Sylvia's Designs Co. had the following inventory activity during April: Units Unit Cost Beginning inventory 100 $10 Purchase (April 3) 40 12 Sale (April 10) 80 Purchase (April 18) 40 14 Purchase (April 23) 60 15 Sale (April 28) 90 Assuming Sylvia's uses a perpetual FIFO cost flow assumption, ending inventory for April would be a. $ 750 b. $2,560 c. $ 500 d. $1,040

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

A: Some of the methods are used to value inventories are FIFO, LIFO and weighted average method.

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

A: Particulars No. of Units Cost per unit Total Value Beginning Inventory 160 $10 $1600…

Q: Inventory records for Dunbar Incorporated revealed the following:   Date Transaction Number of…

A: Under the weighted-average method ending inventory is valued on the basis of the weighted average…

Q: Consider the following inventory transactions for September: Beginning inventory Purchase on…

A: The weighted average is a statistical measure that considers the varying significance of numbers…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…

A: The COGS (Cost of Goods Sold) computation is based on the cost of a company's oldest inventory…

Q: Refer to the information in Exercise 6-7 and assume the periodic inventory system is used. Determine…

A: Introduction: FIFO: FIFO stands for First in First out  Which is used in valuating inventory.

Q: Suppose that Ralph Lauren Company reports the following for the month of June. Unit Date Explanation…

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

Q: CHECK FIGURES: 1. Ending inventory: a. $9,600.00; b. $10,982.30 Gale Company has the following…

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

Q: Inventory records for Dunbar Incorporated revealed the following:   Date Transaction Number of…

A: Ending inventory = Total units available for sale - No. of units sold = (470+420)-590 = 300 units

Q: Sylvia's Designs Co. had the following inventory activity during April: Unit Units Cost Beginning…

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

Q: The transactions below are for Product A occurred during March:           Date…

A: A. Calculate the following (a) through (f): Working notes:

Q: Ivanhoe Company uses a periodic 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: Inventory records for Dunbar incorporated revealed the folowing Unit of Units Cost $2.10 2.70 Number…

A: Lets understand the basics. Last In First Out (LIFO):- In LIFO inventory method company assumes…

Q: How much is ending inventory at March 31st?

A: Solution   The FIFO method is first in first out method. It is an inventory method of accounting…

Q: Inventory records for Dunbar Incorporated revealed the following: Date Transaction Number of Units…

A: Introduction: In accounting, the Weighted Average Cost (WAC) method estimates the amount that goes…

Q: Inventory records for Capetown, Incorporated revealed the following:  Date Transaction Number of…

A: The objective of the question is to calculate the ending inventory of Capetown, Incorporated using…

Q: Exercise 6-05 Sage Hill Inc. uses a periodic inventory system. Its records show the following for…

A: Number of units in ending inventory = Total Units - Units sold = 100 - 78 = 22 units

Q: Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory…

A: First in First out, this method assumes that the inventory purchased first is sold first and…

Q: Inventory records for Capetown, Incorporated revealed the following:  Date Transaction Number of…

A: The objective of the question is to calculate the ending inventory of Capetown, Incorporated using…

Q: Gladstone Limited tracks the number of units purchased and sold throughout each accounting perlod…

A: Solution 1a: Computation of COGS and ending inventory - Average cost Particulars Cost of goods…

Q: Zoola, Inc. provided the following information regarding its inventory for the current year, its…

A: Solution-                                                        Income statement of zoola inc under…

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

A: In the case of the FIFO method, the inventory which is purchased first is also sold first. Whereas…

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

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

Q: pre.2

A: The objective of the question is to calculate the cost per unit for the units in ending inventory…

Q: Company X began August with 70 units of iron inventory that cost $25 each. During August, the…

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

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

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

Q: Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Apr. 20…

A: Introduction: Ending inventory is the value of goods still offered for purchase and held by a…

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

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: activity for a specific inventory item for the month of March was as follows:# of Per UnitTotalUnits…

A:

Q: Number of Units Cost per Unit $10 Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Ending…

A: First in First out (FIFO) Methods says that goods purchased first are Sold first which implies that…

Q: 2. Trini Company had the following transactions for the month. Number of Units Cost per Unit Total $…

A: Cost allocation:- Cost allocation is the process of identifying and allocating the total production…

Q: activity for a specific inventory item for the month of March was as follows: # of Per UnitTotal…

A: To determine the ending inventory using the weighted average cost method under a periodic inventory…

Q: Inventory records for Capetown, Incorporated revealed the following: Date April 1 April 20…

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

Q: 6. Trini Company had the following transactions for the month. Number of Units Cost per Unit…

A: The Inventory can be evaluated using different methods like : 1. FIFO, older unit would be sold…

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

A: First-in, First Out (FIFO) Under the First in first out (FIFO) method of inventory valuation, Cost…

Q: Inventory records for Dunbar Incorporated revealed the following: Number of Units 430 420 Unit Cost…

A: LIFO is also known as Last in first out method. It is the method in which goods received recently…

Q: Trini Company had the folowing transactions for the month. Number Cost of Units per Unit Totat…

A: First in First out (FIFO) is one of the inventory valuation methods in which the earliest inventory…

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

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

Q: A company sells three different products.The following inventory information is available on…

A: Inventory - Inventory is the value of assets held by the company not sold during the year. It is the…

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

A: FIFO Inventory Method - Under FIFO Inventory Method company use to sell those inventory which are…

Q: 10. Zaynab Company uses a periodic inventory system. Its records show the following for the month of…

A: There are various methods of valuing inventory. Some of the common methods of valuing inventory are:…

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

A: First-in, first-out (FIFO) is a type of inventory valuation method in which it is assumed that 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.