Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase (a) Units 330 430 390 1,150 Unit Cost $11 15 16 Total Cost $3,630 6,450 6,240 $16,320 Calculate the November 30 inventory and the November cost of goods sold, using the moving-average cost formula. (Round unit cost to 2 decimal places, e.g. 52.75 and final answers to O decimal places. e.g. 5,275.)

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

A: Under FIFO method assumes that the inventory purchased firstly are to be been sold first

Q: Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of…

A: FIFO Method assumes that goods purchased first are sold first which means closing stock will…

Q: marquis company uses a weighted averahe perpetual inventory system and has the following ourchases…

A: Formula: Average price per unit = Total purchase value / number of units Division of total purchase…

Q: Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the…

A: LIFO: Last-In First Out:- As per LIFO method, units purchased last are sold first.  Hence, April 23…

Q: Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for…

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

Q: Bramble Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: It is an inventory valuation approach. The cost of goods sold and ending inventory are also…

Q: Grouper Corp. uses a periodic inventory system and reports the following for the month of June. Date…

A: Under periodic inventory system the cost of goods sold and the ending inventory is updated at year…

Q: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…

A: Purchase value (August 2)=Units×Per unit=11×$2=$22

Q: Monty Corp. uses a periodic inventory system and reports the following for the month of June. Date…

A: Periodic Inventory System:  Periodic inventory system is a system, in which the inventory is updated…

Q: Teal Mountain Inc. uses a periodic inventory system. Its records show the following for the month of…

A: The ending inventory includes the number of units that are left in stock at the end of period. Using…

Q: Wilkenson Inc. has the following information available for November: Date units cost per unit…

A: The question is based on the concept of Cost Accounting.

Q: Waterway Company uses a periodic inventory system. For April, when the company sold 650 units, the…

A: To ascertain the weighted average cost per unit the Cost of goods available for sale are divided by…

Q: Bridgeport Corporation uses a perpetual inventory system. On November 19, the company sold 600…

A: The direct expenses related to the product or the acquisition of force that a business sells within…

Q: Crane Company uses a periodic inventory system. For October, when the company sold 1,690 units, the…

A: Introduction: FIFO inventory method: FIFO stands for First-in First-Out. As the name suggests, this…

Q: Date June 1 12 23 30 Explanation Inventory Purchase Purchase. Inventory Units Unit Cost $5 140 360…

A: Sunland Company Use A Perpetual Inventory System And Report The Following For The Month Of June .…

Q: Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the…

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

Q: Sunland Company uses a perpetual inventory system and reports the following for the month of June.…

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

Q: Sunland Company uses a periodic inventory system. For October, when the company sold 1,730 units,…

A: FIFO inventory method: It is an inventory valuation method that helps in calculating the ending…

Q: culate the November 30 Inventory and the November Cost of goods sold using the FIFO cost formula…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…

A: Total cost of goods available for sale = $11,850 Total units available for sale = 1,000 units Ending…

Q: Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the…

A: Weighted average is the average cost of units of inventory purchased during a particular period (say…

Q: Atlas Company uses the perpetual inventory costing system. The company has provided the following…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Jeters Company uses a periodic inventory system and reports the following for the month of June.…

A: Inventory valuation is based on the flow of inventory. The LIFO method assumed that the recently…

Q: The accounting records of Sheridan Company show the following data. Beginning inventory 2,710…

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

Q: Morgenstern Ltd. has the following units and costs for the month of April. 1. Beginning inventory,…

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

Q: Larkspur, Inc uses a periodic inventory system and reports the following for the month of June. Date…

A: Units Sold = Units available for sale - Units in ending inventory Units Sold = 670 - 203…

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

A: Under the LIFO method, sales are made out of the latest purchases and therefore, the cost of goods…

Q: Ivanhoe Company uses a perpetual inventory system and reports the following for the month of June.…

A: FIFO stands for First-in-first-out. It refers to the method of valuing inventory in which goods…

Q: Morgenstern Ltd. has the following units and costs for the month of April. Beginning inventory,…

A: Since Morgenstern uses a perpetual inventory system, we shall prepare the inventory schedule showing…

Q: Cullumber Company uses a perpetual inventory system and reports the following for the month of June.…

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

Q: Calculate cost of the ending inventory and the cost of goods sold for each cost flow assumption,…

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

Q: Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of…

A: Calculate the weighted- average unit cost:

Q: Sandhill Company uses a perpetual inventory system and reports the following for the month of June.…

A: The Weighted Average Cost method is an inventory valuation method under which all the costs are…

Q: Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: ossom Company uses a perpetual inventory system and reports the following for the month of June.…

A: Cost of goods available for sale = $560+$2016+$1,330 = $3,906 Weighted average cost per unit:…

Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…

A: FIFO (First-In, First-Out): Items bought first are sold or used first.LIFO (Last-In, First-Out):…

Q: Current Attempt in Progress The following information is available for Sage Hill Company. January 1,…

A: Businesses benefit from a number of factors related to the cost of produced items, including cost…

Q: Cullumber Company uses a periodic inventory system. Its records show the following for the month of…

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

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.