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 300 Cost per unit $ 10 Total Cost $ 3,000 April 15, 20x4 Units 400 Cost per unit $ 12 Total Cost $ 4,800 April 23, 20x4 350 units Cost per unit $ 13 Total Cost $ 4,550 Determine inventory and cost of sales as of April 30 using the LIFO method

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

A: FIFO: "First-In, First-Out" - Items purchased or produced first are sold or used first.LIFO:…

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: Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods…

A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

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: ny reports the following beginning inventory and two purchases for the month of January. On January…

A: Ending Inventory is valued at cost or net realizable value. To value ending inventory at cost, there…

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: Courtney Company uses a periodic inventory system. The following data was available: beginning…

A: An organization's sales, costs, and net income (or net loss) are part of the income statement or…

Q: Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the…

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

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

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

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

A: Step 1:Cost of ending Inventory and Cost of goods sold under FIFO, LIFO, and  Average-cost. In the…

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

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

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: Beginning inventory Sales, Jan. 1-Jan. 10 Purchase, Jan. 11 Sales, Jan. 12-Jan. 20 Purchase, Jan. 21…

A: The perpetual inventory system is the system used for valuing the inventory. Under this system the…

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

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

Q: annoe Company uses a periodic inventory system and reports the following for the month of Jun Date…

A: Lets understand the basics.Ending inventory and cost of goods sold can be calculated by,(1) FIFO(2)…

Q: A company reports the pilowing beginning 450 units. Ending inventory at January 31 totals 170 units.…

A: LIFO - Last in first out means that the units purchased latest will be sold first , therefore the…

Q: [The following Information applies to the questions displayed below.] A company reports the…

A: Under the LIFO method, inventory purchased last is sold first. Under this method of inventory…

Q: Concord Company uses a periodic inventory system. For April, when the company sold 550 units, the…

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

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

A: Periodic inventory system is the inventory management system wherein the record of inventory is…

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

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

Q: Tablet Company, which uses a periodic inventory system, reports the following in its inventory…

A: Total units available for sale = Beginning Inventory + Purchases = 10 + 5 + 5 = 20 units Cost of…

Q: (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification Help Save & Ex 4. Compute gross…

A:

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 Luann Company uses the periodic inventory system. The following July data are for an item in…

A: Step 1: Compute the ending inventory (in units) as follows:

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

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

Q: The following information was available from the inventory records of Jun Company for January: Unit…

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

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

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: 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: Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the…

A: Lets understand the basics. There are various methods are followed for maintaining inventory records…

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: Trini Company had the following transactions for the month. Number Cost of Units per Unit Total…

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

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: clsoing inventory = opening inventory + purchase - sales

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

A: The FIFO method is the method of the valuation of inventory. Under this method, It is assumed that…

Q: BC Company employs a periodic inventory sy nventory to customers for $20 per unit. AB ollowing…

A: Solution:      As per the FIFO method Goods comes First also sold First hence, Latest Inventory will…

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.