State Company uses the periodic inventory system. For the month of April 20x4, when the company sold 700 units, the following information was available: April 1, 20x4 Units 250 Cost per unit $ 10 Total Cost $ 2,500 April 15, 20x4 Units 400 Cost per unit $ 12 Total Cost $ 4,800 April 23, 20x4 Units 350 Cost per unit $ 13 Total Cost $ 4,550 a. Determine inventory and cost of goods sold as of April 30 using the average cost method. b. Determine inventory and cost of goods sold as of April 30 using the FIFO method. c. Determine inventory and cost of goods sold as of April 30 using the LIFO method.

Q: Star Enterprises sells its product for $20.25 per unit and uses the FIFO, perpetual method for…

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

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: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Under LIFO, the newer goods are sold first, and older are left in the business.

Q: the activity for one of the products of Random Creations: ance, 80 units sse $4,00e 40 units $51 40…

A: Date Units  Rate Total 01-Jan 80  $   50.00  $      4,000 18-Jan 40  $   51.00  $      2,040…

Q: At the beginning of the year, Grouper Ltd. had 910 units with a cost of $5 per unit in its beginning…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: Oriole Company Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit.…

A: aCost of goods available for sale$ 15,195…

Q: ne product and uses a pe

A: Option D is correct 204 units  Calculation :   Units in the ending inventory = ( units in beginning…

Q: december was 2500 TL (2.500 units at unit cost of 1TL). Journalize th hased 5000 units of inventory…

A: Under FIFO method, the units purchased first is sold first . The cost of goods sold will be taken of…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but ap at…

A: Let's understand some basics Ending Inventory is the goods which are purchased but no yet sold at…

Q: ABC Company employs a periodic inventory system and sells its inventory to customers for $32 per…

A: Using LIFO method, the new inventory is sold out and older inventory is left in the stock. The gross…

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: A company purchased 200 units for $40 each on January 31. It purchased 150 units for $35 each on…

A: Weighted average inventory costing method: - Weighted average inventory costing method is the method…

Q: Bonita Industries sells one product and uses a perpetual inventory system. The beginning inventory…

A: Perpetual Inventory System In perpetual inventory system the entries are carried out at the time of…

Q: June Corp. sells one product and uses a perpetual inventory system. The beginning inventory…

A: FIFO Method :— It is one of the methods of inventory valuation in which it is assumed that old…

Q: Chou Sales Corporation uses the periodic inventory system. On January 1, 2018, Chou had 1,000 units…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: ABC Company employs a periodic inventory system and sells its inventory to customers for $46 per…

A: The Average cost is a method of inventory valuation where all the amounts are summed up and units…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Introduction: LIFO: LIFO stands for Last in First out which means last received inventory to be sold…

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

A: To compute: Weighted-average cost per unit = Total cost / Total units available for sale…

Q: Sunland Company sells one product and uses a perpetual inventory system. The beginning inventory…

A: LIFO is the Last in first out method of inventory which says that inventory purchased last will be…

Q: Dublin Corporation provides the following information related to its inventory during the month of…

A: Step  1: Number of units under cost of goods sold october 18= 3000-2400 = 600 Step 2: Units of…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: The cash value attributed with the products in stock at the end of the financial period is known as…

Q: Suppose GameStop Company uses a periodic inventory system. Details for the inventory account for the…

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

Q: Oriole Company Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit.…

A: b1. 8.886b2. FIFOLIFOAverage Costending inventory cost2,350…

Q: Cullumber Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per…

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

Q: FIFO periodic inventory method

A: Under FIFO periodic inventory method, the inventories first entered into the store are issued or…

Q: State Company uses the periodic inventory system. For the month of April 20x4, when the company sold…

A: The cash value attributed with the products in stock at the end of the financial period is known as…

Q: XYZ company prepares financial statements monthly and the company uses FIFO method under a perpetual…

A: FIFO is first in first out method for inventory costing, under which inventories which are purchased…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Ending Inventory = Total Cost of goods - Cost of goods sold

Q: ompkins Company reports the following inventory record for November:   INVENTORY Date Activity #…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: The beginning inventory was 500 units at a cost of $11 per unit. Goods available for sale during the…

A: The first in, first out technique is an inventory value methodology in which the first purchases are…

Q: Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

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

Q: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…

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

Q: The following are the sales and purchases of Med Company:   Units Unit price January Sales 300,000…

A: Under First in -First out inventory valuation methods goods that are brought at earlier dates are…

Q: Weighted average cost per unit = per unit. Cost Cost of Goods Allocation Cost of Goods Sold Ending…

A: FIFO stands for "First In, First Out" and is a method of inventory valuation used in accounting.…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

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

Q: The Corton Company uses a periodic inventory system. For the month of October, the beginning…

A: Ending inventory is computed by adding the beginning inventory and purchases and then subtracting…

Q: ZARA uses a First-In-First-Out (FIFO) perpetual inventory system and has the following purchases and…

A: FIFO stands for First In and First Out. Using FIFO method, the goods that were purchased first are…

Q: ABC Co uses perpetual inventory system and Average Cost Method. The company's information for…

A: Inventory valuation methods include: First in first out Last in first out Weighted average method…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Meaning of First In First Out :-  First In, First Out, also known as FIFO, is a method for valuation…

Q: Dublin Corporation provides the following information related to its inventory during the month of…

A: Answer:-The inquiry pertains to calculating inventory balances and the cost of goods sold (COGS) for…

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

A: FIFO means first in first out which means that inventory which is recieved first , will be sold…

Q: On January 24, Keaton sold 200 units of this product. The other 160 units remain in inventory at…

A: Under LIFO Method, units that come in last will be sold first and the inventory will be out of the…

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.