Question 5 of 5 Unit Cost or Selling Date Description Units Price Oct. 1 Beginning inventory 58 $24 Oct. 9 Purchase 132 26 Oct. 11 Sale 90 35 Oct. 17 Purchase 94 27 Oct. 22 Sale 62 40 Oct. 25 Purchase 71 29 Oct. 29 Sale 101 40 (a1) Your answer is incorrect. Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit

Q: Calculate Pina Furniture's gross profit and gross profit margin for the month of June. (Round gross…

A: Average Cost method :— It is one of the method of inventory valuation. Under this method, it is…

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 -…

Q: Date June 1 12 23 30 Explanation Inventory Purchase Purchase Inventory Units 130 400 220 250 Your…

A: Weighted-average unit cost is one of the costing methods used by the seller to sell the goods. Under…

Q: Zips Corp purchased $10,000 of inventory on October 1 of this year with terms 2/10 n/30. Which of…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Ending inventory value using LIFO? Date Description Quantity Unit Cost or Selling Price Dec. 31…

A: Introduction: LIFO: LIFO stands for last in first out. Which means last received inventory to be…

Q: Date 1/1 2/4 2/20 4/2 11/4 (a) (b) (a) Transaction Average-cost per unit $ (b) Beginning inventory…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: Cullumber Co. began operations on July 1. It uses a perpetual inventory system. During July, the…

A: In a perpetual inventory system, the accounting for inventory is done on sale or purchase of…

Q: Calculate ending inventory under FIFO and LIFO both with workings

A: Formula: Ending inventory = Beginning inventory + Purchases - sales units

Q: Pharoah Inc. uses a periodic inventory system. Its records show the following for the month of May,…

A: FIFO (First-In, First-Out) method: This inventory accounting method assumes that the first items…

Q: Product D E Product A B Selling costs consist of a sales commission equal to 10% of selling price…

A: NRV is also written as net realizable value which is calculated by deducting the sales commission…

Q: Beginning Inventory Date January 1 Units Unit Cost Total Cost 120 Purchase January 15 380 $ 80 90 $…

A: Stockpile of 120 items at $80 items for $9,600. On January 15, $34,200 was spent on 380 $90 goods.…

Q: Date Explanation Units Cost Total Cost June 1 Inventory 225 $5 $1,125 12 Purchase 525 6 3,150 28 23…

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

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…

Q: Required information Trey Monson starts a merchandising business on December 1 and enters into the…

A: Inventory or stock is the goods and material a business holds for resale. Before working on the…

Q: Required information Trey Monson starts a merchandising business on December 1 and enters into the…

A: In LIFO method ( Last in first out ) : The inventory bought / purchased last is sold first . The…

Q: Activity Number of units Price per unit Beginning inventory 210 €58 Purchases: #1 780 €53 Purchases:…

A: Under Average costing method, average cost per unit will be calculated by dividing total costs by…

Q: Vaughn Manufacturing began operations on July 1. It uses a perpetual inventory system. During July,…

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

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A: The objective of the question is to prepare the journal entries for the inventory based on the given…

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A: Cost of goods sold and ending inventory under each method is calculated as follows: 1. FIFO…

Q: Question 1: Calculate the cost of material available for use, cost of material issued and cost of…

A: Under the periodic inventory system inventory is updated at the last of the year.

Q: Beginning inventory and purchases Units Unit Cost Total Cost Jan 1 60 $7 $420 April 1 45 $10 $450…

A: LIFO or Last in and First out as the name indicates means that the recent purchases will be sold…

Q: Complete the following schedule for each Ending Inventory Required: unit costs to the nearest cent…

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

Q: The inventory of Royal Decking consisted of five products. Information about ending inventory is as…

A: NRV is also written as net realizable value which is calculated by deducting the sales commission…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: 790 units…

A: Units available for sale=Beginning inventory units+Units purchased Units in ending inventory=Units…

Q: Laker Company reported the following January purchases and sales data for its only product. The…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

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A: Detailed explanation: Units xUnit Cost =TotalJune 1 Inventory130 x$ 5 =$ 650June 12 Purchase370 x$ 6…

Q: S Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number…

A: FIFO Method is a method of inventory valuation where company uses inventory that purchased first in…

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

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

Q: Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Compute the…

A: The objective of this question is to calculate the cost of goods sold (COGS), ending inventory, and…

Q: Problem 6-0SA a1-a3 You have the following information for Marigold Corp. for the month ended…

A: Solution: Introduction: Inventory Valuation Methods are generally used to determine the Cost of…

Q: Date October 1 October 4 October 10. October 13 October 20 October 28 October 30 wwwwwwww Ending…

A: In this question, we need to compute the ending inventory and cost of goods sold using the specific…

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory   30     $ 5     $…

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

Q: ven the following Cost per unit $ 4 Number purchased 46 Total January 1 inventory April 1 Dune 1…

A: Weighted-Average Cost is a method of Inventory Valuation where average cost of each unit is…

Q: Sunland Books uses the retail inventory method to estimate its monthly ending inventories. The…

A: The cost to retail ratio helps to determine the cost of inventory from the retail value of…

Q: If the cost of an item of inventory is $60 and the current replacement cost is $75, the amount…

A: Note: Under the lower of Cost or market-value inventory method, inventory is valued on the basis of…

Q: Revise your calculations based on the new information provided below and then answer the questions…

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

Q: sume a company had the following inventory information: eginning Inventory: 90 units @ $4.00 cost…

A: Under average cost method, average cost per unit is arrived at by dividing Total cost of units…

Q: Required information Use the following information for the Exercises below. [The following…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: Date Apr. 1 (a) 6 9 14 20 28 Explanation Beginning inventory Purchases Sales Purchases Sales…

A: Inventory is an Assets because inventory comprises items or products that a firm keeps with the…

Q: Date Activity Number of units Price per unit 14 Jan 2015 Beginning balance 430 €6,20 21 April 2015…

A: Inventory schedule (FIFO method)       Date…

Q: Exercise 1: The following information is given for the month of June: Units Unit Cost Selling Price…

A: Under FIFO method the oldest products in inventory have been sold first. Under LIFO method the…

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: Cost Total DATE Color of Units Cost Unit 1st Red 2 $10 20 3rd Orange 2 $12 24 5th Yellow 4 $14 56 23

A: FIFO Method- Date Receipt    Issue Balance   Quantity Rate Amount Quantity Rate…

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…