Question Content Area Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $35 $175 Aug. 7 Purchase 20 units at $36 720 Dec. 11 Purchase 11 units at $37 407   36 units $1,302 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar).

Q: Periodic inventory by three metnods; cost of goods sold The units of an item available for sale…

A: FIFO methods assumes that Goods purchased first are Sold first which means Ending Inventory consist…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Step 1: Step 2: Step 3: Step 4:

Q: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the…

A: Under specific identification method, inventories that are specifically identified will be sold out…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: Every business keeps inventory in its business for sale. Companies should keep records of all…

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

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

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

A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

A: The objective of the question is to calculate the cost of inventory at the end of the year using…

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

A: FIFO method is the inventory valuation method which states the inventory purchased first are sold…

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

A: Under FIFO, the inventory purchased at first is issued first. Under LIFO, the inventory purchased in…

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

A:

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: Calculate the cost of goods available.

Q: the ending inventory cost and the cost of goods sold by three methods

A: Under first-in, first-out (FIFO) costs are taken from the oldest purchases first and the most…

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

A: The valuation of inventory can be done using various methods. These are; FIFO, LIFO and Weighted…

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

A:

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

A: Computation of ending inventory COGS under Weighted Average Cost - WCS12DateBeginning…

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

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…

A: The objective of the question is to calculate the inventory cost using three different methods:…

Q: The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

A: Inventory valuation refers to the process of computing the monetary value of ending inventory along…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: Inventory valuation refers to the process of computing the value of inventory that is sold and…

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

A:

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

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

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

A: The inventory of a business can be valued using various methods, few of them are: First In First…

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

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Q: The following units of a particular item were available for sale during the calendar year: Jan. 1…

A: The weighted average cost is calculated after the purchase made.   Weighted average cost = Total…

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

A: Working Note:-

Q: Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item…

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

Q: Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1   Inventory 110…

A: Answer -    Calculation of Inventory on March 31 - Particulars Amount 22 Units @20 440 20…

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

A: Periodic inventory system:The method or system of recording the transactions related to inventory…

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

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: The three methods of inventory valuation are FIFO or First In First Out, LIFO or Last in Last Out or…

Q: The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units…

A: Last in first out: In this method, it is assumed that goods purchased recently are sold first.

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

A: The total goods sold of 18 is computed by subtracting closing inventory, 20 from the total units…

Q: Periodic inventory by three methods; cost of goods sold The units of an item available for sale…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Perpetual inventory using weighted averageBeginning inventory, purchases, and sales for Meta-B1 are…

A: Inventory valuation is the techniques using which the inventory within the entity can be valued and…

Q: The units of an item available for sale during the year were as follows: 16 units at $38 16 units at…

A: PERIODIC INVENTORY SYSTEM Periodic inventory system means where day to day in or out of goods is not…

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.