Question 1 Inventory 1. A. Raytheon inventory information is as follows: o Beginning inventory (1/1/19): 200 units @ $1.00 o Purchase of inventory (1/14/19): 400 units @ $4.00 o Sale of inventory: 1/15/19: 300 units 1/16/19: 250 units o Total Sales Revenue = $2,250 Q1. Using the information above, compute COGS, Ending Inventory and Gross Profit under FIFO, LIFO, and Weighted average:

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Calculation of value of Ending inventory using weighted average (periodic) inventory method.  The…

Q: If the cost of an item of inventory is $52.00 and the current replacement cost is $70.00, what is…

A: As per lower of cost or market price method, we need to record the inventory at the lowest value of…

Q: A company uses a periodic inventory system and reports purchases and sales data for its only…

A: Lets understand the basics.There are various method through which ending inventory balance and cost…

Q: July 1 5 14 21 Beginning Inventory 30 units at $90 Purchases 70 units at $90 45 units 40 units at…

A: To calculate the ending inventory using the moving-average cost method, we need to calculate the…

Q: Problem 2: Inventory – Retail Method of Estimating Inventory Vancy Company uses the conventional…

A: Cost and Retail are two concepts in cost accounting. Cost means actual cost of purchasing items.…

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

A: Weighted average method: Weighted average method is a method of inventory valuation used to…

Q: Use the following information to compute ending inventory in a perpetual inventory system which…

A: The correct option is  C.) $494

Q: Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1      Beginning…

A: Inventory is one of the important current asset of the business, which includes inventory of raw…

Q: Using the LIFO inventory costing method compute ending inventory and cost of goods sold from the…

A: SOLUTION-   THERE ARE THREE TYPES OF METHODS- FIFO , LIFO AND WEIGHTED AVERAGE METHOD .   ENDING…

Q: Problem 16: Inventory Costing Method The inventory stock card of Beth Corporation on January 2030 is…

A: There are many methods that are being used for inventory costing and inventory valuation like LIFO,…

Q: god using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and…

A: The cost of goods sold involves all costs involved in the production of goods that are sold. The…

Q: a.  Determine the cost of the goods sold for the September 30 sale. $fill in the blank 1 b.…

A: Last-in, First-out Method: Under this method, cost of inventory sold and value of ending inventory…

Q: # of Units Unit Cost Total Cost Jan 1 Beginning Inventory 09 009$ 066$ $1,300 Jan 12 Purchase $11 06…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item…

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

Q: Use the weighted-average inventory method to calculate the cost of the ending inventory for the ind…

A: Weighted average method means where the cost of inventory is valued at average price using quantity…

Q: Beginning Inventory, June 1 Purchase, June 8 Purchase, June 19 Inventory, June 31 Units 580 265 890…

A: Since you have asked for 1 and 2, we are solving the same for you.   LIFO and average method are the…

Q: Use the following information: Net sales Cost of goods sold Beginning inventory Ending inventory a.…

A: The ratio is the technique used by the prospective investor or an individual or strategist to read…

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

A:

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

A: Answer:- Perpetual inventory:- Without the requirement for a physical inventory, perpetual inventory…

Q: Use the following information for Shafer Company to compute inventory turnover for year 2. Year 2…

A: Inventory Turnover- It refers to the ratio which shows how many times the inventory has been brought…

Q: Four Methods: 1. Specific Identification 2. FIFO 3. LIFO 4. Weighted Average Beginning Inventory 1st…

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

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: FIFO Method: By using this method units purchased at first are sold first. due to this old cost can…

Q: 7) Use either the FIFO or LIFO inventory valuation method to determine final inventory. Date Units…

A: Perpetual FIFO:                     Beginning Inventory & Purchases Cost of Goods Sold Ending…

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

A: Cost of ending inventory using average cost method = Ending inventory units × Weighted average cost…

Q: Date Oct. 1 Oct. 9 Oct. 17 Oct. 11 Sale Oct. 22 Oct. 25 Description Beginning inventory Purchase…

A: 34.734 dollars Explanation:

Q: Beginning inventory, purchases, and sales for Meta-B1 are as follows: 100 units at $400 July 1…

A: Under the weighted average costing method in the perpetual inventory system, an average unit cost is…

Q: Question #1 Unit cost/ Units Sales price 2,000 3.70 Opening Inventory 8,000 4.10 Purchase #1 6,000…

A: FIFO is the inventory method in which inventory purchased first will be sold first.  Under weighted…

Q: Perpetual Inventa Beginning invento follows: Oct. 1 7 15 24

A: As per FIFO method inventories from first lot will be sold out first and subsequent lot inventories…

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

A: FIFO: Under FIFO method, goods purchased first are sold first. FIFO stands out for…

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

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

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as…

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

Q: Q: If the cost of an item of inventory is $52.00 and the current replacement cost is $68.00, what is…

A: Step 1:   Step 2: Step 3: Step 4:

Q: Assume the following data with regard to inventory for Caciato Company: Aug. 1 Inventory 40 units @…

A: The inventory valuation method would be considered as the one under which the cost of goods sold and…

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.