing and the information presented…

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

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A: FIFO (first in first out) is the method which requires inventory requisite first must be issued…

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A: Question 6: The objective of this question is to understand how accounts payable are recorded in the…

Q: Date Blankets Units Cost May 3 Purchase $15 10 Sale 17 Purchase 12 $18 20 Sale 23 Sale s23 30…

A:

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A: This problem requires the comparison of the First-in, First-out inventory and the weighted average…

Q: Given the following: January 1 inventory April 1 June 1 November 1 Number purchased 34 54 44 Cost of…

A: The cost of goods sold refers to the direct costs of making products sold by a company (COGS). This…

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

Q: S Required information [The following information applies to the questions displayed below.] Hemming…

A: Cost of goods sold = Opening stock + Purchases - Closing Stock

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A:

Q: Given the following data, calculate the cost of ending inventory using the average cost method…

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A: Cost of goods available for sale is used for calculating cost of goods sold, COGS=COGAS-Ending…

Q: Required: Compute for the cost of ending inventory and cost of goods sold using:   a. FIFO    b.…

A: Inventory: The goods that are kept by the business for the purpose of selling are known as 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.